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AeroCentury reports full-year 2020 net loss of US$42.2 million

AeroCentury, an independent aircraft leasing company, has posted a fourth-quarter 2020 net loss of US$14.5 million, compared to a net loss of US$7.0 million for the fourth quarter of 2019. For the full year 2020, the Company reported a net loss of US$42.2 million, compared to a net loss of US$16.7 million for the full year 2019.

During 2020, the company sold two aircraft that had been leased under operating leases. In addition, two lessees that had leased four aircraft pursuant to sales-type or direct financing leases exercised purchase options for the aircraft. Results for the fourth quarter and the year ended December 31, 2020 included impairment losses on most of the company’s aircraft totaling US$11.9 million and US$28.8 million, respectively, based on third-party appraised or expected sales proceeds. During the same periods, the Company recorded bad debt expense of US$0.3 million and US$1.5 million, respectively, as a result of payment delinquencies and reductions in the appraised value of the company’s two remaining aircraft subject to sales-type leases.

In the third quarter of 2019, the company terminated the leases for, and repossessed, four aircraft from one of the company’s lessees (repossessed aircraft), which had a substantial adverse impact on the company’s 2019 and 2020 results.  As a result of those events, the company recognized maintenance reserves revenue of US$17.0 million at the time of repossession, but also recorded impairment losses for the repossessed aircraft of US$28.4 million during 2019, based on third-party appraised values or expected sales proceeds. In 2020, the loss of operating lease revenues from those aircraft and an additional US$10.9 million of impairment losses also negatively impacted earnings.

Results for the year ended December 31, 2019 also included impairment losses totaling US$2.6 million, based on third-party appraised values or expected sales proceeds, for three older turboprop aircraft, a spare engine and an older turboprop aircraft that has been sold in parts.

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