Babcock & Brown Air reports first quarter results

B&B Air reports net income of $11.7 million. Total revenue for the first quarter was $51.9 million, which includes $50.8 million of lease revenues. These revenues reflect a full quarter from the 52 aircraft in the portfolio at December 31, 2007 and a partial quarter from the aircraft added during 2008. Also included in total revenues is $1.1 million of interest and other income.