Genesis Lease Limited announced its financial results for the second quarter ended June 30, 2009. Rental revenues were $51.1 million compared to $52.0 million for the same period in 2008, a decrease of 1.9%, net income was $4.8 million compared to $9.0 million for the same period last year, a decrease of 47.0%. For the quarter ended June 30, 2009, EBITDA was $46.6 million, compared to $46.0 million for the same period in 2008, an increase of 1.3%.
As at June 30, 2009, Genesis had 54 aircraft with a weighted average age of 7.1 years. As of that date, 51 of the 54 aircraft were in operation with 34 airlines in 21 countries. Of the three aircraft which were non-revenue generating at the end of the quarter, two have since delivered to a new customer and the remaining aircraft is expected to deliver in the third quarter.
On July 20, 2009, Genesis acquired a new Airbus A321 series passenger aircraft, manufactured in July 2009 and contracted on lease to US Airways. Following the addition of this aircraft, Genesis has 55 aircraft in its portfolio.
