Aircastle reported fourth quarter 2010 net income of $20.2 million and adjusted net income of $14.2 million. Net income for the year ended December 31, 2010 was $65.8 million and adjusted net income was $67.9 million. The fourth quarter results include a gain of $8.4 million from the disposal of aircraft, as well as $2.5 million of hedge ineffectiveness charges in connection with aircraft sales.
During 2010, Aircastle acquired 11 aircraft for approximately $500 million, including three Boeing 737-800 aircraft, two Boeing 747-400F production freighter aircraft and one Airbus A330-200F freighter aircraft, which were acquired during the fourth quarter. During 2010, Aircastle also executed four aircraft dispositions which resulted in a net gain on disposition of approximately $7.1 million.
In the first quarter of 2011, Aircastle completed the sale of four Boeing 737-400SF freighter aircraft and took delivery of one Airbus A330-200 passenger aircraft which is on lease to South African Airways. As of December 31, 2010, Aircastle owned 136 aircraft having a net book value of $4.1 billion.
