Aircastle announces first quarter 2013 results

Aircastle reported first quarter 2013 total revenues of $176.2m, an increase of $11.3m, or 7% versus the previous year.  The increase reflects $8.2m of higher lease rental and finance lease revenues, $4.2m of higher maintenance revenues associated with unscheduled lease terminations, and $4.3m of higher other revenues from interest on debt investments and additional revenue in connection with early lease terminations. These increases were partially offset by higher amortization of net lease premiums and incentives in the first quarter of 2013 of $5.5m, primarily due to two unscheduled lease transitions in the first quarter of the prior year which led to comparatively lower amortization of lease incentives. Adjusted EBITDA for the first quarter was $168.6 million, up $16.7 million or 11% from the first quarter of 2012, driven primarily by higher lease rentals, maintenance and other revenues of $16.8. Net income for the first quarter was $23.1m, down $9.5m, or 29%.  Higher total revenues of $11.3m and $1.0m of higher gains from the sale of aircraft were offset by higher interest, net of $10.2m, higher depreciation of $5.4m and non-cash aircraft impairment charges of $6.2m. Adjusted net income for the quarter was $27.4m, down $5.0m year over year, and reflects higher total revenues of $11.3m and $1.0m of higher gains from the sale of aircraft.  These increases were offset by non-cash impairment charges of $6.2m, higher depreciation of $5.4m and higher adjusted interest expense, maintenance and other costs of $5.6m.