Aircastle Limited Declares Third Quarter 2014 Cash Dividend, Payable on September 12, 2014; Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Reports Impairment for the Second Quarter Ended June 30, 2014
Jul 31 14
Aircastle Limited’s Board of Directors declared a third quarter 2014 cash dividend on its common shares of USD 0.20 per share, payable on September 12, 2014 to shareholders of record on August 29, 2014.
The company reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported total revenues of USD 226.146 million compared to USD 170.378 million a year ago. Income from continuing operations before income taxes was USD 9.173 million compared to USD 36.586 million a year ago. Net income was USD 3.136 million compared to USD 32.854 million a year ago. Basic and diluted earnings per common share was USD 0.04 compared to USD 0.48 a year ago. EBITDA was USD 145.558 million compared to USD 184.030 million a year ago. Adjusted EBITDA was USD 211.662 million compared to USD 183.426 million a year ago. Adjusted net income was USD 47,692 million compared to USD 46.040 million a year ago. Adjusted net income allocable to common shares was USD 47.313 million or USD 0.59 per basic and diluted share compared to USD 45.615 million or USD 0.67 per basic and diluted share a year ago. The second quarter results included lease rental and finance lease revenues of USD 187.1 million versus USD 162.0 million in the second quarter of 2013. Total revenues for the second quarter increased USD 55.8 million, or 33% above the previous year, reflecting higher operating and finance lease revenue of USD 25.1 million, and higher maintenance revenues of USD 23.0 million and lower amortization of net lease discounts and incentives in the quarter, both of which were driven by several end of lease sales. Operating and finance lease revenues were USD 187.1 million, up USD 25.1 million, or 15% year over year, due primarily to the impact of aircraft acquisitions of USD 51.2 million, partially offset by lower revenues due to aircraft dispositions of USD 20.3 million and from the effect of lease extensions, transitions and terminations totaling USD 5.6 million. The increase in adjusted EBITDA was primarily driven by higher lease rental and finance lease revenue of USD 25.1 million and higher maintenance revenue of USD 23.0 million, partially offset by lower net gain on the sale of flight equipment of USD 20.4 million. The decrease in net income was primarily due to bond redemption expenses of USD 36.6 million associated with refinancing USD 450 million of 9.75% senior unsecured notes due in 2018.
For the six months, the company reported total revenues of USD 402.749 million compared to USD 346.567 million a year ago. Income from continuing operations before income taxes was USD 15.383 million compared to USD 63.234 million a year ago. Net income was USD 8.913 million compared to USD 55.918 million a year ago. Basic and diluted earnings per common share was USD 0.11 compared to USD 0.82 a year ago. Net cash provided by operating activities was USD 214.005 million compared to USD 193.439 million a year ago. Acquisition and improvement of flight equipment and lease incentives was USD 834.467 million compared to USD 31.067 million a year ago. EBITDA was USD 296.999 million compared to USD 346.811 million a year ago. Adjusted EBITDA was USD 381.675 million compared to USD 352.002 million a year ago. Adjusted net income was USD 60.952 million compared to USD 73.452 million a year ago. Adjusted net income allocable to common shares was USD 60.521 million or USD 0.75 per basic and diluted share compared to USD 72.906 million or USD 1.07 per basic and diluted share a year ago.
The company reported impairment of aircraft of USD 28,306,000 for the second quarter ended June 30, 2013.
Aircastle Announces Resignation of David Walton as Chief Operating Officer, General Counsel and Secretary
Jul 22 14
Aircastle Limited announced the resignation of David Walton. Mr. Walton served as Chief Operating Officer, General Counsel and Secretary of Aircastle Limited. Mr. Walton will remain in his current roles until a smooth transition is complete.
Aircastle LTD to Report Q2, 2014 Results on Jul 31, 2014
Jul 17 14
Aircastle LTD announced that they will report Q2, 2014 results at 9:00 AM, Eastern Standard Time on Jul 31, 2014