Acting President and Chief Financial Officer
FOR IMMEDIATE RELEASE
(BURLINGAME, CA), May 11, 2017 — AeroCentury Corp. (NYSE MKT: ACY), an independent aircraft leasing company, today reported that first quarter 2017 earnings grew 48% to $642,000, or $0.41 per diluted share, compared to $434,000, or $0.28 per share in the first quarter of 2016, and compared to a loss of $40,000, or $0.03 per share in the fourth quarter of 2016.
""We reached a milestone in the first quarter of 2017, with the addition of our first aircraft manufactured by Embraer, through a transaction in which we acquired three Embraer 145 regional jets in a sale-leaseback with a customer in the United Kingdom under direct financing leases," said Michael G. Magnusson, Chief Executive Officer. "We also sold one older turboprop aircraft on a sales-type finance lease, generating a gain of $297,000 in the first quarter of 2017."
Operating lease revenue in the first quarter of 2017 increased 21% to $7.3 million, compared to $6.0 million in the first quarter of 2016, and was down slightly from $7.4 million in the fourth quarter of 2016. The lease portfolio grew 21% to $186.0 million as of the end of the quarter compared to $153.2 million a year ago.
First Quarter 2017 Highlights (at or for the periods ended March 31, 2017, December 31, 2016, and March 31, 2016):
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AeroCentury is a global aircraft operating lessor and finance company specializing in leasing regional jet and turboprop aircraft and related engines. The Company's aircraft and engines are leased to regional airlines and commercial users worldwide.
This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including the Company’s statements regarding its strategy to sell older aircraft and focus on acquisition of larger, mid-life regional jets and new generation turboprops. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the Company believes that the expectations reflected in these forwardlooking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the availability of appropriate aircraft for acquisition and financing therefor; the risks of reduced demand for leased aircraft of the types in the Company’s portfolio; the inability of the Company to lease certain of its aircraft; or the business failure of one or more of the Company’s lessees; as well as those discussed in the Company's reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the Company does not assume a duty to update any forward-looking statement.