Aerocentury Corp (ACY) 10-Q Quarterly Report May 2019

BURLINGAME, California, May 15, 2019 -- AeroCentury Corp. (“AeroCentury” or the “Company”) (NYSE American: ACY), an independent aircraft leasing company, today reported a first quarter net loss of $1.3 million, or $(0.85) per share, compared to net income $0.3 million, or $0.22 per share, for the first quarter of 2018. First quarter 2019 results reflect the combined operations of AeroCentury and its subsidiary, JetFleet Holding Corp. (“JetFleet”), which was acquired on October 1, 2018.

The results for the first quarter ended March 31, 2019 included $1.4 million of impairment provisions related to two older off-lease turboprop aircraft and a spare engine, all of which were written down to their estimated sales values. The Company expects the sales of these aircraft and engine to occur in the second quarter of 2019. First quarter 2019 results also included a one-time, non-cash charge of $0.4 million related to the Company’s interest rate swaps, which is included in interest expense. The first quarter of 2018 included $1.1 million of maintenance reserves revenue resulting from payments received during the first quarter of 2018 from a lessee that returned three leased aircraft to the Company in 2017.

“Despite the reported loss for the first quarter, there were significant positive developments for the Company that create stepping stones for the Company’s future success,” stated Michael Magnusson, AeroCentury’s President.

“First, we are indeed beginning to see the benefits of our acquisition of JetFleet in terms of cost reductions reflected in our first quarter results, and continue to expect this transaction will prove accretive to the Company’s earnings in the long term. As a unified portfolio and management company, our results going forward now present an integrated view of the Company’s business, cost management, and financial performance, which we believe gives our shareholder base and potential new investors better insight into the Company’s business.

Second, the renewal, in February, of our revolving credit facility to February 2023, together with the refinancing of six of our aircraft with non-recourse term loans with a new lender that same month, has freed up availability of acquisition financing under our credit facility.

Third, the Company took a major step in the first quarter in furtherance of its fleet modernization program. We currently have three remaining older turboprop aircraft being held for sale, but we expect to sell two of them in the second quarter of 2019, and as a result of that anticipated sale, we were required to write down the book value on those two aircraft to their sales price.”

The following information was filed by Aerocentury Corp (ACY) on Wednesday, May 15, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Aerocentury Corp provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Section 302 Cert Magnusson

Exhibit 31.2: Section 302 Cert Perazzo

Exhibit 32.1: Section 906 Cert Magnusson

Exhibit 32.2: Section 906 Cert Perazzo

Ticker: ACY
CIK: 1036848
Form Type: 10-Q Quarterly Report
Accession Number: 0001036848-19-000019
Submitted to the SEC: Wed May 15 2019 2:28:25 PM EST
Accepted by the SEC: Wed May 15 2019
Period: Sunday, March 31, 2019
Industry: Equipment Rental And Leasing