Exhibit 99.1

 

Air Lease Corporation Announces Fourth Quarter 2012 Results and Declares its First Quarterly Cash Dividend on its Common Stock

 

Los Angeles, California, February 28, 2013

— Air Lease Corporation (ALC) (NYSE: AL) announced today the results of its operations for the three months ended and year ended December 31, 2012.

 

Highlights

 

Air Lease Corporation reports another consecutive quarter of fleet, revenue, profitability and financing growth:

 

·                  Diluted EPS increased 117% to $1.28 per share for the year ended December 31, 2012 compared to $0.59 per share for the year ended December 31, 2011. Diluted EPS increased 58% to $0.38 per share in the fourth quarter of 2012 compared to $0.24 in the fourth quarter of 2011.

 

·                  Revenues increased 95% to $656 million for the year ended December 31, 2012 compared to $337 million for the year ended December 31, 2011. Revenues increased 65% to $190 million in the fourth quarter of 2012 compared to $115 million in the fourth quarter of 2011.

 

·                  Income before taxes increased 146% to $204 million for the year ended December 31, 2012 compared to $83 million for the year ended December 31, 2011. Income before taxes increased 58% to $61 million in the fourth quarter of 2012 compared to $39 million in the fourth quarter of 2011.

 

·                  Added 14 aircraft (including 11 aircraft from our order book and three opportunistic/incremental aircraft) and sold one aircraft from our fleet, growing our fleet to 155 aircraft spread across a diverse and balanced customer base of 69 airlines in 40 countries.

 

·                  Ended the fourth quarter with a composite interest rate of 3.94%, adding debt facilities aggregating $611 million during the fourth quarter and through February 28, 2013 and increased the Company’s unsecured debt as a percentage of total debt to 60.2% as of December 31, 2012 compared to 31.7% as of December 31, 2011.

 

·                  Based on strong Company performance to date, our board of directors declared ALC’s first quarterly cash dividend of $0.025 per share on our outstanding common stock.

 

The following table summarizes the results for the three months and years ended December 31, 2012 and 2011 (in thousands, except share amounts):

 

 

 

Three Months Ended

 

Year Ended

 

 

 

December 31,

 

December 31,

 

 

 

2012

 

2011

 

% change

 

2012

 

2011

 

% change

 

Revenues

 

$

190,095

 

$

115,057

 

65

%

$

655,746

 

$

336,741

 

95

%

Income before taxes

 

$

61,286

 

$

38,687

 

58

%

$

203,973

 

$

82,841

 

146

%

Net income

 

$

39,809

 

$

24,762

 

61

%

$

131,919

 

$

53,232

 

148

%

Cash provided by operating activities

 

$

115,683

 

$

100,969

 

15

%

$

491,029

 

$

267,166

 

84

%

Diluted EPS

 

$

0.38

 

$

0.24

 

58

%

$

1.28

 

$

0.59

 

117

%

Adjusted net income(1)

 

$

47,989

 

$

31,660

 

52

%

$

163,404

 

$

87,954

 

86

%

Adjusted EBITDA(1)

 

$

173,768

 

$

102,167

 

70

%

$

596,451

 

$

290,168

 

106

%

 


The following information was filed by Air Lease Corp (AL) on Thursday, February 28, 2013 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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