-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, G+Zoe3hNlkXNKV2pg0OqMaffRiYpJYZ0yv+0/DC1LoRlCxQRH+R6h/F8uh39ThTd gkQZVQ6utkNJKmtcMSqZpw== 0001036848-06-000045.txt : 20061101 0001036848-06-000045.hdr.sgml : 20061101 20061101112445 ACCESSION NUMBER: 0001036848-06-000045 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20061101 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20061101 DATE AS OF CHANGE: 20061101 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AEROCENTURY CORP CENTRAL INDEX KEY: 0001036848 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359] IRS NUMBER: 943263974 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13387 FILM NUMBER: 061177678 BUSINESS ADDRESS: STREET 1: 1440 CHAPIN AVE STE 310 CITY: BURLINGAME STATE: CA ZIP: 94010 BUSINESS PHONE: 6503401888 MAIL ADDRESS: STREET 1: 1440 CHAPIN AVENUE SUITE 310 CITY: BURLINGAME STATE: CA ZIP: 94010 FORMER COMPANY: FORMER CONFORMED NAME: AEROMAX INC DATE OF NAME CHANGE: 19970331 8-K 1 acythirdquarterearnings8k.htm AEROCENTURY 8-K RE: THIRD QUARTER PRESS RELEASE

 
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
 
Date of Report (Date of Earliest Event Reported):
 
 
November 1, 2006
 
 
 
AEROCENTURY CORP.
_________________________________________
(Exact name of registrant as specified in its charter)
 
Delaware
94-3263974
 
(State or Other Jurisdiction of incorporation)
 
(I.R.S. Employer Identification No.)
 
   
1440 Chapin Avenue, Suite 310
Burlingame, CA  94010
 
94010
(Address of principal executive offices)
(Zip Code)
 
 
(650)-340-1888
Registrant’s telephone number, including area code:
 
 
Not Applicable
Former Name or Former Address, if changed since last report
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: 
 o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 



 
Item 2.02:Earnings Announcement
 
On November 1, 2006, AeroCentury Corp. (the "Company") announced via press release the Company's preliminary results for its second quarter ended September 30, 2006. A copy of the Company's press release is attached hereto as Exhibit 99.1. This Form 8-K and the attached exhibit are provided under Item 2.02 of Form 8-K and are furnished to, but not filed with, the Securities and Exchange Commission.
 
 
     
  AEROCENTURY CORP.
 
 
 
 
 
 
Date: November 1,  2006 By:   /s/  Neal D. Crispin
 
  Title: Chairman and CEO
EX-99 2 formofpressrelease.htm FORM OF THIRD QUARTER 2006 PRESS RELEASE Form of Third Quarter 2006 Press Release





 

Toni Perazzo
Chief Financial Officer 
(650) 340-1888 FOR IMMEDIATE RELEASE


AEROCENTURY CORP. REPORTS THIRD QUARTER 2006 RESULTS

(BURLINGAME, CA), November 1, 2006 — AeroCentury Corp. (ASE:ACY), an independent aircraft leasing company, today reported its operating results for the third quarter ended September 30, 2006.

For the quarter ended September 30, 2006, the Company reported total revenues of $3.9 million compared with revenues of $3.0 million for the same period a year ago. For the nine months ended September 30, 2006, the Company reported revenues of $14.2 million compared with revenues of $8.3 million for the first nine months of 2005.

The Company reported net income of $219,100 or $0.14 per share for the third quarter of 2006 compared to net income of $52,100 or $0.03 per share for the third quarter of 2005. The Company had net income of $409,700 or $0.27 per share for the first nine months of 2006 versus $137,800 or $0.09 per share for the first nine months of 2005.

Operating lease revenue was approximately $964,000 and $3,238,000 higher in the three months and nine months ended September 30, 2006, respectively, versus the same periods in 2005, primarily because of additional lease revenue from aircraft purchased beginning in April 2005 and revenue from two aircraft which had been off lease in 2005.

Revenue from gain on sale of aircraft was approximately $409,000 for the nine months ended September 30, 2006 as a result of the profit from the sale of an aircraft in April 2006 compared to an approximate ($60,000) loss in the prior year.

Interest expense was approximately $395,000 and $1,231,000 higher in the three months and nine months ended September 30, 2006 versus 2005, respectively, primarily as a result of increases in the index upon which the Company’s interest rates are based and a higher average principal balance in 2006 compared to 2005, the effect of which was partially offset by a lower margin in 2006 than in 2005.

Depreciation was approximately $218,000 and $773,000 higher in the three months and nine months ended September 30, 2006, respectively, versus the same periods in 2005, and management fees were approximately $84,000 and $356,000 higher in the three months and nine months ended September 30, 2006, respectively, versus the same periods in 2005, primarily because of purchases of aircraft beginning in April 2005, the effect of which was partially offset by the sale of two aircraft, one in November 2005 and the second in April 2006.

(more)







Maintenance expense was approximately $52,000 higher in the three months ended September 30, 2006 compared to the same period in 2005, primarily because of the expense to prepare an aircraft for re-lease. Maintenance expense was approximately $3,335,000 higher in the nine months ended September 30, 2006 versus the same period in 2005. In 2006, the Company retained non-refundable maintenance reserves of approximately $2,396,000 when two aircraft were returned to the Company at lease end and recorded such amounts as other income. At the same time, the Company accrued approximately $2,392,000 of maintenance expense for which the Company is responsible. In 2006, the Company also accrued approximately $1,163,000 of expense to prepare several aircraft for re-lease. In 2005, the Company accrued approximately $220,000 of maintenance expense, for the storage and preparation for re-lease of several aircraft.

The Company's insurance expense consists primarily of insurance for off-lease aircraft, which varies depending on the type of assets insured during each period and the length of time each asset is insured. As a result of the combination of assets insured during each period and the length of time each was insured, insurance expense was approximately $21,000 and $59,000 lower in the three months and nine months ended September 30, 2006, respectively, versus the same periods in 2005.

During the first quarter of 2006, the Company recorded bad debt expense of approximately $49,000 for rent receivable which was written off in connection with a lessee’s early return of an aircraft. During the second quarter of 2005, the Company recorded bad debt expense of approximately $88,000, to fully reserve the balance of a note receivable from a former lessee, based on a notice that it had filed for reorganization.

The Company did not record any impairment charges in the first nine months of 2006. In the first nine months of 2005, the Company recorded an impairment charge of approximately $12,000 for one aircraft, based on the estimated net sale proceeds pursuant to an agreement to sell the aircraft.

AeroCentury is an aircraft operating lessor and finance company specializing in leasing regional aircraft and engines utilizing triple net leases. The Company’s aircraft and engines are on lease to regional airlines and commercial users worldwide.

(See tables following.)




AeroCentury Corp.
Selected Financial Information
(Unaudited)

                                                
 
 
 Three Months Ended  
 
                Nine Months Ended
 
     
September 30,2006 
 
 
June 30,
2006
 
 
September 30,
2005
 
 
September 30,
2006
 
 
September 30,
2005
 
Summary of Operations:
                               
Operating lease revenue
 
$
3,920,000
 
$
3,833,940
 
$
2,956,410
 
$
11,454,940
 
$
8,216,510
 
Gain (Loss) on disposal of aircraft
   
-
   
408,840
   
-
   
408,840
   
(59,550
)
Other income
   
9,510
   
3,810
   
130
   
2,400,700
   
94,600
 
Total revenues
   
3,929,510
   
4,246,590
   
2,956,540
   
14,264,480
   
8,251,560
 
                                 
Interest
   
1,271,750
   
1,251,370
   
877,000
   
3,687,380
   
2,456,860
 
Depreciation
   
1,247,560
   
1,230,770
   
1,030,030
   
3,708,520
   
2,935,430
 
Management fees
   
678,460
   
685,100
   
594,470
   
2,061,720
   
1,705,960
 
Maintenance
   
221,600
   
779,490
   
169,440
   
3,554,920
   
219,870
 
Professional fees and
                               
general and administrative
   
124,690
   
122,690
   
129,500
   
413,450
   
405,420
 
Insurance expense
   
53,760
   
51,210
   
75,160
   
183,000
   
242,140
 
Bad debt expense
   
-
   
-
   
-
   
48,820
   
88,110
 
Provision for impairment
   
-
   
-
   
-
   
-
   
12,180
 
Total expenses
   
3,597,820
   
4,120,630
   
2,875,600
   
13,657,810
   
8,065,970
 
                                 
Income before taxes
   
331,690
   
125,960
   
80,940
   
606,670
   
185,590
 
                                 
Tax provision
   
112,580
   
40,360
   
28,840
   
196,970
   
47,770
 
                                 
Net income
 
$
219,110
 
$
85,600
 
$
52,100
 
$
409,700
 
$
137,820
 
Weighted average common
                               
shares outstanding
   
1,543,257
   
1,543,257
   
1,543,257
   
1,543,257
   
1,543,257
 
Earnings per share
 
$
0.14
 
$
0.06
 
$
0.03
 
$
0.27
 
$
0.09
 
                                 


Summary Balance Sheet:
   
September 30, 2006
   
December 31, 2005
   
September 30, 2005
 
                     
Total assets
 
$
94,967,580
 
$
96,546,700
 
$
86,519,160
 
Total liabilities
 
$
75,567,780
 
$
77,556,610
 
$
67,584,160
 
Shareholders’ equity
 
$
19,399,800
 
$
18,990,090
 
$
18,935,000
 

####
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-----END PRIVACY-ENHANCED MESSAGE-----