-----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, B/cz+WPHyipigPNchA3swjsBiiX3hiNagf+K3Rv7AxnnPVGxcXrrTkuZ2s9yj21b AwIqZvVTDL1OBo++4mQ+yg== 0001036848-07-000027.txt : 20070809 0001036848-07-000027.hdr.sgml : 20070809 20070809142213 ACCESSION NUMBER: 0001036848-07-000027 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20070809 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20070809 DATE AS OF CHANGE: 20070809 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: 071039503 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 acy2qpresrelease.htm ACY SECOND QUARTER PRESS RELEASE ACY Second 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):
 
 
August 9, 2007
 
 
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 August 8, 2007, AeroCentury Corp. (the "Company") announced via press release the Company's preliminary results for its second quarter ended June 30, 2007. 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: August 9, 2007 By:   /s/  Neal D. Crispin
 
  Title: Chairman and CEO
EX-99 2 ex99pressrelease.htm FORM OF PRESS RELEASE form of press release


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

AEROCENTURY CORP. REPORTS SECOND QUARTER RESULTS

(BURLINGAME, CA), August 8, 2007 — AeroCentury Corp. (ASE:ACY), an independent aircraft leasing company, today reported its operating results for the second quarter ended June 30, 2007. As discussed and shown in the tables below, comparative information for the second quarter of 2006 and first six months of 2006 has been restated in connection with the Company’s adoption of Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements (“SAB 108”) and Financial Accounting Standard Board Staff Position AUG AIR-1, Accounting for Planned Major Maintenance Activities (“FSP AUG AIR-1”).

For the quarter ended June 30, 2007, the Company reported total revenues of $5.0 million compared with revenues of $4.6 million for the same period a year ago. For the six months ended June 30, 2007, the Company reported total revenues of $10.0 million compared with revenues of $9.1 million for the same period a year ago.

The Company reported net income of $463,000 or $0.30 per basic share and $0.29 per diluted share for the second quarter of 2007 compared to a net loss of $(207,000) or $(0.13) per basic and diluted share for the second quarter of 2006. The Company reported net income of $1,437,000 or $0.93 per basic share and $0.91 per diluted share for the six months ended June 30, 2007 compared to a net loss of $(155,000) or $(0.10) per basic and diluted share for the same period a year ago.

Operating lease revenue was approximately $318,000 and $824,000 higher in the three months and six months ended June 30, 2007, respectively, versus the same periods in 2006, primarily because of increased operating lease revenue from aircraft purchased in the fourth quarter of 2006, rent increases for several of the Company’s aircraft, and revenue from several aircraft which had been off lease for part of the 2006 periods. The effect of these increases was partially offset by a decrease in revenue related to aircraft which were off lease for part of the 2007 periods.

Total expenses were approximately $613,000 and $1,438,000 less in the three months and six months ended June 30, 2007, respectively, versus the same periods in 2006, primarily because of the change in maintenance expense from year to year. The Company’s maintenance expense is dependent on the aggregate maintenance claims submitted by lessees and expenses incurred in connection with off-lease aircraft. As a result of lower total lessee claims and less expense incurred for off-lease aircraft in 2007, the Company incurred approximately $944,000 and $1,811,000 less in maintenance expense in the three months and six months ended June 30, 2007, respectively, versus the same periods in 2006.

Due to the recent adoption of FSP AUG AIR-1, the Company was required to discontinue the accrue-in-advance method of accounting for planned major maintenance for financial reporting periods beginning on January 1, 2007. The Company has adopted the direct expensing method, under which actual costs incurred are expensed directly when maintenance is performed and the accrual of non-refundable maintenance reserves from the Company’s lessees for planned major maintenance is reflected as income. Because the net effect of recognizing income when maintenance reserves are received and accruing maintenance expense as incurred within any given period will vary, it is likely that the new accounting method will result in uneven effects on the Company’s results of operations.

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)

   
For the
Quarter
Ended
June 30,
2007 
 
 
For the
Quarter
Ended
June 30,
2006
(as restated)
 
 
For the Six
Months
Ended
June 30,
2007
 
 
For the Six
Months
Ended
June 30,
2006
(as restated)
 
Summary of Operations:
                          
Operating lease revenue
  
$
4,151,770
  
$
3,833,940
  
$
8,358,610
  
$
7,534,940
  
Maintenance reserves income
    
846,940
    
756,480
    
1,674,310
    
1,548,230
  
Gain on sale of aircraft
    
-
    
33,690
    
-
    
33,690
  
Other
    
1,110
    
3,810
    
8,480
   
( 5,320
)
Total revenues
    
4,999,820
   
4,627,920
    
10,041,400
   
9,111,540
 
                           
Depreciation
    
1,258,260
    
1,160,170
    
2,493,070
    
2,315,180
  
Interest
    
1,424,080
    
1,251,370
    
2,645,780
    
2,415,630
  
Management fees
    
683,770
    
683,300
    
1,367,170
    
1,379,640
  
Maintenance
    
700,550
    
1,644,060
    
925,890
    
2,736,540
  
Professional fees and general and administrative
    
184,000
    
122,690
    
352,520
    
288,770
  
Insurance expense
    
48,720
    
51,210
    
75,440
    
129,250
  
Bad debt expense
    
-
    
-
    
15,690
   
48,820
 
Total expenses
    
4,299,380
   
4,912,800
    
7,875,560
   
9,313,830
 
                           
Income/(loss) before taxes
    
700,440
    
(284,880
)
  
2,165,840
    
(202,290
)
Tax provision
    
237,180
    
(78,030
)
  
728,820
   
(46,940
)
Net income/(loss)
  
$
463,260
  
$
(206,850
)
$
1,437,020
 
$
(155,350
)
Weighted average
common shares outstanding
    
1,543,257
    
1,543,257
    
1,543,257
    
1,543,257
  
Weighted average diluted
common shares outstanding
    
1,601,423
    
1,543,257
    
1,572,502
  
$
1,543,257
  
Basic earnings per share
  
$
0.30
  
$
( 0.13
)
$
0.93
  
$
( 0.10
)
Diluted earnings per share
  
$
0.29
  
$
( 0.13
)
$
0.91
  
$
( 0.10
)
                           
Summary Balance Sheet:
          
June 30,
2007
    
June 30,
2006
(as restated) 
        
                           
Total assets
        
$
108,314,090
  
$
95,258,150
        
Total liabilities
        
$
78,920,280
  
$
69,828,020 
        
Shareholders’ equity
        
$
29,393,810
  
$
25,430,130 
        

 
Effect of SAB 108 on
Statement of Operations
For the three month and six months ended June 30, 2006

 
 
 
For the Three Months Ended
June 30, 2006
For the Six Months Ended
June 30, 2006
  
   
As
reported
previously
 
 
 
As
adjusted
under
SAB 108
 
 
Increase/
(decrease)
effect of
change
 
 
As
reported
previously
 
 
As
adjusted
under
SAB 108
 
 
Increase/
(decrease)
effect of
change
  
Operating lease revenue
  
$
3,833,940
  
$
3,833,940
  
$
-
  
$
7,534,940
  
$
7,534,940
  
$
-
  
Maintenance reserves income
    
-
    
-
    
-
    
-
    
-
    
-
  
Gain on sale of aircraft
    
408,840
    
408,840
    
-
    
408,840
    
408,840
        
Other
    
3,810
    
3,810
    
-
    
2,391,190
    
2,391,190
    
-
  
     
4,246,590
    
4,246,590
    
-
    
10,334,970
    
10,334,970
    
-
  
                                       
Depreciation
    
1,230,770
    
1,224,770
    
(6,000
)
  
2,460,960
    
2,448,970
    
(11,990
)
Interest
    
1,251,370
    
1,251,370
    
-
    
2,415,630
    
2,415,630
    
-
  
Management fees
    
685,100
    
683,300
    
(1,800
)
  
1,383,250
    
1,379,640
    
(3,610
)
Maintenance
    
779,490
    
779,490
    
-
    
3,333,320
    
3,333,320
    
-
  
Professional fees and other
    
173,900
    
173,900
    
-
    
466,840
    
466,840
    
-
  
     
4,120,630
    
4,112,830
    
(7,800
)
  
10,060,000
    
10,044,400
    
(15,600
)
                                       
Income before taxes
    
125,960
    
133,760
    
7,800
    
274,970
    
290,570
    
15,600
  
Tax provision
    
40,360
    
51,560
    
11,200
    
84,380
    
106,790
    
22,410
  
Net income
  
$
85,600
  
$
82,200
  
$
(3,400
)
$
190,590
  
$
183,780
  
$
(6,810
)
Earnings per share:
                                      
   Basic
  
$
0.06
  
$
0.05
  
$
(0.01
)
$
0.12
  
$
0.12
  
$
-
  
   Diluted
  
$
0.06
  
$
0.05
  
$
(0.01
)
$
0.12
  
$
0.12
  
$
-
  





Effect of FSP AUG AIR-1 on
Statement of Operations
For the three month and six months ended June 30, 2006

 
For the Three Months Ended
June 30, 2006 
For the Six Months Ended
June 30, 2006
 
 
As
adjusted
under
SAB 108 
 
 
As
reported
under FSP
AUG AIR-1
 
 
Increase/
(decrease)
effect of
change
 
 
As
adjusted
under
SAB 108
 
 
As
reported
under FSP
AUG AIR-1
 
 
Increase/
(decrease)
effect of
change
  
Operating lease revenue
  
$
3,833,940
  
$
3,833,940
  
$
-
  
$
7,534,940
  
$
7,534,940
  
$
-
  
Maintenance reserves income
    
-
    
756,480
    
756,480
    
-
    
1,548,230
    
1,548,230
  
Gain on sale of aircraft
    
408,840
    
33,690
    
(375,150
)
  
408,840
    
33,690
    
(375,150
)
Other
    
3,810
    
3,810
    
-
    
2,391,190
    
(5,320
)
  
(2,396,510
)
     
4,246,590
    
4,627,920
    
381,330
    
10,334,970
    
9,111,540
    
(1,223,430
)
                                       
Depreciation
    
1,224,770
    
1,160,170
    
(64,600
)
  
2,448,970
    
2,315,180
    
(133,790
)
Interest
    
1,251,370
    
1,251,370
    
-
    
2,415,630
    
2,415,630
    
-
  
Management fees
    
683,300
    
683,300
    
-
    
1,379,640
    
1,379,640
    
-
  
Maintenance
    
779,490
    
1,644,060
    
864,570
    
3,333,320
    
2,736,540
    
(596,780
)
Professional fees and other
    
173,900
    
173,900
    
-
    
466,840
    
466,840
    
-
  
     
4,112,830
    
4,912,800
    
799,970
    
10,044,400
    
9,313,830
    
(730,570
)
                                       
Income before taxes
    
133,760
    
(284,880
)
  
(418,640
)
  
290,570
    
(202,290
)
  
(492,860
)
Tax provision
    
51,560
    
(78,030
)
  
(129,590
)
  
106,790
    
(46,940
)
  
(153,730
)
Net income
  
$
82,200
  
$
(206,850
)
$
(289,050
)
$
183,780
  
$
(155,350
)
$
(339,130
)
Earnings per share
                                      
   Basic
  
$
0.05
  
$
(0.13
)
$
(0.19
)
$
0.12
  
$
(0.10
)
$
(0.22
)
   Diluted
  
$
0.05
  
$
(0.13
)
$
(0.19
)
$
0.12
  
$
(0.10
)
$
(0.22
)

####
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