0001036848-13-000031.txt : 20130809 0001036848-13-000031.hdr.sgml : 20130809 20130809144734 ACCESSION NUMBER: 0001036848-13-000031 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130806 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20130809 DATE AS OF CHANGE: 20130809 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: 131026133 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 acy2q2013pressrelease.htm PRESS RELEASE RE 2Q2013 EARNINGS acy2q2013pressrelease.htm
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-KCURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
 
Date of Report (Date of Earliest Event Reported):   August 6, 2013
 
acy
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
(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 6, 2013, AeroCentury Corp. (the "Company") announced via press release the Company's operating results for its second quarter ended June 30, 2013. 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, 2013 By:   /s/  Neal D. Crispin
 
  Title: Chairman and CEO
EX-99.1 2 acy2formpressrelease.htm FORM OF PRESS RELEASE acy2formpressrelease.htm


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

AEROCENTURY CORP. REPORTS SECOND QUARTER 2013 RESULTS

(BURLINGAME, CA), August 6, 2013 — AeroCentury Corp. (NYSE MKT: ACY), an independent aircraft leasing company, today reported its operating results for the second quarter ended June 30, 2013.  

The Company reported net income of $0.9 million, or $0.57 per diluted share, for the second quarter of 2013, compared to net income of $1.0 million, or $0.61 per diluted share, for the second quarter of 2012.  The Company reported net income of $5.0 million, or $3.12 per diluted share, for the six months ended June 30, 2013, compared to net income of $2.3 million, or $1.47 per diluted share, for the six months ended June 30, 2012.  

Total revenues were $7.2 million and $20.0 million for the second quarter and six months ended June 30, 2013, respectively, compared to total revenues of $7.5 million and $14.3 million, respectively, for the same periods a year ago.  

Operating lease revenue was lower in the second quarter and first six months of 2013 compared to the same periods a year ago primarily as a result of lower portfolio utilization and reduced revenue for assets for which the Company does not record revenue in advance of cash receipt as a result of substantial uncertainty of collectability.  The effects of these decreases were partially offset by increases in operating lease revenue from assets purchased during 2012.  

Maintenance reserves revenue was lower in the second quarter of 2013 compared to the same period a year ago, primarily reflecting reduced revenue for a lease under which the Company does not record revenue in advance of cash receipt as a result of substantial uncertainty of collectability.  Maintenance reserves revenue for the six months ended June 30, 2013 was higher compared to the same period a year ago.  The increase was primarily due to a one-time payment of $6.5 million received from the prior lessee of two of the Company’s aircraft when the leases were assigned to a new lessee in 2012, which was recognized as maintenance reserves revenue upon subsequent termination of the leases in the first quarter of 2013.

Gain on disposal of assets in 2013 resulted primarily from the sale of two aircraft, one in each of the first and second quarters.  During the first six months of 2012, the Company sold one aircraft, in the second quarter.

The Company’s results for the six months ended June 30, 2013 included other income of $0.5 million related to a lessee’s security deposits retained upon early termination of two leases following the lessee’s bankruptcy in January 2013.

Total expenses decreased by approximately $0.2 million in the second quarter of 2013 as compared to the same quarter in 2012.  Maintenance expense was lower in the second quarter of 2013 as a result of a decrease in maintenance performed by lessees using nonrefundable reserves, which was partially offset by an increase in maintenance performed by the Company on off-lease aircraft.  Depreciation was higher in the 2013 second quarter period as a result of the net increase in the asset base of the Company’s aircraft and engine portfolio over the corresponding quarter in 2012.

Comparing the six-month periods of 2012 and 2013, total expenses were approximately $2.0 million greater in the first six months of 2013 as compared to the same period in 2012.  This was primarily the result of increased maintenance costs related to maintenance on off-lease aircraft, the effect of which was partially offset by a decrease in maintenance performed by lessees using non-refundable reserves.  Depreciation also increased from year to year as a result of the net increase in the asset base of the Company’s aircraft and engine portfolio.

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 leased to regional airlines and commercial users worldwide.

(see tables following)

 
 
 

 
 
 

AeroCentury Corp.
Selected Financial Information
 (in thousands, except share and per share data)

   
For the Three Months
Ended June 30,
    
For the Six Months
Ended June 30,
  
   
2013
    
2012
    
2013
    
2012
  
   
(Unaudited)
    
(Unaudited)
    
(Unaudited)
    
(Unaudited)
  
Revenues and other income:
                        
                         
Operating lease revenue
   $ 4,673     $ 5,689     $ 9,573     $ 11,596  
Maintenance reserves revenue
     569       913       7,704       1,763  
Gain on disposal of assets
     1,944       874       2,162       874  
Other income
     57       27       607       54  
      7,243       7,503       20,046       14,287  
Expenses:
                                
                                 
Depreciation
     1,803       1,493       3,549       2,980  
Maintenance costs
     1,384       1,613       3,789       2,367  
Management fees
     1,072       1,007       2,165       1,993  
Interest
     1,003       1,153       2,068       2,225  
Professional fees and other
     618       790       1,221       1,258  
      5,880       6,056       12,792       10,823  
                                 
Income before income tax provision
     1,363       1,447       7,254       3,464  
                                 
Income tax provision
     461       487       2,300       1,179  
                                 
Net income
   $ 902     $ 960     $ 4,954     $ 2,285  
                                 
Earnings per share:
                                
  Basic
   $ 0.58     $ 0.62     $ 3.21     $ 1.48  
  Diluted
   $ 0.57     $ 0.61     $ 3.12     $ 1.47  
                                 
Weighted average shares used in earnings per share computations:
                                
  Basic
     1,543,257       1,543,257       1,543,257       1,543,257  
  Diluted
     1,588,331       1,563,580       1,585,666       1,557,810  


Summary Balance Sheet:
  
June 30,
2013
    
December 31,
2012
    
June 30,
2012
  
   
(Unaudited)
    
(Audited)
    
(Unaudited)
  
Total assets
   $ 157,026     $ 152,426     $ 154,399  
Total liabilities
   $ 106,193     $ 106,547     $ 111,423  
Stockholders’ equity
   $ 50,833     $ 45,879     $ 42,976  
 
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