0001036848-17-000022.txt : 20170511 0001036848-17-000022.hdr.sgml : 20170511 20170511150818 ACCESSION NUMBER: 0001036848-17-000022 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20170511 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20170511 DATE AS OF CHANGE: 20170511 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: 17833899 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 ac1q2017earnings.htm REPORT ON FORM 8-K FOR AEROCENTURY CORP. DISCLOSING 1Q2017 EARNINGS 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):   May 11, 2017
 
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)
 o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 


 
Item 2.02:      Earnings Announcement
 
On May 11, 2017, AeroCentury Corp. (the "Company") announced via press release the Company's unaudited operating results for its first quarter ended March 31, 2017. 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: May 11, 2017 :   By: /s/  Toni M. Perazzo
  Title: Sr. Vice President - Finance


EX-99.1 2 ex991pressrelease.htm FORM OF 1Q2017 EARNINGS PRESS RELEASE
 

Toni Perazzo
Chief Financial Officer
(650) 340-1888
AeroCentury Corp. Earnings Grew 48% to $642,000, or $0.41 per Share and
Operating Lease Revenue Grew 21% in 1Q17 Year-Over-Year;
Portfolio Utilization Remains Strong at 96%
BURLINGAME, California, May 11, 2017 -- AeroCentury Corp. (NYSE MKT: ACY), an independent aircraft leasing company, today reported that first quarter 2017 earnings grew 48% to $642,000, or $0.41 per diluted share, compared to $434,000, or $0.28 per share in the first quarter of 2016, and compared to a loss of $40,000, or $0.03 per share in the fourth quarter of 2016.

"We reached a milestone in the first quarter of 2017, with the addition of our first aircraft manufactured by Embraer, through a transaction in which we acquired three Embraer 145 regional jets in a sale-leaseback with a customer in the United Kingdom under direct financing leases," said Michael G. Magnusson, Chief Executive Officer.   "We also sold one older turboprop aircraft on a sales-type finance lease, generating a gain of $297,000 in the first quarter of 2017."

Operating lease revenue in the first quarter of 2017 increased 21% to $7.3 million, compared to $6.0 million in the first quarter of 2016, and was down slightly from $7.4 million in the fourth quarter of 2016.  The lease portfolio grew 21% to $186.0 million as of the end of the quarter compared to $153.2 million a year ago.

·
Average portfolio utilization, as a percentage of net book value of assets held for lease, improved to 96% during the first quarter of 2017, compared to 94% in the fourth quarter of 2016 and 95% in the year ago quarter.
 
·
Total revenue increased 3% to $8.0 million for the first quarter of 2017, compared to $7.7 million in the preceding quarter, and grew 28% from $6.2 million a year ago.
 
o
Operating lease revenues increased 21% to $7.3 million in the first quarter of 2017, from $6.0 million in the year ago quarter, primarily as a result of aircraft acquisitions during 2016, but were down 1% from $7.4 million in the fourth quarter of 2016.
 
o
During the first quarter of 2017, the Company recorded a gain of $297,000 for one turboprop aircraft sold under a sales-type finance lease.  In the fourth quarter of 2016, the Company recorded a gain of $3,000 when a lessee exercised its purchase option under a sales-type finance lease.  The Company recorded no such gains in the year ago quarter.
o
The Company recorded a $14,000 gain on disposal of assets in the first quarter of 2017, compared to no such gains in the preceding quarter and a $5,000 gain in the first quarter of 2016.
·
Total expenses declined 10% to $6.9 million in the first quarter of 2017 from $7.7 million in the preceding quarter, primarily due to lower maintenance costs and no impairment provision.  First quarter total expenses increased to $6.9 million from $5.6 million in the first quarter a year ago, mainly due to higher depreciation, interest and management fees, reflecting growth in the portfolio, which were partially offset by lower maintenance costs.
 
·
Operating margin and net margin were 13% and 8%, respectively, in the first quarter of 2017, compared to 0% and ‑1%, respectively, for the preceding quarter, and 11% and 7%, respectively, in the first quarter of 2016.
 
·
Book value per share was $28.66 at March 31, 2017, compared to $27.13 per share at December 31, 2016, and $26.62 per share at March 31, 2016.
 
·
Liquidity available from the revolving credit facility was $35.7 million at March 31, 2017, down from $39.9 million at December 31, 2016, and down from $48.2 million a year ago. The credit facility provides that the Company and the lenders may, subject to certain terms and conditions, expand the revolving limit by an additional $30 million to $180 million.

 
The following table shows the status of the Company's portfolio of aircraft and engines held for lease as of March 31, 2017, December 31, 2016, and March 31, 2016.
 
AIRCRAFT AND ENGINES HELD FOR LEASE
  
   
March 31,
2017
    
% of net book value
    
December 31,
2016
    
% of net book value
    
March 31,
2016
    
% of net book value
  
Total turboprop aircraft*:
                                    
  On lease
    
9
      
21
%
    
8
      
20
%
    
10
      
39
%
  Off lease
    
2
      
2
%
    
4
      
4
%
    
6
      
6
%
 Total turboprop aircraft
    
11
      
23
%
    
12
      
24
%
    
16
      
45
%
                                                 
Regional jet aircraft:
                                                
  On lease
    
12
      
74
%
    
12
      
73
%
    
8
      
49
%
  Off lease
    
-
      
-
%
    
-
      
-
%
    
-
      
-
%
 Total regional jet aircraft
    
12
      
74
%
    
12
      
73
%
    
8
      
49
%
Engines*:
                                                
  On lease
    
2
      
-
%
    
2
      
-
%
    
2
      
5
%
  Off lease
    
1
      
3
%
    
2
      
3
%
    
3
      
1
%
Total engines
    
3
      
3
%
    
4
      
3
%
    
5
      
6
%
                                                 
(*) Decreases from period to period reflect cash sales, sales pursuant to sales-type finance leases and the insured loss of one aircraft due to a taxiway collision.
  
 
AeroCentury's portfolio currently consists of nine aircraft that are held under sales-type finance leases and twenty-three aircraft and three engines that are held for lease. The Company also has three turboprop aircraft that are held for sale, two of which are being sold as parts. The Company's portfolio consists of eleven different aircraft types. The current customer base comprises eleven customers operating worldwide.

At March 31, 2017, total assets were $222.0 million, up 26% from $176.4 million a year ago, reflecting the net effect of aircraft purchases and sales during the past twelve months, and the insured loss of one aircraft due to a taxiway collision.

AeroCentury is a global aircraft operating lessor and finance company specializing in leasing regional jet and turboprop aircraft and related engines. The Company's aircraft and engines are leased to regional airlines and commercial users worldwide.

 


Selected Financial Information
(in thousands, except share and per share data) (Unaudited)

   
For the Three Months Ended
 
   
March 31,
   
December 31,
   
March 31,
 
   
2017
    
2016
    
2016
  
                   
Operating lease revenue
  
$
7,317
    
$
7,410
    
$
6,044
  
Finance lease revenue
    
325
      
296
      
185
  
Gain on disposal of assets
    
14
      
-
      
5
  
Gain on sales-type finance leases
    
297
      
3
      
-
  
Other income
    
1
      
16
      
2
  
     
7,954
      
7,725
      
6,236
  
                         
Depreciation
    
2,936
      
2,856
      
2,079
  
Maintenance costs
    
256
      
714
      
320
  
Interest
    
1,610
      
1,573
      
1,289
  
Management fees
    
1,507
      
1,531
      
1,264
  
Provision for impairment
    
-
      
906
      
75
  
Professional fees and other
    
602
      
136
      
524
  
     
6,911
      
7,716
      
5,551
  
                         
Income before income taxes
    
1,043
      
9
      
685
  
                         
Income tax provision
    
401
      
49
      
251
  
                         
Net income
  
$
642
    
$
(40
)
  
$
434
  
                         
Earnings per share:
                        
Basic
  
$
0.41
    
$
(0.03
)
  
$
0.28
  
Diluted
  
$
0.41
    
$
(0.03
)
  
$
0.28
  
                         
Shares used in per share computations:
                  
Basic
    
1,550,032
      
1,566,699
      
1,566,699
  
Diluted
    
1,550,032
      
1,566,699
      
1,566,699
  
                         
   
March 31,
   
December 31,
   
March 31,
 
     
2017
      
2016
      
2016
  
                         
Total assets
  
$
222,032
    
$
218,736
    
$
176,387
  
Total liabilities
  
$
181,423
    
$
176,236
    
$
134,675
  
Shareholders' equity
  
$
40,609
    
$
42,500
    
$
41,712
  

####
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