AeroCentury Corp. (NYSE MKT: ACY) said it reported earnings totaling USD1.3 million, or USD0.81 per diluted share, in the third quarter of 2015, compared to USD1.4 million, or USD0.87 per diluted share, in the second quarter of 2015.
Third quarter profits reflect an improvement in utilization as the company continues to adjust the composition of its portfolio of regional aircraft and engines. Following the USD11.7 million non-cash, pre-tax write-down of certain older aircraft, the net loss in the third quarter of 2014 was USD8.2 million, or (USD5.34) per diluted share.
Net income improved to USD3.4 million, or USD2.17 per diluted share, for the first nine months of 2015, compared to a net loss of USD11.8 million, or (USD7.64) per diluted share, for the first nine months of 2014, which included USD18.5 million of non-cash pre-tax write-downs on older equipment. All reported results are unaudited.
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.