AeroCentury Corp. (NYSE MKT: ACY) has reported earnings totaling USD3.1 million, or USD1.99 per diluted share, in the fourth quarter of 2015, compared to USD1.3 million, or USD0.81 per diluted share, in the third quarter of 2015, and USD0.5 million, or USD0.32 per diluted share, in the fourth quarter of 2014.
The fourth quarter 2015 results reflect increased lease revenue due to improved utilization and higher gains from sales of aircraft.
Net income increased to USD6.4 million, or USD4.17 per diluted share, for the full year in 2015, compared to a net loss of USD11.3 million, or (USD7.32) per diluted share, for 2014. The 2014 results included USD18.7 million of non-cash pre-tax write-downs on older equipment. All reported results are unaudited.
During the fourth quarter of 2015, the company sold three aircraft for cash, which generated gains totaling USD6.3 million. For all of 2015, the company recorded gains totaling USD12.0 million for the sale of nine aircraft, including five pursuant to sales-type finance leases.
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.