Aircastle revenues down 9.5% YoY

Second Quarter Results

Aircastle said its total revenues were USD204.6 million, a decrease of USD21.6 million, or 9.5 percent, from the previous year, driven by lower maintenance revenues of USD14.8 million.

During the second quarter of 2014, we recorded USD36.2 million of maintenance revenue related to nine aircraft that were sold, parted out or transitioned.

Lease rental and finance lease revenues during the second quarter were USD186.7 million. The small change in this revenue versus last year reflects the combined effects of asset acquisitions, aircraft dispositions and lease extensions.

Adjusted EBITDA for the second quarter was USD214.6 million, up 1.4 percent versus the prior year´s quarter reflecting higher gains from aircraft sales of USD20.2 million, partially offset by lower maintenance revenue of USD14.8 million.

Adjusted net income for the quarter was USD47.2 million, down 1.0 percent year over year. Higher gains from aircraft sales of USD20.2 million were offset by lower total revenues of USD21.6 million.

Net income for the second quarter was USD41.8 million versus USD3.1 million the previous year. In the second quarter of 2014 we incurred bond redemption expenses of USD36.6 million associated with refinancing USD450 million of 9.75 percent senior unsecured notes due in 2018.

Aircastle Limited acquires, leases and sells commercial jet aircraft to airlines throughout the world. As of June 30, 2015, Aircastle´s aircraft portfolio consisted of 161 aircraft on lease with 52 customers located in 32 countries.