Aircastle Announces Fourth Quarter and Full Year 2009 Results
STAMFORD, Conn., March 5, 2010 /PRNewswire via COMTEX/ -- Aircastle Limited (the "Company" or "Aircastle") (NYSE: AYR) reported fourth quarter net income of $23.0 million, or $0.29 per diluted common share, and adjusted net income of $21.1 million, or $0.27 per diluted common share. Net income for the year ended December 31, 2009 was $102.5 million, or $1.29 per diluted common share, and adjusted net income of $104.8 million, or $1.32 per diluted common share.
Commenting on the results, Ron Wainshal, Aircastle's CEO, stated, "Against the backdrop of unprecedented economic challenges in 2009, Aircastle expanded its customer base, grew unrestricted cash to $143 million, and maintained 98% utilization of its modern aircraft fleet. We entered 2010 in a stronger, more competitive position, poised to capitalize on growth opportunities, given our conservative capital structure, world-class team and a proven ability to originate deals and source capital. We are excited about the investment opportunities we see in the market today.
"In the fourth quarter, we continued to place aircraft on long-term leases and source new capital. We signed lease commitments for six new Airbus A330-200 aircraft delivering to South African Airways in 2011. With this placement, we have secured customers for 11 of our 12 new Airbus A330 orders. This transaction not only marked an important milestone for Aircastle, but it also served as further evidence of a recovery in aircraft leasing. Additionally, we completed our second ECA-supported A330-200 financing for an aircraft we delivered on long term lease to Avianca."
Fourth Quarter Results
Fourth quarter total revenues were $135.8 million, a decrease of $22.0 million from the fourth quarter 2008 and reflects lower maintenance revenue of $13.8 million due primarily to fewer lease terminations in the fourth quarter of 2009, and lower lease rental revenue of $9.3 million due principally to lease transitions and extensions.
EBITDA was $124.6 million, down $15.2 million from the fourth quarter 2008, and reflects lower lease rental revenue and maintenance revenue totaling $23.1 million, higher maintenance and other costs of $2.5 million and a one-time $4.0 million charge in connection with the termination of an engine purchase agreement related to our A330 program, partially offset by lower mark to market expense on our undesignated hedges of $10.9 million and gains from the sale of debt investments of $5.1 million.
Adjusted net income plus depreciation and amortization for the quarter was $77.5 million, down $24.1 million year over year, due primarily to lower lease rental revenue and maintenance revenue totaling $23.1 million.
Adjusted net income for the quarter was $21.1 million, down $25.5 million year over year, and primarily reflects lower total revenues of $22.0 million, higher depreciation expense of $3.2 million, and higher maintenance and other costs of $2.5 million partially offset by lower adjusted interest, net of $3.8 million.
Full Year 2009 Results
Total revenues for the year were $570.6 million, a decrease of $12.0 million from 2008. The year over year decrease resulted from lower lease rental revenue of $30.8 million, due principally to lease transitions and extensions including downtime, increased amortization of net lease discounts and lease incentives of $13.0 million, partially offset by higher end of lease maintenance revenue of $24.3 million and higher other revenues of $8.8 million due to lease termination payments received in 2009.
EBITDA for the year ended December 31, 2009 was $501.7 million, a decrease of $24.6 million and reflects higher maintenance and other costs of $15.4 million resulting primarily from early lease terminations, aircraft impairment charges of $18.2 million related to the early return of aircraft, and a $4.0 million charge related to an engine purchase agreement, all of which was partially offset by lower mark to market expense on our undesignated hedges of $12.4.
Adjusted net income plus depreciation and amortization for the year was $325.5 million, a decrease of $24.5 million and reflects higher maintenance and other costs of $15.4 million and aircraft impairment charges of $18.2 million, all of which was partially offset by lower adjusted interest, net of $9.5 million.
Adjusted net income was $104.8 million, a decrease of $45.3 million compared to full year 2008 due principally to lower total revenues of $12.0 million, higher maintenance and other costs of $15.4 million, aircraft impairment charges of $18.2 million, and higher depreciation expense of $7.7 million all of which was partially offset by lower adjusted interest, net of $9.5 million.
Aviation Assets
In December Aircastle took delivery of a second new Airbus A330-200 aircraft on long-term lease to Aerovias del Continente Americano ("Avianca"). This delivery was the second advancement of one of Aircastle's new A330 aircraft order positions and was funded with ECA-supported debt financing.
As of December 31, 2009, Aircastle owned 129 aircraft having a net book value of $3.8 billion.
Owned Aircraft
as of
December 31,
2009(A)
------
108 Passenger Aircraft 71%
21 Freighter Aircraft(B) 29%
Number of Lessees 60
Number of Countries 33
Weighted Average Remaining Lease Term (years)(B) 4.9
Percentage of Aircraft Leased Outside U.S. 90%
Percentage of "Latest Generation" Aircraft 88%
Weighted Average Fleet Utilization during Q4 2009 99%
Weighted Average Fleet Utilization for the year ended
December 31, 2009 98%
(A) Percentages calculated using net book value.
(B) Includes one Boeing Model 737-400 aircraft which was being converted to freighter configuration and for which we have an executed lease with a carrier in Asia post-conversion and which we delivered in the first quarter of 2010.
Airbus A330 Program: Highlights
11 out of 12 aircraft successfully placed, as follows:
- Six new A330-200 aircraft scheduled for delivery in 2011, committed for lease to South African Airways;
- Two new A330-200 aircraft delivered on lease in 2009 to Avianca; and
- Three new A330-200F aircraft committed for lease to an affiliate of the HNA group, with two deliveries scheduled for the second half of 2010 and one delivery for mid-2011.
Conference Call
In connection with this earnings release, management will host an earnings conference call on Friday, March 5, 2010 at 10:00 A.M. Eastern time. All interested parties are welcome to participate on the live call. The conference call can be accessed by dialing (866) 510-4578 (from within the U.S.) or (706) 634-9537 (from outside of the U.S.) ten minutes prior to the scheduled start and referencing the "Aircastle Fourth Quarter and Year End Earnings Call."
A simultaneous webcast of the conference call will be available to the public on a listen-only basis at http://www.aircastle.com/. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast. A replay of the webcast will be available for three months following the call. In addition to this earnings release an accompanying power point presentation has been posted to the Investor Relations section of Aircastle's website.
For those who are not available to listen to the live call, a replay will be available until 11:59 P.M. Eastern time on Friday, March 19, 2010 by dialing (800) 642-1687 (from within the U.S.) or (706) 645-9291 (from outside of the U.S.); please reference passcode "54681916."
About Aircastle Limited
Aircastle Limited is a global company that acquires, leases and sells high-utility commercial jet aircraft to airlines throughout the world. As of December 31, 2009 Aircastle's aircraft portfolio consisted of 129 aircraft and had 60 lessees located in 33 countries.
Safe Harbor
Certain items in this press release and other information we provide from time to time, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not necessarily limited to, statements relating to our ability to acquire, sell and lease aircraft, raise capital, pay dividends, and increase revenues, earnings and EBITDA and the global aviation industry and aircraft leasing sector. Words such as "anticipates," "expects," "intends," "plans," "projects," "believes," "may," "will," "would," "could," "should," "seeks," "estimates" and variations on these words and similar expressions are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of factors that could lead to actual results materially different from those described in the forward-looking statements; Aircastle Limited can give no assurance that its expectations will be attained. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. Factors that could have a material adverse effect on our operations and future prospects or that could cause actual results to differ materially from Aircastle Limited's expectations include, but are not limited to, prolonged capital markets disruption and volatility, which may adversely affect our continued ability to obtain additional capital to finance our working capital needs, our pre-delivery payment obligations and other aircraft acquisition commitments, our ability to extend or replace our existing financings, and the demand for and value of aircraft; our exposure to increased bank and counterparty risk caused by credit and capital markets disruptions; volatility in the value of our aircraft or in appraisals thereof, which may, among other things, result in increased principal payments under our term financings and reduce our cash flow available for investment or dividends; general economic conditions and business conditions affecting demand for aircraft and lease rates; our continued ability to obtain favorable tax treatment in Bermuda, Ireland and other jurisdictions; our ability to pay dividends; high or volatile fuel prices, lack of access to capital, reduced load factors and/or reduced yields and other factors affecting the creditworthiness of our airline customers and their ability to continue to perform their obligations under our leases; termination payments on our interest rate hedges; and other risks detailed from time to time in Aircastle Limited's filings with the SEC, including "Risk Factors" as previously disclosed in Aircastle's 2009 Annual Report on Form 10-K, and in our other filings with the SEC, press releases and other communications. In addition, new risks and uncertainties emerge from time to time, and it is not possible for Aircastle to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. Aircastle Limited expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
(1) Refer to the selected financial information accompanying this press release for a reconciliation of GAAP to Non-GAAP numbers.
Aircastle Limited and Subsidiaries
Consolidated Balance Sheets
(Dollars in thousands, except share data)
December 31,
------------
2008 2009
---- ----
ASSETS
Cash and cash equivalents $80,947 $142,666
Accounts receivable 3,161 2,941
Debt investments 14,349 -
Restricted cash and cash equivalents 182,623 207,834
Restricted liquidity facility collateral - 81,000
Flight equipment held for lease, net of
accumulated depreciation of $371,591 and
$586,537 3,837,543 3,812,970
Aircraft purchase deposits and progress
payments 68,923 141,144
Leasehold improvements, furnishings and
equipment, net of accumulated depreciation
of $1,999 and $2,455 1,174 802
Other assets 62,852 65,155
------ ------
Total assets $4,251,572 $4,454,512
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Borrowings from securitizations and term debt
financings $2,476,296 $2,464,560
Accounts payable, accrued expenses and other
liabilities 60,789 60,392
Dividends payable 7,862 7,955
Lease rentals received in advance 28,463 34,381
Liquidity facility - 81,000
Security deposits 65,307 82,533
Maintenance payments 224,288 253,175
Fair value of derivative liabilities 276,401 179,279
------- -------
Total liabilities 3,139,406 3,163,275
--------- ---------
Commitments and Contingencies
SHAREHOLDERS' EQUITY
Preference shares, $.01 par value, 50,000,000
shares authorized, no shares issued and
outstanding - -
Common shares, $.01 par value, 250,000,000
shares authorized, 78,620,320 shares issued
and outstanding at December 31, 2008; and
79,550,421 shares issued and outstanding at
December 31, 2009 786 796
Additional paid-in capital 1,474,455 1,479,995
Retained earnings (deficit) (473) 70,294
Accumulated other comprehensive loss (362,602) (259,848)
-------- --------
Total shareholders' equity 1,112,166 1,291,237
--------- ---------
Total liabilities and shareholders' equity $4,251,572 $4,454,512
========== ==========
Aircastle Limited and Subsidiaries
Consolidated Statements of Income
(Dollars in thousands, except per share amounts)
Three Months Ended Year Ended
December 31, December 31,
------------ ------------
2008 2009 2008 2009
---- ---- ---- ----
Revenues:
Lease rental revenue $137,064 $127,776 $542,270 $511,459
Amortization of net lease
discounts and lease
incentives (5,114) (3,310) 1,815 (11,229)
Maintenance revenue 24,885 11,117 34,460 58,733
------ ------ ------ ------
Total lease rentals 156,835 135,583 578,545 558,963
Interest income 641 141 3,174 1,924
Other revenue 306 70 868 9,698
--- --- --- -----
Total revenues 157,782 135,794 582,587 570,585
------- ------- ------- -------
Expenses:
Depreciation 49,919 53,102 201,759 209,481
Interest, net 57,087 41,885 203,529 169,810
Selling, general and
administrative (including
non-cash share based
payment expense of $1,657
and $1,739 for the three
months ended, and $6,529
and $6,868 for the year ended
December 31, 2008 and 2009,
respectively) 12,322 12,725 46,806 46,016
Impairment of aircraft - - - 18,211
Maintenance and other costs 1,849 4,317 3,982 19,431
----- ----- ----- ------
Total expenses 121,177 112,029 456,076 462,949
------- ------- ------- -------
Other income (expense):
Gain on sale of aircraft 627 1,000 6,525 1,162
Other (9,614) 1,499 (10,204) 2,354
------ ----- ------- -----
Total other income (expense) (8,987) 2,499 (3,679) 3,516
------ ----- ------ -----
Income from continuing
operations before income taxes 27,618 26,264 122,832 111,152
Income tax provision 2,879 3,272 7,541 8,660
----- ----- ----- -----
Net income $24,739 $22,992 $115,291 $102,492
======= ======= ======== ========
Earnings per common share-Basic $0.31 $0.29 $1.47 $1.29
===== ===== ===== =====
Earnings per common share-Diluted $0.31 $0.29 $1.47 $1.29
===== ===== ===== =====
Dividends declared per share $0.10 $0.10 $0.85 $0.40
===== ===== ===== =====
Aircastle Limited and Subsidiaries
Consolidated Statements of Cash Flows
(Dollars in thousands)
Year Ended December 31,
--------------------
2008 2009
Cash flows from operating activities:
Net income $115,291 $102,492
Adjustments to reconcile net income to net
cash provided by operating activities
(inclusive of amounts related to discontinued
operations)
Depreciation 201,759 209,481
Amortization of deferred financing costs 13,603 12,232
Amortization of net lease discounts and lease
incentives (1,815) 11,229
Deferred income taxes 4,913 6,176
Accretion of purchase discounts on debt
investments (579) (469)
Non-cash share based payment expense 6,529 6,868
Cash flow hedges reclassified into earnings 16,491 12,894
Ineffective portion of cash flow hedges 16,623 463
Security deposits and maintenance payments
included in earnings (37,885) (47,934)
Gain on the sale of flight equipment (6,525) (1,162)
Loss (gain) on sale of debt investments 245 (4,965)
Impairment of aircraft - 18,211
Other 11,445 (959)
Changes on certain assets and liabilities:
Accounts receivable 1,439 364
Restricted cash and cash equivalents (21,306) (25,211)
Other assets 559 (1,796)
Accounts payable, accrued expenses and other
liabilities 3,564 (3,189)
Payable to affiliates (200) -
Lease rentals received in advance (2,345) 6,086
------ -----
Net cash provided by operating activities 321,806 300,811
------- -------
Cash flows from investing activities:
Acquisition and improvement of flight
equipment (264,586) (215,117)
Proceeds from sale of flight equipment 180,112 11,601
Aircraft purchase deposits and progress
payments, net of returned deposits 9,545 (83,081)
Principal repayments on debt investments 11,801 3,786
Proceeds from sale of debt investments 65,335 13,461
Collateral call payments on derivatives and
repurchase agreements (404,012) -
Collateral call receipts on derivatives and
repurchase agreements 439,892 -
Leasehold improvements, furnishings and
equipment (447) (84)
---- ---
Net cash provided by (used in) investing
activities 37,640 (269,434)
------ --------
Cash flows from financing activities:
Repurchase of shares from Fortress, directors
and employees (1,270) (262)
Proceeds from securitizations and term debt
financings 992,715 142,228
Securitization and term debt financing
repayments (194,155) (153,964)
Credit facility borrowings 482,723 -
Credit facility repayments (1,280,909) -
Deferred financing costs (24,183) (6,127)
Restricted secured liquidity facility
collateral - (81,000)
Secured liquidity facility collateral - 81,000
Principal repayments on repurchase agreements (67,744) -
Security deposits and maintenance payments
received 106,096 136,381
Security deposits and maintenance payments
returned (37,308) (53,524)
Payments for terminated cash flow hedges (154,064) (2,758)
Dividends paid (113,946) (31,632)
-------- -------
Net cash (used in) provided by financing
activities (292,045) 30,342
-------- ------
Net increase in cash and cash equivalents 67,401 61,719
Cash and cash equivalents at beginning of year 13,546 80,947
------ ------
Cash and cash equivalents at end of year $80,947 $142,666
======= ========
Aircastle Limited and Subsidiaries
Supplemental Financial Information
(Amount in thousands, except per share amounts)
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
------------ ------------
2008 2009 2008 2009
---- ---- ---- ----
Revenues $157,782 $135,794 $582,587 $570,585
EBITDA $139,738 $124,561 $526,305 $501,672
Adjusted net income $46,630 $21,116 $150,046 $104,793
Adjusted net income allocable to
common shares $46,071 $20,751 $148,337 $103,052
Per common share - Basic $0.59 $0.27 $1.91 $1.32
Per common share - Diluted $0.59 $0.27 $1.91 $1.32
Adjusted net income plus
depreciation and amortization $101,663 $77,528 $349,990 $325,503
Adjusted net income plus
depreciation and amortization
allocable to common shares $100,444 $76,188 $346,003 $320,095
Per common share - Basic $1.29 $0.98 $4.45 $4.10
Per common share - Diluted $1.29 $0.98 $4.45 $4.10
Basic common shares outstanding 77,769 78,013 77,750 77,986
Diluted common shares outstanding 77,769 78,013 77,750 77,986
Refer to the selected information accompanying this press release for a reconciliation of GAAP to Non-GAAP information.
Aircastle Limited and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
EBITDA Reconciliation
(Dollars in thousands)
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
------------ ------------
2008 2009 2008 2009
---- ---- ---- ----
Net income $24,739 $22,992 $115,291 $102,492
Depreciation 49,919 53,102 201,759 209,481
Amortization of net lease
discounts and lease
incentives 5,114 3,310 (1,815) 11,229
Interest, net 57,087 41,885 203.529 169,810
Income tax provision 2,879 3,272 7,541 8,660
----- ----- ----- -----
EBITDA $139,738 $124,561 $526,305 $501,672
======== ======== ======== ========
We define EBITDA as income from continuing operations before income taxes, interest expense, and depreciation and amortization. We use EBITDA to assess our consolidated financial and operating performance, and we believe this non-GAAP measure is helpful in identifying trends in our performance. Using EBITDA assists us in comparing our operating performance on a consistent basis by removing the impact of our capital structure (primarily interest charges on our outstanding debt) and asset base (primarily depreciation and amortization) from our operating results.
Aircastle Limited and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Adjusted Net Income plus Depreciation Reconciliation
(Dollars in thousands)
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
------------ ------------
2008 2009 2008 2009
---- ---- ---- ----
Net income $24,739 $22,992 $115,291 $102,492
Ineffective portion
and termination of
cash flow hedges(1) 12,014 623 29,589 5,387
Mark to market
adjustment on
undesignated
derivatives(2) 10,504 (403) 11,446 (959)
Gain on sale of
flight equipment (627) (1,000) (6,525) (1,162)
(Gain) loss on sale
of debt
investments(2) - (5,096) 245 (4,965)
Termination of engine
purchase
agreement(2) - 4,000 - 4,000
--- ----- --- -----
Adjusted net income $46,630 $21,116 $150,046 $104,793
Depreciation 49,919 53,102 201,759 209,481
Amortization of net
lease discounts and
lease incentives 5,114 3,310 (1,815) 11,229
----- ----- ------ ------
Adjusted net income
plus depreciation
and amortization $101,663 $77,528 $349,990 $325,503
======== ======= ======== ========
(1) Included in Interest, net
(2) Included in Other income (expense)
Management believes that Adjusted Net Income ("ANI") and Adjusted Net Income plus Depreciation and Amortization ("ANIDA"), when viewed in conjunction with the Company's results under GAAP and the above reconciliation, provide useful information about operating and period-over-period performance, and provide additional information that is useful for evaluating the underlying operating performance of our business without regard to periodic reporting elements related to interest rate derivative accounting as well as gains/(losses) related to flight equipment and debt investments. Additionally, management believes that ANIDA provides investors with an additional metric to enhance their understanding of the factors and trends affecting our ongoing cash earnings, from which capital investments are made, debt is serviced and dividends are paid. However, ANI and ANIDA are not measures of financial performance or liquidity under GAAP and, accordingly, should not be considered as alternatives to net income (loss) or cash flow from operating activities as indicators of operating performance or liquidity.
Aircastle Limited and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of Net Income Allocable to Common Shares
(in thousands)
(Unaudited)
Three Months Ended Year Ended
December 31, 2009 December 31, 2009
----------------- -----------------
Shares Percent(2) Shares Percent(2)
Weighted average
shares
----------------
Common shares
outstanding -
Basic 78,013 98.27% 77,986 98.34%
Unvested
restricted
common shares
outstanding 1,372 1.73% 1,318 1.66%
----- ---- ----- ----
Total weighted
average shares
outstanding 79,385 100.00% 79,304 100.00%
====== ====== ====== ======
Common shares
outstanding -
Basic 78,013 100.00% 77,986 100.00%
Effect of
dilutive
shares(1) - - - -
--- --- --- ---
Common shares
outstanding -
Diluted 78,013 100.00% 77,986 100.00%
====== ====== ====== ======
Net income
allocation
-----------
Net income $22,992 100.00% $102,492 100.00%
Distributed and
undistributed
earnings
allocated to
unvested
restricted
shares (397) (1.73)% (1,703) (1.66)%
---- ------ ------ ------
Earnings
available to
common shares $22,595 98.27% $100,789 98.34%
======= ===== ======== =====
Adjusted net
income
allocation
------------
Adjusted net
income $21,116 100.00% $104,793 100.00%
Amounts allocated
to unvested
restricted
shares (365) (1.73)% (1,741) (1.66)%
---- ----- ------ -----
Amounts allocated
to common shares $20,751 98.27% $103,052 98.34%
======= ===== ======== =====
Adjusted net
income plus
depreciation and
amortization
allocation
-----------------
Adjusted net
income plus
depreciation and
amortization $77,528 100.00% $325,503 100.00%
Amounts allocated
to unvested
restricted
shares (1,340) (1.73)% (5,408) (1.66)%
------ ----- ------ -----
Amounts allocated
to common shares $76,188 98.27% $320,095 98.34%
======= ===== ======== =====
(1) The Company had no dilutive common share equivalents for the periods presented.
(2) Percentages rounded to two decimal places.
Aircastle Limited and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of Net Income Allocable to Common Shares
(in thousands)
(Unaudited)
Three Months Ended Year Ended
December 31, 2008 December 31, 2008
----------------- -----------------
Shares Percent(2) Shares Percent(2)
Weighted average
shares
----------------
Common shares
outstanding -
Basic 77,769 98.80% 77,750 98.86%
Unvested
restricted
common shares
outstanding 944 1.20% 896 1.14%
--- ---- --- ----
Total weighted
average shares
outstanding 78,712 100.00% 78,646 100.00%
====== ====== ====== ======
Common shares
outstanding -
Basic 77,769 100.00% 77,750 100.00%
Effect of
dilutive
shares(1) - - - -
--- --- --- ---
Common shares
outstanding -
Diluted 77,769 100.00% 77,750 100.00%
====== ====== ====== ======
Net income
allocation
-----------
Net income $24,739 100.00% $115,291 100.00%
Distributed and
undistributed
earnings
allocated to
unvested
restricted
shares (297) (1.20)% (1,313) (1.14)%
---- ------ ------ ------
Earnings
available to
common shares $24,442 98.80% $113,978 98.86%
======= ===== ======== =====
Adjusted net
income
allocation
------------
Adjusted net
income $46,630 100.00% $150,046 100.00%
Amounts allocated
to unvested
restricted
shares (559) (1.20)% (1,709) (1.14)%
---- ------ ------ ------
Amounts allocated
to common shares $46,071 98.80% $148,337 98.86%
======= ===== ======== =====
Adjusted net
income plus
depreciation and
amortization
allocation
-----------------
Adjusted net
income plus
depreciation and
amortization $101,663 100.00% $349,990 100.00%
Amounts allocated
to unvested
restricted
shares (1,219) (1.20)% (3,987) (1.14)%
------ ------ ------ ------
Amounts allocated
to common shares $100,444 98.80% $346,003 98.86%
======== ===== ======== =====
(1) The Company had no dilutive common share equivalents for the periods presented.
(2) Percentages rounded to two decimal places.
SOURCE Aircastle Limited
