Aircastle Announces Second Quarter 2009 Results
STAMFORD, Conn.,.
CEO
Second quarter total revenues were
EBITDA was
Adjusted net income plus depreciation and amortization was
Adjusted net income was
Aviation Assets
In June Aircastle took delivery of a new Airbus A330-200 aircraft on long-term lease to Aerovias del Continente Americano ("
As of
Owned
Aircraft
as of
(A) - Percentages calculated using net book value.
(B) - Four Boeing Model 737-400 aircraft which will be converted to freighter configuration are included as "Freighter" aircraft; the remaining lease terms for these aircraft, for which we have executed leases post-conversion, are measured on the ten-year terms of the post-conversion leases.
Conference Call
In connection with this earnings release, management will host an earnings conference call on
A webcast of the conference call will be available to the public on a listen-only basis at 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.
For those who are not available to listen to the live call, a replay will be available until
About
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;
(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, June 30,
2008 2009
----------- -----------
(Unaudited)
ASSETS
Cash and cash equivalents $80,947 $95,785
Accounts receivable 3,161 5,597
Debt investments 14,349 13,691
Restricted cash and cash equivalents 182,623 199,377
Restricted liquidity facility collateral - 81,186
Flight equipment held for lease, net of
accumulated depreciation of
$371,591 and $474,350 3,837,543 3,832,039
Aircraft purchase deposits and progress
payments 68,923 107,357
Leasehold improvements, furnishings and
equipment, net of accumulated depreciation of
$1,999 and $2,240 1,174 1,016
Other assets 62,852 82,648
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Total assets $4,251,572 $4,418,696
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LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Borrowings from securitizations and term debt
financings $2,476,296 $2,481,365
Accounts payable, accrued expenses and other
liabilities 60,789 62,269
Dividends payable 7,862 7,923
Lease rentals received in advance 28,463 27,235
Liquidity facility - 81,186
Security deposits 65,307 94,837
Maintenance payments 224,288 241,074
Fair value of derivative liabilities 276,401 191,411
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Total liabilities 3,139,406 3,187,300
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Commitments and Contingencies
SHAREHOLDERS' EQUITY
Preference shares,
SOURCEAircastle Limited -0- 08/07/2009 /CONTACT: Julia Hallisey, Investor Relations of Aircastle Limited, +1-203-504-1063/ /Web Site: www.aircastle.com /
