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Aircastle Ltd. Reports Operating Results (10-Q)

November 05, 2010 | About:
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10qk

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Aircastle Ltd. (AYR) filed Quarterly Report for the period ended 2010-09-30.

Aircastle Ltd. has a market cap of $735.4 million; its shares were traded at around $9.42 with a P/E ratio of 7.5 and P/S ratio of 1.1. The dividend yield of Aircastle Ltd. stocks is 4.2%.

Highlight of Business Operations:

We are a global company that acquires, leases and sells high-utility commercial jet aircraft to passenger and cargo airlines throughout the world. High-utility aircraft are generally modern, operationally efficient jets with a large operator base and long useful lives. As of September 30, 2010, our aircraft portfolio consisted of 132 aircraft and we had 63 lessees located in 36 countries. At September 30, 2010, the average age of the aircraft in our portfolio was 11.2 years and the average remaining lease term was 4.6 years, in each case weighted by net book value. Our revenues and income from continuing operations for the three and nine months ended September 30, 2010 were $132.2 million and $8.7 million and $393.0 million and $49.6 million, respectively.

We believe our teams capabilities in the global leasing market for both passenger and cargo aircraft place us in a favorable position to explore new income-generating activities as capital becomes available for such activities. Towards this end, we have 9 aircraft scheduled for delivery from Q4 2010 through mid-2012 under our Airbus A330 Agreement. In addition, we recently raised approximately $290 million of net proceeds in the unsecured bond market and after paying off our Term Financing No. 2 and associated costs, have approximately $200 million of investment capital with which we have made investments and investment commitments since the end of the third quarter.

We intend to pay regular quarterly dividends to our shareholders. On March 12, 2010, our board of directors declared a regular quarterly dividend of $0.10 per common share, or an aggregate of $8.0 million, for the three months ended March 31, 2010, which was paid on April 15, 2010 to holders of record on March 31, 2010. On May 25, 2010, our board of directors declared a second quarter dividend of $0.10 per common share, or an aggregate of $7.9 million, for the three months ended June 30, 2010, which was paid on July 15, 2010 to shareholders of record on June 30, 2010. On September 21, 2010, our board of directors declared a third quarter dividend of $0.10 per common share, or an aggregate of $7.9 million, for the three months ended September 30, 2010, which was paid on October 15, 2010 to shareholders of record on September 30, 2010. This dividend may not be indicative of the amount of any future dividends.

Of our owned aircraft portfolio as of September 30, 2010, $3.5 billion, representing 119 aircraft and 89% of the net book value of our aircraft, was encumbered by secured debt financings, and $0.4 billion, representing 13 aircraft and 11% of the net book value of our aircraft, was unencumbered by secured debt financings.

Read the The complete Report

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