AeroCentury Corp (ACY, Financial) filed Quarterly Report for the period ended 2010-06-30.
Aerocentury Corp has a market cap of $31.3 million; its shares were traded at around $19.5 with a P/E ratio of 4.9 and P/S ratio of 0.9. Aerocentury Corp had an annual average earning growth of 16.6% over the past 10 years.ACY is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Revenue from maintenance reserves increased by $1,592,200 in the six months ended June 30, 2010 compared to the same period in 2009. The Company recorded less maintenance reserves revenue because of lower average usage by some lessees in the 2010 quarter. The effect of this decrease was more than offset by maintenance reserves revenue of $2,360,900 related to refundable maintenance reserves retained by the Company when two aircraft were returned in early 2010 and which are being used to fund maintenance required by the return conditions of the leases. The Company also recorded a $271,300 reduction in maintenance reserves revenue due to uncertainty about the collectibility of the related receivables.
The Company recognized $2,286,000 more in maintenance expense in the six months ended June 30, 2010 than in the same period of 2009. The increase was due to increases in expense for off-lease aircraft and maintenance performed by lessees using non-refundable reserves. The increase was also the result of $2,360,900 related to maintenance reserves retained by the Company when two aircraft were returned in early 2010 and which are being used to fund maintenance required by the return conditions of the leases. During the six months ended June 30, 2010 and 2009, $3,761,300 and $1,393,700 respectively, of the Company s maintenance expense was funded by non-refundable maintenance reserves that had been recorded as income when accrued.
As of June 30, 2010, the carrying amount of the Subordinated Notes was approximately $6,172,100 (outstanding principal amount of $6,414,500 less unamortized debt discount of approximately $242,400), and accrued interest payable was $0. As of December 31, 2009, the carrying amount of the Subordinated Notes was approximately $8,976,200 (outstanding principal amount of $9,462,000 less unamortized debt discount of approximately $485,800), and accrued interest payable was $0. As of June 30, 2010, December 31, 2009 and the date of this filing, the Company was in compliance with all covenants under the Subordinated Notes Agreement.
During the six months ended June 30, 2010, the Company paid taxes of $12,200. During the six months ended June 30, 2009 the Company received $1,625,100 of Federal tax refunds and paid taxes of $900.
In 2009 and early 2010, the Company agreed to defer a portion of the rent and maintenance reserves due from four customers that lease a total of eight of the Company s aircraft. The aggregate amount of such deferrals was approximately $4,000,000. The aggregate balance of the deferrals is currently approximately $1,665,000. At June 30, 2010, the Company recorded allowances totaling $1,299,600 against amounts due from one of the lessees to which such deferrals were granted.
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Aerocentury Corp has a market cap of $31.3 million; its shares were traded at around $19.5 with a P/E ratio of 4.9 and P/S ratio of 0.9. Aerocentury Corp had an annual average earning growth of 16.6% over the past 10 years.ACY is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
The Company recognized $1,979,800 more in maintenance expense in the quarter ended June 30, 2010 than in the same period of 2009 due to increases in expense for off-lease aircraft and maintenance performed by lessees using non-refundable reserves. The increase was also the result of $2,067,500 related to maintenance reserves retained by the Company when two aircraft were returned in early 2010 and which are being used to fund maintenance required by the return conditions of the leases. During the quarters ended June 30, 2010 and 2009, $2,745,700 and $610,600, respectively, of the Company s maintenance expense was funded by non-refundable maintenance reserves that had been recorded as income when accrued.Revenue from maintenance reserves increased by $1,592,200 in the six months ended June 30, 2010 compared to the same period in 2009. The Company recorded less maintenance reserves revenue because of lower average usage by some lessees in the 2010 quarter. The effect of this decrease was more than offset by maintenance reserves revenue of $2,360,900 related to refundable maintenance reserves retained by the Company when two aircraft were returned in early 2010 and which are being used to fund maintenance required by the return conditions of the leases. The Company also recorded a $271,300 reduction in maintenance reserves revenue due to uncertainty about the collectibility of the related receivables.
The Company recognized $2,286,000 more in maintenance expense in the six months ended June 30, 2010 than in the same period of 2009. The increase was due to increases in expense for off-lease aircraft and maintenance performed by lessees using non-refundable reserves. The increase was also the result of $2,360,900 related to maintenance reserves retained by the Company when two aircraft were returned in early 2010 and which are being used to fund maintenance required by the return conditions of the leases. During the six months ended June 30, 2010 and 2009, $3,761,300 and $1,393,700 respectively, of the Company s maintenance expense was funded by non-refundable maintenance reserves that had been recorded as income when accrued.
As of June 30, 2010, the carrying amount of the Subordinated Notes was approximately $6,172,100 (outstanding principal amount of $6,414,500 less unamortized debt discount of approximately $242,400), and accrued interest payable was $0. As of December 31, 2009, the carrying amount of the Subordinated Notes was approximately $8,976,200 (outstanding principal amount of $9,462,000 less unamortized debt discount of approximately $485,800), and accrued interest payable was $0. As of June 30, 2010, December 31, 2009 and the date of this filing, the Company was in compliance with all covenants under the Subordinated Notes Agreement.
During the six months ended June 30, 2010, the Company paid taxes of $12,200. During the six months ended June 30, 2009 the Company received $1,625,100 of Federal tax refunds and paid taxes of $900.
In 2009 and early 2010, the Company agreed to defer a portion of the rent and maintenance reserves due from four customers that lease a total of eight of the Company s aircraft. The aggregate amount of such deferrals was approximately $4,000,000. The aggregate balance of the deferrals is currently approximately $1,665,000. At June 30, 2010, the Company recorded allowances totaling $1,299,600 against amounts due from one of the lessees to which such deferrals were granted.
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