AeroCentury Corp. (ACY), an independent aircraft leasing company, reported second-quarter net income of $1.0 million or $0.61 per share, compared to a net loss of $0.1 million or $0.10 per share in the comparable quarter last year.
Total revenues for the quarter rose to $7.5 million from $6.8million in the previous year quarter.
For the six month period, net income was $2.3 million or $1.47 per share, compared to a net loss of $2.4 million or $1.57 per share in the year-ago period.
Total revenues for the same period were $14.3 million, up from $11.7 million last year.
The company stated that the year-to-year increases were primarily due to increases in operating lease revenue and maintenance reserves revenue resulting from higher average utilization of the company's asset portfolio in the 2012 periods and revenue from assets purchased since June 30, 2011.
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