Aircastle Limited (AYR) said its fourth-quarter 2012 net income slipped to $29.8 million, or $0.43 per share, from $35.6 million, or $0.49 per share a year earlier.
Adjusted net income for the latest quarter was $36.4 million, or $0.52 per common share. The company said the change reflects higher net revenues of $19.7 million that was offset by higher aircraft impairment charges of $7.7 million, lower gains from the sale of aircraft of $7.4 million, higher depreciation of $6.1 million, higher selling, general and administrative costs of $2.1 million, and higher adjusted interest expense of $1.9 million.
Quarterly total revenues were $176.6 million, an increase of 13%, versus $156.9 million in the fourth quarter of 2011, reflecting higher lease rental revenue of $8.2 million, higher maintenance revenue of $4.2 million from a year-over-year increase in transitions, and a rise in other revenues of $8.0 million reflecting its purchase of a secured loan during the first quarter of 2012 and revenue from finance leases, mainly from acquisitions in 2012.
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