AeroCentury Corp (ACY, Financial) filed Quarterly Report for the period ended 2010-09-30.
Aerocentury Corp has a market cap of $28.3 million; its shares were traded at around $17.66 with a P/E ratio of 5.1 and P/S ratio of 0.8. 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.
Operating lease revenue decreased by $2,023,900 in the nine months ended September 30, 2010 compared to the same period in 2009, primarily because of a $1,638,000 decrease in revenue related to aircraft that were off lease for all or part of the 2010 period, a $302,000 decrease related to assets that were re-leased at lower rates, and a $967,000 reduction in operating lease revenue due to uncertainty about the collectibility of the related receivables. The effects of these reductions were partially offset by a $635,000 increase in revenue related to aircraft engines purchased in the second half of 2009 and a $520,000 increase related to aircraft that were on lease in 2010, but were off lease in the 2009 period.
The Swap expired on December 31, 2009 and, therefore, had no value on or after that date. Gains and losses on the Swap were recorded as a component of interest expense. The Company recorded gains on the Swap of $170,000 and $449,700 for the three months and nine months ended September 30, 2009, respectively. The Company also recognized additional interest expense on the net settlement of the Swap of $191,900 and $554,400 in the three months and nine months ended September 30, 2009, respectively.
As of September 30, 2010, the carrying amount of the Subordinated Notes was approximately $4,707,100 (outstanding principal amount of $4,856,500 less unamortized debt discount of approximately $149,400), 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 September 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 nine months ended September 30, 2010, the Company paid taxes of $12,200. During the nine months ended September 30, 2009 the Company paid taxes of $5,300 and received $1,625,100 of Federal tax refunds.
The Company borrowed $2,000,000 and $4,000,000 during the first nine months of 2010 and 2009, respectively. During the same periods, the Company repaid $8,105,500 and $12,677,000, respectively, of its outstanding debt. Such payments were funded by excess cash flow.
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Aerocentury Corp has a market cap of $28.3 million; its shares were traded at around $17.66 with a P/E ratio of 5.1 and P/S ratio of 0.8. 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:
Operating lease revenue decreased by $1,581,200 in the quarter ended September 30, 2010, compared to the same period in 2009, primarily because of a $897,000 decrease in revenue related to aircraft that were off lease for all or part of the 2010 quarter and a $336,000 decrease related to assets that were re-leased at lower rates, the effects of which were partially offset by a $266,000 increase in revenue related to aircraft that were on lease in the 2010 quarter, but were off lease in the 2009 quarter. In the 2010 quarter, the Company also recorded a $504,000 reduction in operating lease revenue due to uncertainty about the collectibility of the related receivables.Operating lease revenue decreased by $2,023,900 in the nine months ended September 30, 2010 compared to the same period in 2009, primarily because of a $1,638,000 decrease in revenue related to aircraft that were off lease for all or part of the 2010 period, a $302,000 decrease related to assets that were re-leased at lower rates, and a $967,000 reduction in operating lease revenue due to uncertainty about the collectibility of the related receivables. The effects of these reductions were partially offset by a $635,000 increase in revenue related to aircraft engines purchased in the second half of 2009 and a $520,000 increase related to aircraft that were on lease in 2010, but were off lease in the 2009 period.
The Swap expired on December 31, 2009 and, therefore, had no value on or after that date. Gains and losses on the Swap were recorded as a component of interest expense. The Company recorded gains on the Swap of $170,000 and $449,700 for the three months and nine months ended September 30, 2009, respectively. The Company also recognized additional interest expense on the net settlement of the Swap of $191,900 and $554,400 in the three months and nine months ended September 30, 2009, respectively.
As of September 30, 2010, the carrying amount of the Subordinated Notes was approximately $4,707,100 (outstanding principal amount of $4,856,500 less unamortized debt discount of approximately $149,400), 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 September 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 nine months ended September 30, 2010, the Company paid taxes of $12,200. During the nine months ended September 30, 2009 the Company paid taxes of $5,300 and received $1,625,100 of Federal tax refunds.
The Company borrowed $2,000,000 and $4,000,000 during the first nine months of 2010 and 2009, respectively. During the same periods, the Company repaid $8,105,500 and $12,677,000, respectively, of its outstanding debt. Such payments were funded by excess cash flow.
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