Toni Perazzo
Chief Financial Officer
(650) 340-1888
FOR IMMEDIATE RELEASE
AEROCENTURY CORP. REPORTS INCREASED EARNINGS OF $0.30 PER SHARE FOR FIRST QUARTER
(BURLINGAME, CA), April 24, 2000 - AeroCentury Corp., (ASE:ACY), an independent aircraft leasing company, today reported results for first quarter 2000.
For the quarter ended March 31, 2000, the Company reported revenues of $2,678,210, as compared to revenues of $1,420,520 for the same period a year ago. Net income was $457,850 or $0.30 per diluted share, versus net income of $340,320 or $0.21 per diluted share, in first quarter a year ago.
"The growth in revenues and net income reflects the impact of our recent aircraft acquisitions," said Neal Crispin, president of AeroCentury. "We continue to look for opportunities to add to our aircraft portfolio and increase our global presence with regional airline customers."
AeroCentury is an operating lessor and finance company which specializes in leasing used regional aircraft and engines. The Company's aircraft and engines are on lease to regional airlines and commercial users in the U.S., the U.K., Europe and South America.
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This release includes forward-looking statements, such as the Company looking for additional acquisitions to complete its 2000 business plan. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. These risks include, but are not limited to, the availability of appropriate acquisition and lease transactions on terms acceptable to the Company, the Company's ability to obtain debt and/or equity financing for such acquisitions, the effect of changing economic conditions, particularly as they affect the airline industry, and changes in prevailing interest rates. The forward-looking statements and reasons why results may differ reflect management's point of view only as of the date hereof. The Company undertakes no obligation to publicly revise these statements to reflect subsequent events or circumstances. Readers should also carefully review the risk factors described in documents the Company files from time to time with the Securities and Exchange Commission.