BURLINGAME, California, October 24, 2018 -- AeroCentury Corp. (NYSE American: ACY) (the “Company”), an independent aircraft leasing company, today announced it has completed several aircraft sales transactions.
AeroCentury recently sold one DHC8-400 MSN 4019 to Voyageur Avparts, Inc. as well as a Saab 340B MSN 321 to Worthington Aviation, LLC. In addition, AeroCentury recently sold two Fokker 50s MSN 20177 and 20122 and one DHC8-300 MSN 404 to Silverstone Air Services Limited and Jetways Airlines Limited in Kenya. These transactions are part of the Company’s efforts to sell older aircraft and renew the portfolio which now stands at 27 aircraft with an average age of 12 years.
Mr. Magnusson continued “We anticipate the merger will eventually be accretive to earnings, assuming operations remain consistent under the combined structure, and after disregarding the one-time merger expenses that will significantly impact the financial results in the short term immediately following the merger,” Magnusson noted. The accounting for the merger is expected to include a one-time settlement loss, based on the cancellation of the contract with JetFleet Management Corp.
AeroCentury is a global aircraft operating lessor and finance company specializing in leasing regional jet and turboprop aircraft and related engines. The Company's aviation assets are leased to regional airlines and commercial users worldwide.
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Note: Distributed on GlobeNewswire on October 24, 2018, at 3:35 p.m. PDT.