Air Lease Corporation Announces Second Quarter 2012 Results ...

Air Lease Corporation Announces Second Quarter 2012 Results

Air Lease Corporation (ALC)?AL?-0.62%?announced today the results of its operations for the three and six months ended June 30, 2012.

Q2 Highlights

Air Lease Corporation reports another quarter of consecutive fleet, profitability and financing growth:

? Diluted EPS increased 250% to $0.28 per share in the second quarter of 2012 compared to $0.08 in the second quarter of 2011. Diluted EPS increased 315% to $0.54 per share for the six months ended June 30, 2012 compared to $0.13 per share for the six months ended June 30, 2011.

? Increased our pipeline of the most fuel-efficient, in demand, profitable aircraft with an order of 100 737-8/9 MAX aircraft, 25 of which are subject to reconfirmation.

? Announced two of our largest narrowbody lease placements to date with premier carriers, including 18 new aircraft with China Southern, which is our single largest lease transaction, and the placement of 13 new aircraft with Air China.

? Lowered our composite cost of funds to 3.84% as of June 30, 2012 compared to 4.05% as of March 31, 2012.

? Deployed more than $950 million in capital further growing our fleet to 137 aircraft spread across a diverse and balanced customer base of 65 airlines and 37 countries.

The following table summarizes the results for the three and six months ended June 30, 2012 and 2011 (in thousands, except share amounts):

                                                            Three Months Ended                          Six Months Ended                                                  ----------------------------               -----------------------------                                                    June 30,        June 30,        %          June 30,        June 30,         %                                                      2012            2011       change          2012            2011        change                                                  -----------     ----------     ------      -----------     -----------     ------         Revenues                                    $ 158,173       $ 74,344       113 %       $ 290,726       $ 129,559       124 %         Pretax income                               $  43,884       $ 10,888       303 %       $  85,494       $  15,813       441 %         Net income                                  $  28,172       $  7,023       301 %       $  55,099       $  10,199       440 %         Cash provided by operating activities       $ 138,698       $ 48,300       187 %       $ 240,220       $  87,032       176 %         Diluted EPS                                 $    0.28       $   0.08       250 %       $    0.54       $    0.13       315 %         Adjusted net income(1)                      $  36,713       $ 19,459        89 %       $  70,813       $  31,172       127 %         Adjusted EBITDA(1)                          $ 142,899       $ 62,780       128 %       $ 261,216       $ 108,029       142 %         -------------------------------------

        (1)  See notes 1 and 2 to the Consolidated Statements of Income included              in this earnings release for a discussion of the non-GAAP measures              adjusted net income and adjusted EBITDA.

?For our second quarter 2012 and year-to-date results, I?m pleased to announce continuing successive record results in the execution of our growth plan. During the second quarter ALC saw stable lease demand for our new aircraft positions despite financial headlines regarding Europe and potential slowing in China. With our recent launch order for the Boeing 737 MAX and the favorable economics associated with being a launch customer we have secured ALC?s core business through 2022 with a product that has strong market demand. Our lease placements continue to be in line with our expectations and we are nearing full placement of our new aircraft deliveries through 2015,? said Steven F. Udvar-Hazy, Chairman and Chief Executive Officer of Air Lease Corporation.

?We announced major aircraft lease placements with Air China and China Southern, demonstrating the shift in our fleet distribution towards Asia over the next several years. Our lease terms have been trending longer, up to 12 years on both wide-body and single aisle aircraft, which locks in strong future rental revenue. Longer leases provide greater earnings visibility and less risk, with a slight tradeoff in future recognition of overhaul revenue for accounting purposes due to a higher number of reimbursable maintenance events that occur during the lease term. All of our leases are performing well. We successfully removed our single A320 from Kingfisher without incurring a credit loss and that aircraft has been re-leased,? said John L. Plueger, President and Chief Operating Officer of Air Lease Corporation.

?We continued our planned and predictable growth that has translated into increased fleet size, new customers, and rising profits. As each quarter passes, ALC is staying ahead of the financial goals laid out during our IPO. We continue to fund the company on an unsecured basis, highlighted by having successfully closed an unsecured $853 million syndicated bank facility during the quarter. Subsequently, we have grown our aggregate unsecured revolving bank facilities to $1 billion,? said Gregory B. Willis, Senior Vice President and Chief Financial Officer of Air Lease Corporation.

Source: http://www.worldleasingnews.com/news/air-lease-corporation-announces-second-quarter-2012-results/

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