AIRM » Topics » Interest Expense

This excerpt taken from the AIRM 10-K filed Mar 12, 2010.
Interest expense decreased $412,000, or 7.3%, for the year ended December 31, 2008, compared to 2007, primarily as a result of regularly scheduled payments of long-term debt and decreases in interest rates on our variable rate debt. The weighted average interest rate paid on variable rate debt in 2008 was over 300 basis points lower than the weighted average rate paid in 2007. During 2008 we also paid approximately $6,347,000 in balloon payments on promissory notes secured by aircraft. These decreases were offset in part by new notes and capital lease obligations of $28,352,000, primarily related to the CJ acquisition, originated during the third and fourth quarters 2007 with variable interest rates. We also entered into new notes and capital leases of approximately $24,285,000 during 2008 with a weighted average interest rate of 5.65%. The average balance outstanding against our line of credit was $18.2 million in 2008, compared to $10.8 million in 2007.

This excerpt taken from the AIRM 10-Q filed May 8, 2009.
Interest expense decreased $332,000, or 21.2%, in the first quarter of 2009, compared to the first quarter of 2008, primarily because of a lower long-term debt balance and a decrease of over 300 basis points in the weighted average interest rate paid on variable rate debt in the first quarter of 2009 compared to the first quarter of 2008.

These excerpts taken from the AIRM 10-K filed Mar 12, 2009.
Interest expense decreased $412,000, or 7.3%, for the year ended December 31, 2008, compared to 2007, primarily as a result of regularly scheduled payments of long-term debt and decreases in interest rates on our variable rate debt. The weighted average interest rate paid on variable rate debt in 2008 was over 300 basis points lower than the weighted average rate paid in 2007. During 2008 we also paid approximately $6,347,000 in balloon payments on promissory notes secured by aircraft. These decreases were offset in part by new notes and capital lease obligations of $28,352,000, primarily related to the CJ acquisition, originated during the third and fourth quarters 2007 with variable interest rates. We also entered into new notes and capital leases of approximately $24,285,000 during 2008 with a weighted average interest rate of 5.65%. The average balance outstanding against our line of credit was $18.2 million in 2008, compared to $10.8 million in 2007.

Interest expense decreased $412,000, or 7.3%, for the year ended December 31, 2008, compared to 2007, primarily as a result of regularly scheduled payments of long-term debt and decreases in interest rates on our variable rate debt. The weighted average interest rate paid on variable
rate debt in 2008 was over 300 basis points lower than the weighted average rate paid in 2007. During 2008 we also paid approximately $6,347,000 in balloon payments on promissory notes secured by aircraft. These decreases were offset in part by new notes and capital lease obligations of $28,352,000, primarily related to the CJ acquisition, originated during the third and fourth quarters 2007 with variable interest rates. We also entered into new notes and capital leases of approximately $24,285,000 during 2008
with a weighted average interest rate of 5.65%. The average balance outstanding against our line of credit was $18.2 million in 2008, compared to $10.8 million in 2007.




Interest expense decreased $212,000, or 3.6%, for the year ended December 31, 2007, compared to 2006, primarily as a result of regularly scheduled payments of long-term debt and decreased borrowings against our line of credit. The average balance outstanding against the line was approximately $10.8 million during 2007, compared to $14.6 million during 2006. In addition, the weighted average interest rate paid on variable rate debt decreased approximately 40 basis points from 2006 to 2007. These decreases were offset in part by new notes and capital lease obligations of $29,925,000, primarily related to the CJ acquisition, originated during 2007 with a weighted average interest rate of 7.4%.


Interest expense decreased $212,000, or 3.6%, for the year ended December 31, 2007, compared to 2006, primarily as a result of regularly scheduled payments of long-term debt and decreased borrowings against our line of credit. The average balance outstanding against the line was approximately
$10.8 million during 2007, compared to $14.6 million during 2006. In addition, the weighted average interest rate paid on variable rate debt decreased approximately 40 basis points from 2006 to 2007. These decreases were offset in part by new notes and capital lease obligations of $29,925,000, primarily related to the CJ acquisition, originated during 2007 with a weighted average interest rate of 7.4%.








This excerpt taken from the AIRM 8-K filed Feb 11, 2009.
Interest Expense” means the sum of all interest charges (including imputed interest charges with respect to any Capitalized Lease and all amortization of Debt discount and expense) of the Company and its Subsidiaries for such period determined on a consolidated basis in accordance with GAAP.

This excerpt taken from the AIRM 10-Q filed Nov 7, 2008.
Interest expense increased $101,000, or 8.6%, and $34,000, or 0.9%, in the quarter and nine months ended September 30, 2008, respectively, compared to 2007. During the third and fourth quarters 2007, we entered into new notes and capital lease obligations of $28,352,000, primarily related to the CJ acquisition, with a weighted average interest rate of 7.5%. In addition, the average balance outstanding against our line of credit was $16.4 million in the nine months ended September 30, 2008, compared to $10.0 million in the nine months ended September 30, 2007. These increases were offset by regularly scheduled payments of long-term debt and a decrease of over 300 basis points in the weighted average interest rate paid on variable rate debt in 2008 compared to 2007. During the nine months ended September 30, 2008, we also paid approximately $1,949,000 in balloon payments on promissory notes secured by aircraft.

This excerpt taken from the AIRM 10-Q filed Aug 8, 2008.
Interest expense decreased $212,000, or 16.1%, and $67,000, or 2.4%, in the quarter and six months ended June 30, 2008, respectively, compared to 2007. During the third and fourth quarters 2007, we entered into new notes and capital lease obligations of $28,352,000, primarily related to the CJ acquisition, with a weighted average interest rate of 7.5%. In addition, the average balance outstanding against our line of credit was $17.1 million in the first six months of 2008 compared to $13.1 million in the first six months of 2007. These increases were offset by regularly scheduled payments of long-term debt and a decrease of over 300 basis points in the weighted average interest rate paid on variable rate debt in the first six months of 2008 compared to the first six months of 2007. During the six months ended June 30, 2008, we also paid approximately $1,949,000 in balloon payments on promissory notes secured by aircraft.

This excerpt taken from the AIRM 10-Q filed May 9, 2008.
Interest expense increased $145,000, or 10.2%, in the first quarter of 2008, compared to the first quarter of 2007. During the third and fourth quarters 2007, we entered into new notes and capital lease obligations of $28,352,000, primarily related to the CJ acquisition, with a weighted average interest rate of 7.5%. In addition, the average balance outstanding against our line of credit was $17.5 million in the first quarter of 2008 compared to $15.2 million in the first quarter of 2007. These increases were offset in part by regularly scheduled payments of long-term debt and a decrease of over 200 basis points in the weighted average interest rate paid on variable rate debt in the first quarter of 2008 compared to the first quarter of 2007.

These excerpts taken from the AIRM 10-K filed Mar 14, 2008.
Interest expense decreased $135,000, or 2.3%, for the year ended December 31, 2006, compared to 2005, primarily as a result of regularly scheduled payments of long-term debt and decreased borrowings against our line of credit. The average balance outstanding against the line was approximately $14.6 million during 2006, compared to $15.4 million during 2005. These decreases were offset in part by new notes and capital lease obligations totaling $7,240,000 originated during 2006 with a weighted average interest rate of 7.2%.

Interest expense decreased
$135,000, or 2.3%, for the year ended December 31, 2006, compared to 2005,
primarily as a result of regularly scheduled payments of long-term debt and
decreased borrowings against our line of credit. The average balance outstanding
against the line was approximately $14.6 million during 2006, compared to $15.4
million during 2005. These decreases were offset in part by new notes and
capital lease obligations totaling $7,240,000 originated during 2006 with a
weighted average interest rate of 7.2%.



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