This excerpt taken from the AYR 8-K filed Aug 13, 2007.
Stamford, CT. August 10, 2007 Aircastle Limited (the Company or Aircastle) (NYSE: AYR) reported second quarter net income of $38.1 million, including non-cash charges of $30.6 million for depreciation and share-based compensation expense, or $0.57 per diluted common share. Income from continuing operations was $27.2 million, or $0.41 per diluted common share. Income from discontinued operations of $10.9 million, or $0.16 per diluted common share, includes the gain on the disposition in May of an aircraft previously classified as flight equipment held for sale, as well as related lease rents, depreciation, interest expense and other related expenses.
Second quarter revenue of $85.1 million increased 22% versus the first quarter 2007, and 110% over second quarter 2006. Income from continuing operations grew 30% over first quarter 2007 and 477% year over year. The increases in both revenues and income from continuing operations reflect the continued growth in our portfolio of aviation assets compared to the prior periods.
For the six months ended June 30, 2007 net income was $59.6 million, including non-cash charges of $53.4 million for depreciation and share-based compensation expense, or $0.95 of net income per diluted common share. Income from continuing operations for the six months ended June 30, 2007 was $48.0 million, or $0.77 per diluted common share, while income from discontinued operations was $11.6 million, or $0.18 per diluted common share.
For the six months ended June 30, 2007, total revenue was $155.1 million, an increase of 116% versus the first six months of 2006. For the same period, income from continuing operations grew 295% year over year, to $48.0 million.