|
|
 | | | |
- close
- close
- close
- close
These excerpts taken from the AYR 10-K filed Mar 2, 2009. Interest,
net
consisted
of the following:
Interest, net increased $110.9 million, or 119.7%, over the
year ended December 31, 2007. The net increase reflects
additional interest on a higher average debt balance of
$2.71 billion during the year ended December 31, 2008
as compared to $1.64 billion in the same period in 2007. In
addition, during the year ended December 31, 2008, interest
expense increased by hedge ineffectiveness losses of
$16.5 million, amortization of interest rate derivative
contracts related to deferred losses of $21.3 million and
an increase in amortization of deferred financing fees of
$6.6 million as a result of the additional term financings
and credit facilities over the same period in 2007. We also
recorded lower interest income on our cash and cash equivalents
of $4.9 million resulting from lower interest rates during
the year ended December 31, 2008 as compared to the same
period in 2007. Interest, net also reflects a decrease of
$1.5 million in capitalized interest related to accelerated
payments and progress payments made in respect to flight
equipment on forward order under the GAIF Acquisition Agreement.
Selling, general and administrative expenses, or SG&A,
for the year ended December 31, 2008 increased by
$7.8 million, or 19.9% over the same period in 2007. This
increase was due mainly to an increase in personnel costs of
$2.7 million, related to the full year impact in 2008 for
24 employees hired in 2007 and the increased headcount from 69
at December 31, 2007 to 76 at December 31, 2008, an
increase in professional fees of $2.5 million, consisting
primarily of auditing and tax compliance fees, and an increase
of $2.6 million in other expenses. Non-cash share based
expense was $6.7 million in 2007, including
$1.7 million due to the acceleration of unvested shares for
a former employee, and $6.5 million in 2008, respectively.
SG&A as a percentage of total assets was 0.9% for the year
ended December 31, 2007 and 1.1% for the year ended
December 31, 2008.
Other expense increased $1.9 million primarily as a
result of an increase in flight equipment repair and maintenance
expense of $1.3 million and an increase in flight equipment
insurance of $0.7 million.
Interest, net consisted of the following:
Interest, net increased $110.9 million, or 119.7%, over the year ended December 31, 2007. The net increase reflects additional interest on a higher average debt balance of $2.71 billion during the year ended December 31, 2008 as compared to $1.64 billion in the same period in 2007. In addition, during the year ended December 31, 2008, interest expense increased by hedge ineffectiveness losses of $16.5 million, amortization of interest rate derivative contracts related to deferred losses of $21.3 million and an increase in amortization of deferred financing fees of $6.6 million as a result of the additional term financings and credit facilities over the same period in 2007. We also recorded lower interest income on our cash and cash equivalents of $4.9 million resulting from lower interest rates during the year ended December 31, 2008 as compared to the same period in 2007. Interest, net also reflects a decrease of $1.5 million in capitalized interest related to accelerated payments and progress payments made in respect to flight equipment on forward order under the GAIF Acquisition Agreement. Selling, general and administrative expenses, or SG&A, for the year ended December 31, 2008 increased by $7.8 million, or 19.9% over the same period in 2007. This increase was due mainly to an increase in personnel costs of $2.7 million, related to the full year impact in 2008 for 24 employees hired in 2007 and the increased headcount from 69 at December 31, 2007 to 76 at December 31, 2008, an increase in professional fees of $2.5 million, consisting primarily of auditing and tax compliance fees, and an increase of $2.6 million in other expenses. Non-cash share based expense was $6.7 million in 2007, including $1.7 million due to the acceleration of unvested shares for a former employee, and $6.5 million in 2008, respectively. SG&A as a percentage of total assets was 0.9% for the year ended December 31, 2007 and 1.1% for the year ended December 31, 2008. Other expense increased $1.9 million primarily as a result of an increase in flight equipment repair and maintenance expense of $1.3 million and an increase in flight equipment insurance of $0.7 million. | EXCERPTS ON THIS PAGE:
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||
