Aircastle Announces First Quarter 2008 Results Friday May 9, 7:00 am ET Highlights - Total revenues of $135.0 million and net income of $31.6 million increased by 92.8% and 46.9%, respectively, over Q1 2007 - EBITDA(1) of $119.9 million increased by 101.7% over Q1 2007 - Income from continuing operations of $31.6 million, or $0.41 per diluted share in Q1 2008 grew by 51.7% compared to Q1 2007 and included hedge and debt investment charges of $3.3 million, or $0.04 per diluted share - Adjusted income from continuing operations(1) of $34.9 million, or $0.45 per diluted share, increased by 67.0% and 28.6%, respectively, over Q1 2007 - Adjusted income from continuing operations plus depreciation(1) of $1.07 per diluted share grew by 48.6% over Q1 2007 - Entered into and funded a $786.1 million, seven year term debt facility for a portfolio of 28 aircraft - Completed $169.9 million in acquisitions for the quarter
All that does is play right into AYRs hands. The more the price of oil rises the more the struggling airlines need to ditch the old fleet. There is a 5 year waiting list for new aircraft and the airlines do not want to tie up cash flow into purchases anyway - Enter AYR with a young fleet (better fuel economy for lease). Very simple to understand. The airlines are gounding the old birds and only flying the newer planes and looking for new planes to lease. High oil is hurting my investment in CLMT big time (biggest loser ever) but has only positive effects on AYR.