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AeroCentury Corp. (ACY)

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Previous Close2.2200
Open2.3700
Bid2.1000 x 1200
Ask2.3100 x 800
Day's Range2.2300 - 2.3200
52 Week Range0.7100 - 6.4500
Volume4,945
Avg. Volume51,018
Market Cap3.447M
Beta (5Y Monthly)2.36
PE Ratio (TTM)N/A
EPS (TTM)-22.5300
Earnings DateNov 11, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
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  • AeroCentury Corp. Announces Update Regarding Loan Facility
    GlobeNewswire

    AeroCentury Corp. Announces Update Regarding Loan Facility

    BURLINGAME, Calif., Nov. 12, 2020 (GLOBE NEWSWIRE) -- AeroCentury Corp. (NYSE American: ACY) (the "Company"), an independent aircraft leasing company, released information relating to its indebtedness under its loan facility with MUFG Union Bank, N.A., as Agent. On October 30, 2020, Drake Asset Management Jersey Limited ("Drake"), purchased all of the indebtedness of AeroCentury Corp. (the "Company") held by the lenders (the "MUFG Lenders") under the Fourth Amended and Restated Loan and Security Agreement dated as of May 1, 2020 (the "Loan Agreement"), totalling approximately $87.9 million, as well as all of the Company's indebtedness to MUFG Bank, Ltd. (approximately $3.1 million) that arose from the termination of interest rate swaps entered into with respect to such Loan Agreement indebtedness.  The purchase and sale was consented to by the Company pursuant to a Consent and Release Agreement of Borrower Parties, entered into by the Company and its subsidiaries (the “Consent”).  The closing of this debt purchase transaction satisfied the requirement under the Loan Agreement for the Company to execute a strategic alternative ("Strategic Alternative") with respect to the MUFG Loan indebtedness satisfactory to the MUFG Lenders.On the same day, the Company entered into Amendment No. 1 to the Loan Agreement ("Amendment No. 1") with Drake and UMB Bank, N.A., the replacement Administrative Agent under the Loan Agreement, to amend the Loan Agreement as follows: * Deferral of the cash component of the interest payments due under the Loan Agreement, commencing with the payments due for March 2020, and continuing on each consecutive month thereafter, which deferred interest is to be capitalized and added to the principal balance of the indebtedness on each respective interest payment due date, until such time as the indebtedness is repaid.   * Deletion of the requirement for the Company's execution of a Strategic Alternative and of the milestones therefor; * Deletion of the requirement for the Company's maintenance of a restricted account held with an MUFG Lender to hold aircraft sales proceeds pending application toward the Loan Agreement indebtedness; * Replacement of references to "MUFG Union Bank, N.A.," with "UMB, Bank, N.A.", the new Administrative Agent under the Loan Agreement; * Requirement of  approval by Drake for any "Material Amendments" to leases for the collateral, defined as any amendment of, or waiver or consent under, any lease involving a modification of lease payments, any reduction in, or waiver or deferral of, Rent, a modification to any residual value guaranty, any modification that adversely affects the collateral or the rights and interests of the lender and/or administrative agent in the collateral, any reduction of any amounts payable to any lender or Agent under any indemnity, or any change to the state of registration of aircraft collateral; and * Deletion of certain financial reporting requirements and changes to required frequency of certain other surviving reporting requirements.The full text of each of Consent and the Amendment No. 1 are included as exhibits to a Current Report on Form 8-K report regarding these agreements that was filed on November 2, 2020 (the November 2 8-K”) by the Company with the U.S. Securities and Exchange Commission ("SEC"), and available on the SEC’s Edgar website as well as the Company’s website. The foregoing description of the Amendment No. 1 is intended to be a summary and is qualified in its entirety by the copy of Amendment No. 1 filed as Exhibit 10.2 to the November 2 8-K.The Company and Drake are currently engaged in discussions regarding the satisfaction and discharge of the Loan Agreement indebtedness. There can be no assurance that the Company and Drake will be able to reach a mutual agreement regarding satisfaction and discharge, or that these discussions will result in any particular outcome.About Drake: Drake is a specialist investment business focused on the regional aviation sector.  Drake has investments across a wide range of regional aircraft types.  Falko Regional Aircraft Limited (“Falko”) acts as the servicer to Drake and Falko is engaged in discussions with the Company on behalf of Drake regarding the indebtedness.About AeroCentury: AeroCentury is an independent global aircraft operating lessor and finance company specializing in leasing regional jet and turboprop aircraft and related engines. The Company's aircraft and engines are leased to regional airlines and commercial users worldwide.Harold M. Lyons Chief Financial Officer (650) 340-1888

  • AeroCentury Corp. Reports Third Quarter 2020 Results
    GlobeNewswire

    AeroCentury Corp. Reports Third Quarter 2020 Results

    BURLINGAME, Calif., Nov. 11, 2020 (GLOBE NEWSWIRE) -- AeroCentury Corp. (“AeroCentury” or the “Company”) (NYSE American: ACY), an independent aircraft leasing company, today reported a third quarter 2020 net loss of $4.1 million, or ($2.64) per share, compared to a net loss of $8.2 million, or ($5.32) per share, for the third quarter of 2019. In the first nine months of 2020, the Company reported a net loss of $27.8 million, or $(17.97) per share, compared to a net loss of $9.6 million, or $(6.22) per share, in the first nine months of 2019.Results for the quarter ended September 30, 2020 included impairment losses totaling $0.3 million, which were recognized as a result of a write-down of the fair value, based on estimated future cash flow, with respect to two regional jet aircraft that were then held for lease and which were subsequently sold in October 2020. Results also included a $0.1 million write-down of an older turboprop aircraft that is held for sale and that the Company anticipates selling during the fourth quarter of 2020.Third Quarter 2020 Highlights and Comparative Data * Net loss was $4.1 million compared to a loss of $13.5 million in the preceding quarter and a loss of $8.2 million a year ago. * EBITDA1(1) was $0.9 million compared to ($8.3) million in the preceding quarter and ($5.2) million a year ago. * Average portfolio utilization was 89% during the third quarter of 2020, compared to 91% in the preceding quarter and 97% in the third quarter of 2019. The year-to-year decrease was due to aircraft that were on lease in the 2019 period, but off lease in the 2020 period. * Revenues in the third quarter of 2020 and the first nine months of 2020 consisted primarily of operating lease revenue. Operating lease revenue of $3.2 million in the third quarter was 26% less than the $4.4 million in revenue recorded in the second quarter as a result of a decrease in rent revenue for two assets that were sold in October 2020 and for which proceeds received from the lessee were allocated to past due rent as of June 30, 2020 and purchase of the aircraft. The second quarter reflected reduced rent for two aircraft due to concessions granted to one of the Company’s customers as a result of the COVID-19 pandemic, for which rent returned to normal levels in the third quarter. Third quarter operating lease revenue in the current year was 52% lower than the $6.7 million in the third quarter of 2019 primarily due to reduced rent income resulting from the early termination of four aircraft leases with one of the Company’s customers in the third quarter of 2019 and the decreased rent associated with the two aircraft that were sold in October 2020. During the third quarter of 2019, the Company recorded $17.0 million of maintenance reserves revenue related to the lease terminations. * Total operating expenses decreased by 64% to $7.0 million in the third quarter of 2020 from $19.2 million in the preceding quarter, and decreased 80% from $34.5 million in the third quarter a year ago. * During the third quarter of 2020, the Company recognized asset impairments of $0.3 million, which were recognized as a result of a write-down of the fair value, based on estimated future cash flow, with respect to two regional jet aircraft that were held for lease at September 30, 2020 and which were subsequently sold in October 2020. The Company also recorded a $0.1 million write-down of an older turboprop aircraft that is held for sale and that the Company anticipates selling during the fourth quarter of 2020. * During the second quarter of 2020, the Company recognized asset impairments of $9.7 million as a result of appraised values on three regional jet aircraft held for sale and estimated sales proceeds for three aircraft, one of which is held for sale.   During the third quarter of 2019, the Company recognized $23.4 million in impairments for four aircraft repossessed from one of the Company’s lessees, based on appraised values for three of the aircraft and expected sales proceeds for the fourth aircraft along with two other assets that were held for sale, based on expected sales proceeds. * Depreciation expense decreased by 33% to $1.3 million in the third quarter of 2020 from $2.0 million in the preceding quarter and decreased by 55% from $3.0 million in the third quarter a year ago, due to the reclassification of several aircraft from held for lease to held for sale during the third quarter of 2019 and because the Company did not record depreciation in the third quarter of 2020 for two aircraft that were written down to the net sale value at June 30, 2020. * Interest expense decreased by 32% to $3.0 million in the third quarter of 2020 from $4.5 million in the preceding quarter, primarily because the second quarter included a $1.5 million write-off of a portion of the Company’s unamortized debt issuance costs, which resulted from the conversion of the Company’s revolving credit facility to a term loan in May 2020. Interest expense increased 29% from $2.3 million in the third quarter of 2019, primarily as a result of a higher average interest rate, the effect of which was partially offset by a lower average outstanding balance. * The Company recorded no bad debt expense during the second or third quarters of 2020. As a result of payment delinquencies by two customers that leased three of the Company’s aircraft subject to finance leases, the Company recorded a bad debt expense of $3.9 million during the third quarter of 2019.   * Salaries, employee benefits and professional fees and other expenses decreased 28% to $2.1 million in the third quarter of 2020 from $2.9 million in preceding quarter, primarily due to lower legal fees related to the May 2020 conversion of the Company revolving credit facility to a term loan in May 2020 and litigation related to an activist shareholder, as well as lower consulting expenses related to the May 2020 debt conversion and decreased amortization related to the Company’s office lease right of use. Such expenses increased by 28% from $1.6 million in the third quarter of 2019, primarily due to increased legal expenses and consulting expenses related to the debt conversion and activist shareholder. * Book value per share was $(2.35) as of September 30, 2020, compared to $0.22 at June 30, 2020 and $19.48 a year ago.Aircraft and Engine PortfolioAeroCentury’s portfolio currently consists of eleven aircraft, spread over five different aircraft types. Nine of the aircraft, comprised of seven regional jets and two turboprops, are held for lease. Two additional turboprops are held under sales-type leases. The Company also has three turboprop aircraft, two of which are being sold in parts, and three regional jet aircraft that are held for sale. The current customer base comprises six customers operating in four countries.About AeroCentury: AeroCentury is an independent global aircraft operating lessor and finance company specializing in leasing regional jet and turboprop aircraft and related engines. The Company's aircraft and engines are leased to regional airlines and commercial users worldwide.This press release contains forward-looking statements within the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements that are purely historical are forward-looking statements. Forward-looking statements in this press release include statements regarding the anticipated sale of an aircraft in the fourth quarter of 2020. The Company’s beliefs, expectations, forecasts, objectives and strategies for the future are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements, including the Company’s failure to meet closing conditions set forth in purchase agreement for the aircraft, further disruptions to the airline industry due to the COVID pandemic, and other unforeseen events or general economic conditions. The forward-looking statements in this press release and the Company’s future results of operations are subject to additional risks and uncertainties set forth under the heading “Factors that May Affect Future Results and Liquidity” in documents filed by the Company with the Securities and Exchange Commission, including the Company's quarterly reports on Form 10-Q and the Company’s latest annual report on Form 10-K, and are based on information available to the Company on the date hereof. The Company does not intend, and assumes no obligation, to update any forward-looking statements made in this press release. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release.Condensed Consolidated Statements of Income (in thousands, except share and per share data) (Unaudited)  For the Three Months EndedFor the Nine Months Ended  September 30,June 30,September 30,September 30,September 30,   2020  2020  2019  2020  2019         Operating lease revenue$3,249 $4,379 $6,706 $12,396 $20,820  Maintenance reserves revenue 221  -  16,968  221  16,968  Finance lease revenue -  -  269  56  765  Net gain on disposal of assets 20  13  44  9  322  Loss on sales-type finance leases -  -  -  -  (171) Other (loss)/income -  -  -  (23) 12    3,490  4,392  23,987  12,659  38,716         Interest 3,020  4,460  2,348  13,493  7,745  Professional fees and other 1,588  2,398  1,100  5,049  3,125  Depreciation 1,342  2,002  2,970  5,515  9,141  Salaries and employee benefits 499  518  529  1,534  1,749  Impairment 439  9,727  23,355  16,820  24,923  Maintenance costs 78  88  256  246  373  Bad debt expense -  -  3,918  1,170  3,918    6,966  19,193  34,476  43,827  50,974         Loss before income tax provision/(benefit) (3,476) (14,801) (10,489) (31,168) (12,258)        Income tax provision/(benefit) 605  (1,283) (2,258) (3,391) (2,641)        Net loss$(4,081)$(13,518)$(8,231)$(27,777)$(9,617)        Loss per share:      Basic$(2.64)$(8.74)$(5.32)$(17.97)$(6.22) Diluted$(2.64)$(8.74)$(5.32)$(17.97)$(6.22)        Shares used in per share computations:     Basic 1,545,884  1,545,884  1,545,884  1,545,884  1,545,884  Diluted 1,545,884  1,545,884  1,545,884  1,545,884  1,545,884  Condensed Consolidated Balance Sheets (in thousands) (Unaudited) ASSETS  September 30,December 31,   2020  2019      Cash and cash equivalents$   4,864 $2,350  Restricted cash 50  1,077  Accounts receivable 123  1,140  Finance leases receivable, net of allowance for     doubtful accounts 2,880  8,802  Aircraft, net of accumulated depreciation 96,052  108,369  Assets held for sale 15,332  26,036  Property, equipment and furnishings, net of     accumulated depreciation 15  63  Office lease right of use, net of accumulated     amortization 159  948  Deferred tax asset 1,185  518  Prepaid expenses and other assets 361  293  Total assets$121,021 $149,596    LIABILITIES AND STOCKHOLDERS’ (DEFICIT)/EQUITY Liabilities:   Accounts payable and accrued expenses$    1,082 $736  Accrued payroll 172  164  Notes payable and accrued interest, net of unamortized debt issuance costs 111,575  111,638  Derivative liability 875  1,825  Derivative termination liability 3,075  -  Lease liability 171  337  Maintenance reserves 1,805  4,413  Accrued maintenance costs 122  446  Security deposits 4,160  1,034  Unearned revenues 1,578  3,039  Deferred income taxes -  2,530  Income taxes payable 36  175  Total liabilities 124,651  126,337      Stockholders’ (deficit)/equity:   Preferred stock, $0.001 par value -  -  Common stock, $0.001 par value 2  2  Paid-in capital 16,783  16,783  (Accumulated deficit)/retained earnings (16,895) 10,882  Accumulated other comprehensive loss (483) (1,371) Treasury stock (3,037) (3,037) Total stockholders’ (deficit)/equity (3,630) 23,259  Total liabilities and stockholders’ (deficit)/equity$121,021 $149,596  Use of Non-GAAP Financial MeasuresTo supplement the Company’s financial information presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), this press release includes the non-GAAP financial measure of EBITDA. The Company defines EBITDA as net (loss)/income, plus depreciation expense, plus interest expense and plus/(minus) income tax provision/(benefit). The table below provides a reconciliation of this non-GAAP financial measure to its most directly comparable financial measure calculated and presented in accordance with GAAP. This non-GAAP financial measure should not be considered as an alternative to GAAP measures such as net (loss)/income or any other measure of financial performance calculated and presented in accordance with GAAP. Rather, the Company presents this measure as supplemental information because it believes it provides meaningful additional information about the Company’s performance for the following reasons: (1) this measure allows for greater transparency with respect to key metrics used by management, as management uses this measure to assess the Company’s operating performance and for financial and operational decision-making; (2) this measure excludes the impact of items management believes are not directly attributable to the Company’s core operating performance and may obscure trends in the business; and (3) this measure may be used by institutional investors and the analyst community to help analyze the Company’s business. The Company’s non-GAAP financial measures may not be comparable to similarly-titled measures of other companies because they may not calculate such measures in the same manner as the Company does. For the Three Months Ended (in thousands)  September 30,June 30,September 30,   2020  2020  2019  Reconciliation of Net loss to EBITDA:    Net loss$(4,081)$(13,518)$   (8,231) Depreciation 1,342  2,002  2,970  Interest 3,020  4,460  2,348  Income tax provision/(benefit) 605  (1,283) (2,258) EBITDA: 886  (8,339) (5,171)   (1) EBITDA is a non-GAAP measure. See below for its method of calculation and reconciliation to its most directly comparable GAAP measure, as well as other information about the use of non-GAAP measures generally, at the end of this press release.Harold M. Lyons Chief Financial Officer (650) 340-1888

  • GlobeNewswire

    ATIF Holdings Limited Awarded RMB 3 Million Film Ads Contracts for Multiple Well-Known Brands

    Shenzhen, China, Oct. 06, 2020 (GLOBE NEWSWIRE) -- ATIF Holdings Limited (Nasdaq: ATIF, the “Company”), a company providing business consulting and multimedia services in Asia, today announced that its majority-owned subsidiary, Leaping Group Co., Ltd. (“LGC”), a leading multimedia, advertising and theatre operating firm in Northeast China,  has been awarded film advertisement contracts, totaling RMB 3 million, with multiple well-known brands such as HongQi, Bank of Communications, Country Garden, Poly etc. for cinema screen advertising during the prime time of National Day's Golden week holiday.As the Chinese film industry continues to recover from pandemic Covid-19, most of the popular blockbusters have rescheduled to be released during the National Day's Golden week, as such, the box office and attendance in theatres are expected to surge in the month of October.  Most of its advertisement clients had already booked screens with LGC as early as this past September.Mr. Bo Jiang, Chairman of LGC, said, “We are pleased that our clients have confidence in the film market and our advertising services. With a significant volume of premium blockbusters releasing during the National Day’s Golden week and surging attendance, large number of advertisers were interested to book screens. We expect strong growth for both our film advertisement and box office in October.”About ATIF Holdings Limited Headquartered in Shenzhen, China, ATIF Holdings Limited (“ATIF”) is a company providing business consulting services to small and medium-sized enterprises in Asia, including going public consulting services, international business planning and consulting services, and financial media services. ATIF operates an internet-based financial consulting service platform IPOEX.com, which provides prestige membership services including online capital market information, pre-IPO education and matchmaking services between SMEs and financing institutions. ATIF has advised several enterprises in China in their plans to become publicly listed in the U.S. Through its majority-owned subsidiary, Leaping Group Co., Ltd., ATIF also provides multimedia services and is engaged in three major businesses, including multi-channel advertising, event planning and execution, film and TV program production and movie theater operations. ATIF operates the largest pre-movie advertising network in Heilongjiang Province and Liaoning Province of China and also provides advertising services in elevators and supermarkets. ATIF is often hired to plan both online and offline advertising campaigns and to produce related advertising material. In addition, ATIF invests in films and TV programs and distributes them in movie theaters or through online platforms. ATIF is also one of majority shareholders of AeroCentury Corp. (NYSE American: ACY) which is an independent global aircraft operating lessor and finance company specializing in leasing regional jet and turboprop aircraft and related engines to airlines and commercial users worldwide. For more information, please visit https://ir.atifchina.com/.Forward-Looking Statements Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantee of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: future financial and operating results, including revenues, income, expenditures, cash balances and other financial items; ability to manage growth and expansion; current and future economic and political conditions; ability to compete in an industry with low barriers to entry; ability to continue to operate through our VIE structure; ability to obtain additional financing in the future to fund capital expenditures; ability to attract new clients and further enhance brand recognition; ability to hire and retain qualified management personnel and key employees; trends and competition in the financial consulting services industry; a pandemic or epidemic; and other factors listed in the Company’s annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions you that actual results may differ materially from the anticipated results expressed or implied by the forward-looking statements we make. You should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent our management’s beliefs and assumptions only as of the date such statements are made. These forward-looking statements are made as of the date of this news release.For more information, please contact Investor Relations at:EverGreen Consulting Inc. Janice Wang +86-13811768559 +1-908-510-2351 IR@changqingconsulting.com