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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Aerocentury Corp | AMEX:ACY | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.45 | 0 | 01:00:00 |
Delaware
|
94-3263974
|
|
(State or Other Jurisdiction of Incorporation or Organization)
|
(IRS Employer Identification No.)
|
Title of each class
|
Name of each exchange on which registered
|
Common Stock, par value $0.001 per share
|
NYSE MKT Exchange
|
Period
|
High
|
Low
|
||||||
Fiscal year ended December 31, 2016:
|
||||||||
Fourth Quarter
|
$
|
9.69
|
$
|
8.50
|
||||
Third Quarter
|
9.50
|
8.50
|
||||||
Second Quarter
|
11.45
|
8.52
|
||||||
First Quarter
|
14.88
|
10.03
|
||||||
Fiscal year ended December 31, 2015:
|
||||||||
Fourth Quarter
|
13.00
|
8.21
|
||||||
Third Quarter
|
13.00
|
7.70
|
||||||
Second Quarter
|
13.45
|
8.01
|
||||||
First Quarter
|
14.00
|
7.61
|
Type
|
Number
owned
|
% of net
book value
|
||||||
Turboprop aircraft
|
11
|
23
|
%
|
|||||
Regional jet aircraft
|
12
|
73
|
%
|
|||||
Engines
|
4
|
4
|
%
|
Region
|
Number
of lessees
|
% of
operating
lease revenue
|
||||||
Europe
|
4
|
53
|
%
|
|||||
North America
|
3
|
24
|
%
|
|||||
Africa
|
1
|
15
|
%
|
|||||
Asia
|
1
|
4
|
%
|
|||||
Australia
|
1
|
4
|
%
|
For the Years Ended December 31,
|
||||||||
2016
|
2015
|
|||||||
Revenues and other income:
|
||||||||
Operating lease revenue, net
|
$
|
24,464,500
|
$
|
25,467,200
|
||||
Finance lease revenue
|
868,100
|
489,700
|
||||||
Net gain on disposal of assets
|
2,149,600
|
6,790,700
|
||||||
Net gain on sales-type finance leases
|
1,216,700
|
5,179,200
|
||||||
Maintenance reserves revenue, net
|
-
|
589,000
|
||||||
Other income
|
17,400
|
17,900
|
||||||
28,716,300
|
38,533,700
|
|||||||
Expenses:
|
||||||||
Depreciation
|
9,139,700
|
9,062,100
|
||||||
Interest
|
5,339,700
|
6,141,400
|
||||||
Management fees
|
5,216,400
|
5,581,400
|
||||||
Maintenance
|
3,285,700
|
4,660,600
|
||||||
Professional fees, general and administrative and other
|
1,667,600
|
1,187,700
|
||||||
Provision for impairment in value of aircraft
|
1,226,800
|
1,282,300
|
||||||
Bad debt expense
|
835,800
|
-
|
||||||
Insurance
|
309,200
|
409,600
|
||||||
Other taxes
|
(276,600
|
)
|
187,300
|
|||||
26,744,300
|
28,512,400
|
|||||||
Income before income tax provision
|
1,972,000
|
10,021,300
|
||||||
Income tax provision
|
750,300
|
3,583,700
|
||||||
Net income
|
$
|
1,221,700
|
$
|
6,437,600
|
||||
Earnings per share:
|
||||||||
Basic
|
$
|
0.78
|
$
|
4.17
|
||||
Diluted
|
$
|
0.78
|
$
|
4.17
|
||||
Weighted average shares used in earnings per share computations:
|
||||||||
Basic
|
1,566,699
|
1,544,285
|
||||||
Diluted
|
1,566,699
|
1,544,285
|
Common
Stock
|
Paid-in
Capital
|
Retained
Earnings
|
Treasury
Stock
|
Total
|
||||||||||||||||
Balance, December 31, 2014
|
$
|
1,600
|
$
|
14,780,100
|
$
|
20,563,300
|
$
|
(504,100
|
)
|
$
|
34,840,900
|
|||||||||
Net income
|
-
|
-
|
6,437,600
|
-
|
6,437,600
|
|||||||||||||||
Balance, December 31, 2015
|
1,600
|
14,780,100
|
27,000,900
|
(504,100
|
)
|
41,278,500
|
||||||||||||||
Net income
|
-
|
-
|
1,221,700
|
-
|
1,221,700
|
|||||||||||||||
Balance, December 31, 2016
|
$
|
1,600
|
$
|
14,780,100
|
$
|
28,222,600
|
$
|
(504,100
|
)
|
$
|
42,500,200
|
For the Years Ended December 31,
|
||||||||
2016
|
2015
|
|||||||
Operating activities:
|
||||||||
Net income
|
$
|
1,221,700
|
$
|
6,437,600
|
||||
Adjustments to reconcile net income to net cash
|
||||||||
provided by operating activities:
|
||||||||
Net gain on disposal of assets
|
(2,149,600
|
)
|
(6,790,700
|
)
|
||||
Net gain on sales-type finance leases
|
(1,216,700
|
)
|
(5,179,200
|
)
|
||||
Depreciation
|
9,139,700
|
9,062,100
|
||||||
Provision for impairment in value of aircraft
|
1,226,800
|
1,282,300
|
||||||
Non-cash interest
|
879,000
|
1,394,000
|
||||||
Deferred income taxes
|
626,300
|
3,582,900
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
400,100
|
(2,363,100
|
)
|
|||||
Finance leases receivable
|
(668,200
|
)
|
(44,700
|
)
|
||||
Income taxes receivable
|
-
|
(25,000
|
)
|
|||||
Prepaid expenses and other
|
(10,200
|
)
|
168,500
|
|||||
Accounts payable and accrued expenses
|
(152,400
|
)
|
(359,500
|
)
|
||||
Accrued interest on notes payable
|
(35,400
|
)
|
(155,000
|
)
|
||||
Maintenance reserves and accrued costs
|
698,700
|
3,977,100
|
||||||
Security deposits
|
780,500
|
(745,700
|
)
|
|||||
Unearned revenue
|
481,000
|
315,200
|
||||||
Taxes payable
|
123,200
|
-
|
||||||
Net cash provided by operating activities
|
11,344,500
|
10,556,800
|
||||||
Investing activities:
|
||||||||
Proceeds from sale of aircraft and aircraft engines held for lease,
net of re-sale fees
|
2,918,400
|
11,100,600
|
||||||
Proceeds from sale of assets held for sale, net of re-sale fees
|
3,422,800
|
3,616,400
|
||||||
Proceeds from insurance
|
18,886,700
|
-
|
||||||
Purchases of aircraft and aircraft engines
|
(54,357,600
|
)
|
(1,333,700
|
)
|
||||
Net cash (used in)/provided by investing activities
|
(29,129,700
|
)
|
13,383,300
|
|||||
Financing activities:
|
||||||||
Issuance of notes payable – Credit Facility
|
31,300,000
|
-
|
||||||
Repayment of notes payable – Credit Facility
|
(31,600,000
|
)
|
(23,000,000
|
)
|
||||
Debt issuance costs
|
(65,000
|
)
|
(59,600
|
)
|
||||
Issuance of notes payable – special purpose financing
|
19,609,900
|
-
|
||||||
Repayment of notes payable – special purpose financing
|
(1,986,300
|
)
|
-
|
|||||
Net cash provided by/(used in) financing activities
|
17,258,600
|
(23,059,600
|
)
|
|||||
Net (decrease)/increase in cash and cash equivalents
|
(526,600
|
)
|
880,500
|
|||||
Cash and cash equivalents, beginning of year
|
2,721,000
|
1,840,500
|
||||||
Cash and cash equivalents, end of year
|
$
|
2,194,400
|
$
|
2,721,000
|
December 31
,
2016
|
December 31,
2015
|
|||||||
Gross minimum lease payments receivable
|
$
|
20,829,200
|
$
|
14,074,500
|
||||
Less unearned interest
|
(3,360,900
|
)
|
(2,178,900
|
)
|
||||
Finance leases receivable
|
$
|
17,468,300
|
$
|
11,895,600
|
Years ending
|
||||
2017
|
$
|
3,459,600
|
||
2018
|
3,663,600
|
|||
2019
|
4,939,600
|
|||
2020
|
2,727,600
|
|||
2021
|
3,660,800
|
|||
Thereafter
|
2,378,000
|
|||
$
|
20,829,200
|
December 31, 2016
|
December 31
, 2015
|
|||||||||||||||
Type
|
Number
owned
|
% of net book value
|
Number
owned
|
% of net book value
|
||||||||||||
Turboprop aircraft
|
12
|
23
|
%
|
16
|
45
|
%
|
||||||||||
Regional jet aircraft
|
12
|
73
|
%
|
8
|
49
|
%
|
||||||||||
Engines
|
4
|
4
|
%
|
5
|
6
|
%
|
Years ending
|
||||
2017
|
$
|
26,505,700
|
||
2018
|
22,727,900
|
|||
2019
|
22,299,700
|
|||
2020
|
19,665,200
|
|||
2021
|
12,343,000
|
|||
Thereafter
|
30,908,100
|
|||
$
|
134,449,600
|
For the Years Ended December 31,
|
||||||||
Operating Lease Revenue
|
2016
|
2015
|
||||||
Europe and United Kingdom
|
$
|
9,999,900
|
$
|
7,181,600
|
||||
North America
|
6,840,500
|
6,519,100
|
||||||
Africa
|
4,430,300
|
5,096,300
|
||||||
Asia
|
1,800,400
|
3,783,000
|
||||||
Australia
|
1,140,000
|
1,097,000
|
||||||
Central and South America
|
253,400
|
1,790,200
|
||||||
$
|
24,464,500
|
$
|
25,467,200
|
December 31,
|
||||||||
Net Book Value of Aircraft and Aircraft Engines Held for Lease
|
2016
|
2015
|
||||||
Europe and United Kingdom
|
$
|
105,088,300
|
$
|
44,368,100
|
||||
North America
|
42,824,300
|
42,162,900
|
||||||
Africa
|
21,724.400
|
27,234,800
|
||||||
Off lease
|
13,113,200
|
7,443,200
|
||||||
Asia
|
6,463,700
|
27,132,800
|
||||||
Australia
|
3,585,900
|
4,376,300
|
||||||
Central and South America
|
-
|
2,540,000
|
||||||
$
|
192,799,800
|
$
|
155,258,100
|
December 31
,
2016
|
December 31
,
2015
|
|||||||
Credit Facility:
|
||||||||
Principal
|
$
|
110,100,000
|
$
|
110,400,000
|
||||
Unamortized debt issuance costs
|
(1,999,900
|
)
|
(2,814,000
|
)
|
||||
Accrued interest
|
83,600
|
35,600
|
||||||
Special purpose financing:
|
||||||||
Principal
|
17,623,600
|
-
|
||||||
Accrued interest
|
30,600
|
-
|
||||||
$
|
125,837,900
|
$
|
107,621,600
|
For the Years Ended December 31,
|
||||||||
2016
|
2015
|
|||||||
Current tax provision:
|
||||||||
Federal
|
$
|
-
|
$
|
-
|
||||
State
|
800
|
800
|
||||||
Foreign
|
123,200
|
-
|
||||||
Current tax provision
|
124,000
|
800
|
||||||
Deferred tax provision:
|
||||||||
Federal
|
581,200
|
3,539,900
|
||||||
State
|
45,100
|
43,000
|
||||||
Deferred tax provision
|
626,300
|
3,582,900
|
||||||
Total income tax provision
|
$
|
750,300
|
$
|
3,583,700
|
For the Years Ended December 31,
|
||||||||
2016
|
2015
|
|||||||
Income tax provision at statutory federal income tax rate
|
$
|
670,500
|
$
|
3,407,200
|
||||
State tax provision, net of federal benefit
|
45,200
|
44,300
|
||||||
Non-deductible expenses
|
34,600
|
-
|
||||||
Prior year withholding tax adjustment
|
-
|
132,200
|
||||||
Total income tax provision
|
$
|
750,300
|
$
|
3,583,700
|
December 31,
|
||||||||
2016
|
2015
|
|||||||
Deferred tax assets:
|
||||||||
Maintenance reserves
|
$
|
6,846,800
|
$
|
1,121,600
|
||||
Current and prior year tax losses
|
4,016,000
|
313,200
|
||||||
Foreign tax credit
|
77,700
|
-
|
||||||
Alternative minimum tax credit
|
45,500
|
45,500
|
||||||
Deferred maintenance, bad debt allowance and other
|
62,100
|
34,700
|
||||||
Deferred tax assets
|
11,048,100
|
1,515,000
|
||||||
Deferred tax liabilities:
|
||||||||
Accumulated depreciation on aircraft and aircraft engines
|
(23,012,800
|
)
|
(12,965,900
|
)
|
||||
Deferred income
|
(865,800
|
)
|
(753,300
|
)
|
||||
Net deferred tax liabilities
|
$
|
(12,830,500
|
)
|
$
|
(12,204,200
|
)
|
For the Years Ended
December
31,
|
||||||||
2016
|
2015
|
|||||||
Net income
|
$
|
1,221,700
|
$
|
6,437,600
|
||||
Weighted average shares outstanding for the period
|
1,566,699
|
1,544,285
|
||||||
Dilutive effect of warrants
|
-
|
-
|
||||||
Weighted average diluted shares used in calculation
of diluted earnings per share
|
1,566,699
|
1,544,285
|
||||||
Basic earnings per share
|
$
|
0.78
|
$
|
4.17
|
||||
Diluted earnings per share
|
$
|
0.78
|
$
|
4.17
|
For the Years Ended
December
31,
|
||||||||
2016
|
2015
|
|||||||
Management fees
|
$
|
5,204,500
|
$
|
5,581,400
|
||||
Acquisition fees
|
1,124,200
|
-
|
||||||
Remarketing fees
|
284,500
|
871,600
|
Exhibit
Number |
Description
|
3.1
|
Amended and Restated Bylaws of the Company, incorporated herein by reference to Exhibit 3.1 of the Company's Report on Form 8-K, filed with the Securities and Exchange Commission on November 22, 2016
|
10.25
|
Policy of Sale Agreement between ACY SN 19002 Limited ("ACY 19002") and Aviacion RCII LLC, A.I.E ("Aviacion"), dated August 4, 2016, incorporated herein by reference to Exhibit 10.25 to the Company's Report on Form 10-Q for the Quarter ended June 30, 2016 filed with the Securities and Exchange Commission on August 11, 2016 (the "3Q 2016 10-Q")
|
10.26
|
Policy of Sale Agreement between ACY SN 19003 Limited ("ACY 19003") and Aviacion dated August 4, 2016, incorporated herein by reference to Exhibit 10.26 to the 3Q 2016 10-Q
|
10.27
|
Senior Loan Agreement between ACY 19002 and Export Development Canada ("EDC"), dated August 4, 2016, incorporated herein by reference to Exhibit 10.27 to the 3Q 2016 10-Q
|
10.28
|
Senior Loan Agreement between ACY 19003 and EDC, dated August 4, 2016, incorporated herein by reference to Exhibit 10.28 to the 3Q 2016 10-Q
|
10.29
|
Deed of Guarantee between the Company and EDC, dated August 4, 2016, with respect to ACY 19002, incorporated herein by reference to Exhibit 10.29 to the 3Q 2016 10-Q
|
10.30
|
Deed of Guarantee between the Company and EDC, dated August 4, 2016, with respect to ACY 19003, incorporated herein by reference to Exhibit 10.30 to the 3Q 2016 10-Q
|
10.31
|
Aircraft Sale and Purchase Agreement, between the Company and GOAL Verwaltungsgesellschaft MbH & Co. Projekt Nr. 32KG, dated September 15, 2016, incorporated herein by reference to
Exhibit 99.1 to the Company's Report on Form 8-K/A, filed with the SEC on September 21, 2016
|
10.32
|
Aircraft Sale and Purchase Agreement, between the Company and GOAL Verwaltungsgesellschaft MbH & Co. Projekt Nr. 33KG, dated September 15, 2016
, incorporated herein by reference to Exhibit 99.2 to the Company's Report on Form 8-K/A, filed with the SEC on September 21, 2016
|
31.1
|
Certification of Toni M. Perazzo, Interim Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
31.2
|
Certification of Toni M. Perazzo, Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
32.1*
|
Certification of Toni M. Perazzo, Interim Chief Executive Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
32.2*
|
Certification of Toni M. Perazzo, Chief Financial Officer, pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
|
101.INS
|
XBRL Instance Document
|
101.SCH
|
XBRL Schema Document
|
101.CAL
|
XBRL Calculation Linkbase Document
|
101.LAB
|
XBRL Label Linkbase Document
|
101.PRE
|
XBRL Presentation Linkbase Document
|
101.DEF
|
XBRL Definition Linkbase Document
|
Signature
|
Title
|
Dated
|
/s/ Michael G. Magnusson
|
President of the Registrant (Principal Executive Officer)
|
March
9
,
2017
|
Michael G. Magnusson
|
||
/s/ Toni M. Perazzo
|
Director and Senior Vice President-Finance and Secretary of the Registrant (Principal Financial and Accounting Officer)
|
March
9
,
2017
|
Toni M. Perazzo
|
|
|
/s/ Evan M. Wallach
|
Director and Chairman of the Board of Directors of the Registrant
|
March
9
,
2017
|
Evan M. Wallach
|
||
/s/ Roy E. Hahn
|
Director
|
March
9
,
2017
|
Roy E. Hahn
|
||
/s/ David P. Wilson
|
Director
|
March
9
,
2017
|
David P. Wilson
|
1 Year Aerocentury Chart |
1 Month Aerocentury Chart |
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