Genesis Lease Ltd. said Wednesday its fourth-quarter profit fell nearly 9 percent on hefty charges, but sales increased as the young aircraft leasing company's fleet grew.
Net income for the three months ended Dec. 31 fell to $6.4 million, or 18 cents per share, compared with $7 million, or $6.30 per share, during the same period a year earlier.
However, the Shannon, Ireland-based company said its quarterly and full-year per-share earnings are not comparable because its stock traded for only 13 days in 2006. Genesis initially floated its shares Dec. 19, 2006.
Results include a $2.9 million after-tax charge related to "a proposed transaction that is unlikely to proceed" and a non-cash charge of $3.2 million from amortizing deferred financing costs paid by the company's predecessor.
Analysts predicted the company would earn 33 cents per share during the most recent quarter, according to a survey of Thomson Financial. Those forecasts typically exclude one-time items.
Revenue increased to $55.5 million from $41.6 million. Analysts predicted revenue of $50.9 million.
For the full year, net income rose to $39.2 million, or $1.09 per share, from $28.8 million, or $25.72 per share. Revenue increased 18.4 percent to $188.1 million from $153.2 million.
Genesis attributed the gain to the addition of 12 new aircraft to its fleet. By the end of last year, Genesis' fleet included 53 planes.
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