Genesis Lease Limited is a global commercial aircraft leasing company, incorporated in Bermuda and headquartered in Ireland.
They acquire and lease high-utility commercial jet aircraft to passenger and cargo airlines around the world and focus on modern, operationally efficient jets with large operator bases and long useful lives.
highlights from the second quarter ended June 30, 2009:
* EBITDA for the quarter increased 1.3% to $46.6 million compared to
the same quarter in 2008
* Declared quarterly dividend of $0.10 per share
* Purchased a new A321-200 aircraft in July, 2009
Commenting on the second quarter results, John McMahon, Chief Executive Officer of Genesis stated, "Our globally diversified portfolio of in-demand aircraft continued to deliver solid cash flows and profitability during the second quarter in the face of a contracting global economy and the ongoing challenges for the aviation industry. Our payments collection performance continues to be excellent with no material amounts owing from our lease customers."
Mr. McMahon continued, "Genesis had a healthy financial position at quarter-end with more than $66 million of unrestricted cash, significant credit capacity and no immediate refinancing requirements. Of the three aircraft that were non-revenue generating at the end of the quarter, two have since delivered to a new customer and the remaining aircraft is expected to deliver in the third quarter. In addition, earlier this month, we added to the portfolio through the purchase and leaseback of our first A321 as the aircraft delivered new from Airbus to our new customer, US Airways."
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