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 for the first quarter ended March 31, 2009.
* EPS increased 3.7% to $0.28
* EBITDA increased 7.1% to $51.4 million
* Repurchased $15.0 million of securitization notes,
recording a gain of $6.2 million
* Declared quarterly dividend of $0.10 per share
Commenting on the first quarter results and dividend, John McMahon, Chief Executive Officer of Genesis stated: "Our globally diversified portfolio of in-demand aircraft delivered solid cash flows and profitability during the first quarter despite the effects of the worldwide economic downturn. In addition, we took advantage of opportunities in the debt trading markets to repurchase $15 million of our securitization notes at a substantial discount."
Mr. McMahon continued, "Genesis has a healthy financial position with substantial cash resources, significant levels of available credit and no immediate refinancing requirements. In addition, our servicer, GE Commercial Aviation Services ("GECAS"), expects to deliver our four non-revenue generating aircraft to new customers in the second quarter."
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