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AeroCentury Corp. (ACY) Research Update Released

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New York, NY - August 22, 2014 (www.investorideas.com newswire) Taglich Brothers released an updated research report on AeroCentury Corp., (ACY) and reiterated a Speculative Buy rating with the 12-month price target lowered to $13.35 per share from $18.75 due to a decrease in sector valuation and a reduced 2015 income forecast. The report noted the following key investment considerations:

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  • Since 2012 ACY has diversified its operating revenue. The diversification continued with the purchase of four Bombardier Canadair CRJ700 series regional aircraft. The CRJ700 series should support an increase in average monthly lease revenue per asset, as it comprised 29% of ACY’s net book value in July 2015 from zero in 2013.
  • For 2014, we reduced our projection to 26 aircraft/engines on lease for a majority of the year, from our prior forecast of 35. At June 30, 2014, ACY had 24 active aircraft leases out of 40 aircraft owned. In the 2H14 four expiring aircraft leases will likely be returned and four off-lease aircraft should be delivered to new customers.
  • 2Q14 lease revenue (reported on 8-12-14) increased by 14.1% to $5.3 million. Net loss was ($2.30) per share compared to a profit of $3.25 in the year-ago quarter. The current quarter included impairment in the value of aircraft of $6.8 million or $2.91 per share. Sales were $500,000 below our forecast. We projected EPS of $0.28 per share.
  • e project 2014 lease revenue to increase by 9.6% to $20.6 million or a $2.2 million decrease from our prior forecast. We project a loss of ($2.49) per share due to a $6.8 million or $2.91 per share impairment charge. Our prior EPS forecast was $0.51 per share. The reduction is our lease revenue forecast is due to fewer than anticipated aircraft on lease in the 2H14.
  • We project 2015 lease revenue to increase by 2% to $21 million reflecting 30 assets on lease (up four from 2014) and a $92,000 decrease in the average lease rate to $700,000. Our EPS projection of $1.36 per share reflects a $2.4 million reduction in maintenance expense from our 2014 forecast of $6.4 million.

The full report can be viewed at http://www.taglichbrothers.com/equityuniverse/companies/aerocentury/aerocentury.aspx.

Company Description:

AeroCentury Corp., (ACY) is engaged in the business of ownership, management, leasing and acquisition of aircraft, focused on used commercial turboprop aircraft equipment for lease to domestic and foreign regional air carriers.

Taglich Brothers:

Taglich Brothers, Inc. is full-service broker dealer focused exclusively on microcap companies. The Company defines the microcap segment of the equity market as companies with less than $250 million in market capitalization. Taglich Brothers currently offers institutional and retail brokerage services, investment banking and comprehensive research coverage to the investment community.

The Taglich Brothers' Equity Research department is dedicated to providing research reports that are informative, insightful and illuminating. Reports are designed to distill volumes of investment information into a concise, straightforward format so that busy professional investors can make informed investment decisions.

Disclaimer:

The information and statistical data contained herein have been obtained from sources, which we believe to be reliable but in no way are warranted by us as to accuracy or completeness. We do not undertake to advise you as to changes in figures or our views. This is not a solicitation of any order to buy or sell. Taglich Brothers, Inc. is fully disclosed with its clearing firm, Pershing, LLC, is not a market maker and does not sell to or buy from customers on a principal basis. The above statements are the opinion of Taglich Brothers, Inc. and are not a guarantee that the target price for the stock will be met or that predicted business results for the company will occur. There may be instances when fundamental, technical and quantitative opinions contained in the reports are not in concert. We, our affiliates, any officer, director or stockholder or any member of their families may from time to time purchase or sell any of the above-mentioned or related securities. Analysts and members of the Research Department are prohibited from buying or selling securities issued by the companies that Taglich Brothers, Inc. has a research relationship with, except if ownership of such securities was prior to the start of such relationship, then an Analyst or member of the Research Department may sell such securities after obtaining expressed written permission from Compliance. All research issued by Taglich Brothers, Inc. is based on public information. Taglich Brothers, Inc. does not currently have an Investment Banking relationship with the company mentioned and was not a manager or co-manager of any offering for the company within the last three years. In September 2012 the company paid an initial monetary engagement fee of US$4,500 to Taglich Brothers, Inc. representing payment for the first three months of creation and dissemination of research reports, after which the company will pay Taglich Brothers, Inc. a monetary fee of US$1,500 per month for a minimum of three more months for such services.For further information and Taglich Brothers, Inc. ownership data please refer to each individual report.

Contact

Richard Oh
Email: press@taglichbrothers.com

More Info:

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