San Diego International Airport and Swinerton open Terminal 2 Parking Plaza

May 21, 2018

San Diego International Airport and Swinerton open Terminal 2 Parking Plaza

SAN DIEGO, May 21, 2018 (GLOBE NEWSWIRE) — Swinerton is pleased to announce the grand opening of the new Terminal 2 Parking Plaza at San Diego International Airport.

Swinerton team members from Orange County, Los Angeles, and San Diego partnered with San Diego County Regional Airport Authority, Watry Design, and Gensler as a design-build team to deliver the new parking plaza, which will serve as one of the gateways to the airport.

“We understand that convenient, close-in airport parking is a core customer service need, and we address that need with this beautiful new facility,” said Kimberly Becker, President/CEO, San Diego International Airport. “Opening ahead of schedule and in time for the busy summer travel season, the Parking Plaza features smart parking technology and integrated public art for an enhanced overall parking experience.”

“Swinerton is proud to have completed the Terminal 2 Parking Plaza on time and under budget in a strong partnership with the San Diego International Airport,” said Chris Murphy, Swinerton Project Executive. “The progressive design-build contracting method used on the project allowed us to deliver maximum value to the Airport rapidly and efficiently.”

The Parking Plaza is designed to provide a fast, safe, and convenient traveler experience, with easy vehicle circulation and state-of-the-art parking guidance systems that will direct customers quickly to the nearest available open space. Overall, the Parking Plaza brings nearly 1,700 new close-in parking spaces to the San Diego International Airport. The three-story Parking Plaza is almost one million square feet in total parking structure area with over 2,900 parking spaces. The project also had off-site improvements, including parking lot reconfigurations, utility relocations, and connection into the existing airport campus.

The plaza is also environmentally sustainable, with extensive natural lighting, energy-efficient fixtures, and a stormwater re-use system that captures and treats rainwater for use in the airport’s Central Utility Plant.

About Swinerton
Swinerton provides commercial construction and construction management services throughout the United States and is a 100% employee-owned company. Recognized nationally since 1888, Swinerton is the preferred builder and trusted partner in every market it serves—proudly leading with integrity, passion, and excellence. For more information on Swinerton, visit its blog, Swinerton Builds Tomorrow, Facebook, Twitter, Flickr, LinkedIn, and Instagram.

Contact:
Meggie Hollywood
415.984.1202/415.307.4100
meggie.hollywood@swinerton.com


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Air Lease Corporation Announces Delivery of Boeing 737 MAX 8 Aircraft with Travel Service

May 17, 2018

Air Lease Corporation Announces Delivery of Boeing 737 MAX 8 Aircraft with Travel Service

LOS ANGELES, May 17, 2018 (GLOBE NEWSWIRE) — Air Lease Corporation (NYSE:AL) (“ALC”) announced the delivery of one new Boeing 737 MAX 8 aircraft on lease to Travel Service (SmartWings).  This aircraft is the first of two 737 MAX 8 aircraft scheduled for delivery to Travel Service, with the next aircraft delivering in 2019.

“We are delighted to deliver a new 737 MAX to Travel Service today,” said Alex Khatibi, Executive Vice President of Air Lease Corporation.  “Travel Service’s high service standards coupled with their fleet upgrade to the MAX will bring their customer experience and network development to the next level.”

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including expected delivery dates.  Such statements are based on current expectations and projections about our future results, prospects and opportunities and are not guarantees of future performance. Such statements will not be updated unless required by law.  Actual results and performance may differ materially from those expressed or forecasted in forward-looking statements due to a number of factors, including those discussed in our filings with the Securities and Exchange Commission.

About Air Lease Corporation (NYSE:AL)

ALC is a leading aircraft leasing company based in Los Angeles, California that has airline customers throughout the world.  ALC and its team of dedicated and experienced professionals are principally engaged in purchasing commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions.  For more information, visit ALC’s website at www.airleasecorp.com.

About Travel Service

Travel Service is headquartered in Prague, Czech Republic and is the biggest Czech airline company. Since its founding in 1997 it has experienced a huge expansion and beyond the Czech Republic, is currently serving markets in Slovakia, Hungary, Poland, France and Canary Islands. Travel Service operates regular flights under the SmartWings brand, charter flights and private business jets. Travel Service planes are flying to more than 400 airports on four continents.Travel Service is the majority shareholder of Czech Airlines (CSA).

Investors:

Mary Liz DePalma
Assistant Vice President, Investor Relations
Email: mdepalma@airleasecorp.com

Media:

Laura Woeste
Manager, Media and Investor Relations
Email: lwoeste@airleasecorp.com


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Aviation and Aerospace Consulting Veterans Celebrate Successful Launch of Alton Aviation Consultancy

May 15, 2018

Aviation and Aerospace Consulting Veterans Celebrate Successful Launch of Alton Aviation Consultancy

NEW YORK, May 15, 2018 (GLOBE NEWSWIRE) — Alton Aviation Consultancy is celebrating its successful first year as an independent boutique advisory firm focused on the aviation and aerospace industries.

Experienced consulting executives Adam Cowburn and John Mowry set out to serve the aviation community with an agile, client-centric approach that aligns with rapidly changing global market dynamics. They have been joined by seasoned aviation consultants Laetitia Achille and Jonathan Berger, both Managing Directors, in addition to Directors Ma Min and Adam Guthorn, and a global team of managers and associates.

“Alton is dedicated to delivering the objective, data-driven guidance and insight that our clients require to inform business decisions regarding capital allocation, resource prioritization, and risk management,” said Mowry, who previously was a leader of the aviation consulting practice at SH&E and ICF, and began his career with General Electric.

Alton advises aviation and aerospace companies across the entire value chain on strategy and business plan development, financial transaction support, and operational performance improvement. Clients include: airlines; lessors and aircraft financiers; aerospace manufacturers; maintenance, repair and overhaul (MRO) and aftermarket service providers; and the financial and investment community.

As a privately-held independent firm, Alton has no joint ventures, affiliations, or other business associations that divert principals from their singular mission – serving the best interests of their clients. 

“Our independence, global market coverage, and experience across the entire aviation and aerospace value chain provide Alton with unique insight into the challenges faced by our clients, in addition to their end customers,” said Cowburn, former head of Asia-Pacific for aviation consulting firms SH&E and ICF. 

“We are dedicated to making Alton synonymous with deep aviation domain expertise and a relentless focus on delivering tangible results for our clients,” said Berger. Prior to joining Alton, Mr. Berger was a vice president at SH&E and ICF, where he launched and led their global MRO advisory practice. Before that, he was the general manager of Delta Air Lines’ maintenance & engineering business responsible for the Europe, Africa and Middle East region.

Since its inception, Alton has performed numerous engagements supporting its aviation clients on a wide range of strategic, commercial, and operational matters. Engagements have ranged from commercial due diligence of aircraft lessors and their portfolios to strategic planning for independent MRO providers, due diligence support for private equity investors in aviation assets and operating businesses, and product studies for aerospace manufacturers seeking to bring new offerings to the market.

Headquartered in New York, Alton operates globally with offices in Hong Kong, Beijing, and Tokyo, providing clients a global perspective with local expertise.

To download Alton’s logo and photos of principals, click here: http://bit.ly/2KSliMz

Contact for Alton Aviation Consultancy:
Andy McGowan of Watkins McGowan
c: +1.404.834.3481
andy@watkinsmcgowan.com

A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/7d693089-1cce-4f35-a03d-0adf36edfbef


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Spirit Airlines to Become First Ultra-Low Cost Carrier in the Americas to Offer Wi-Fi

May 11, 2018

Spirit Airlines to Become First Ultra-Low Cost Carrier in the Americas to Offer Wi-Fi

Inflight Wi-Fi is one of several improvements in Spirit’s commitment to Invest in the Guest

MIRAMAR, Fla., May 11, 2018 (GLOBE NEWSWIRE) —  Guests on Spirit Airlines will soon be able to watch, stream, surf and text from 30,000 feet. Spirit Airlines is signing an agreement today to install Wi-Fi on all of its planes by summer 2019, giving even more options to Guests to enhance their inflight experience. Spirit operates the newest aircraft fleet in the country, our Fit Fleet®, and will also become the first ultra-low cost carrier in the Americas to offer Wi-Fi. 

“We’re thrilled to enhance the inflight Guest experience with the addition of new-generation Wi-Fi,” said Ted Christie, Spirit Airline’s President. “By next summer, every plane in our fleet should be fully equipped to keep our Guests connected in the skies. It’s just one of the many investments we’ve made and will continue to make for our Guests.”

Spirit Airlines Wi-Fi technology partner, Thales Group, a global technology leader for decisive moments in aerospace, defense and security, and transportation markets, is bringing the high-end Ka-band HTS (High Throughput Satellite) system onboard the aircraft. The technology will bring Spirit Guests high-speed web browsing and streaming experiences similar to what they would find at home. In 2021, the state-of-the-art technology will get even better, with the launch of SES-17, a new satellite operated by SES and built by Thales Alenia Space, which will increase speeds and coverage to an unprecedented level in the industry. Spirit Wi-Fi is projected to provide service coverage immediately for 97% of Spirit’s routes upon entry into service.

“Thales is proud to be partnering with Spirit to mark a new era of Guest experience in connectivity and bring solutions that make tomorrow possible today,” said Dominique Giannoni, CEO of Thales InFlyt Experience. “We are focused on supporting Spirit’s mission and helping to shape new opportunities as we work together to provide an exceptional passenger experience.”

Spirit will offer high-speed web browsing and streaming options starting with an average price of $6.50, with a cost range expected to be lower or higher based on the route and demand. 

Spirit’s Commitment to Invest in the Guest
Spirit Wi-Fi is one of many improvements coming up for the airline, as part of its pledge to keep improving and Invest in the Guest.

“We understand that flying for as little money as possible is only part of our promise,” said Christie. “We promise to go further. We’ll continue to listen to our Guests, and they’ll continue to see our dedication to improving service for them. We’ll keep adding exciting new destinations, improving our check-in process, frequent flier program and inflight experience, as well as continuing to dedicate ourselves to give back to the communities where we live and work.”

Christie introduced Spirit’s Invest in the Guest pledge with the announcement of Wi-Fi installation.

“Our promise is to keep going, to keep improving, and to invest in our Guests,” said Christie as part of the pledge. “We intend to improve our Guests’ experience every chance we get.”

A video message by Spirit Airlines President Ted Christie delivering the Guest pledge, information on improvements made by Spirit, commitments to Guests, and future initiatives can be found at InvestInTheGuest.com.

Spirit wants to hear directly from Guests about new ways to keep improving. Guests who share their thoughts or requests at InvestInTheGuest.com will be entered to win free round-trip tickets.

Spirit Airlines’ Guest Commitments
Spirit Airlines is committed to improving the Guest experience and unveiled the following Guest commitments:

• Performance Promise – The commitment to get Guests to their destinations on time.

  • Spirit is one of the top airlines for on-time performance, according to DOT statistics over the past several months.
  • With the youngest planes in the U.S., Spirit has added 12 brand-new planes in the last six months to their Fit Fleet® to get Guests where they are going safely and reliably.  Spirit consistently ranks as one of the most fuel-efficient airlines in the U.S.

• Improving the Experience – The commitment to improve every aspect of Guests’ journey based on feedback.

  • All Flight Attendants now attend a robust inflight Guest Service Training Program developed in partnership with a world-class hospitality leader. This program will roll out to all of Spirit’s airport teams this summer, in a continued effort to better serve our 23 million Guests annually.

• À La Smarte – The commitment to give Guests more choices when it comes to how they fly and how they save.

  • Spirit’s latest technology initiatives allow Guests to have more control over their booking, check-in and travel experience, including a mobile-friendly website, Spirit Check-In App, new airport kiosks and self bag tagging.
  • This year, Spirit expanded its network to include Columbus, Ohio, Richmond, Va., Guayaquil, Ecuador, Cap-Haïtien, Haiti, and St. Croix, U.S. Virgin Islands, in addition to adding even more routes to some of the best vacation destinations in the world.  

• Giving Spirit – The commitment to give back to the communities where Spirit lives and works.   

  • This year, Spirit has supported more than 100 charities and community organizations with countless flights and volunteer hours.

About Thales Group:
The people we all rely on to make the world go round – they rely on Thales. Our customers come to us with big ambitions: to make life better, to keep us safer. Combining a unique diversity of expertise, talents and cultures, our architects design and deliver extraordinary high technology solutions. Solutions that make tomorrow possible, today.  From the bottom of the oceans to the depth of space and cyberspace, we help our customers think smarter and act faster – mastering ever greater complexity and every decisive moment along the way. With 65,000 employees in 56 countries, Thales reported sales of $18 billion in 2017.

For more than 100 years, Thales has conducted significant research and development, manufacturing, and service capabilities in the U.S. Today, Thales is present in 13 states operating 23 different facilities.  Working closely with US customers and local partners, Thales is able to meet the most complex requirements for every operating environment.

About Spirit Airlines:
Spirit Airlines (NYSE:SAVE) is committed to offering the lowest total price to the places we fly, on average more than 30% lower than other airlines*. Our customers start with an unbundled Bare Fare® and get Frill Control® which allows them to pay only for the options they choose — like bags, seat assignments and refreshments — the things other airlines bake right into their ticket prices. We help people save money and travel more often, create new jobs and stimulate business growth in the communities we serve. Our Fit Fleet® is the youngest and one of most fuel-efficient in the U.S. We operate more than 500 daily flights to 65 destinations in the U.S., Latin America and the Caribbean. Come save with us at spirit.com.

*Based on DOT data and verified by Campbell-Hill Aviation Group, LLC.

CONTACT: Spirit: Stephen Schuler
954-364-0231
Stephen.Schuler@spirit.com

Thales: Adam Kostecki
703-838-5645
adam.kostecki@us.thalesgroup.com


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Air Lease Corporation Announces First Quarter 2018 Results

May 10, 2018

Air Lease Corporation Announces First Quarter 2018 Results

LOS ANGELES, May 10, 2018 (GLOBE NEWSWIRE) — Air Lease Corporation (ALC) (NYSE:AL) announces financial results for the three months ended March 31, 2018.

  • Revenues:

    • $381 million for the three months ended March 31, 2018, an increase of 5.8%
  • Diluted earnings per share:

    • $1.00 for the three months ended March 31, 2018, an increase of 28.2%
  • Adjusted diluted earnings per share before income taxes:

    • $1.38 for the three months ended March 31, 2018, an increase of 3.8%
  • Margin:

    • Pre-tax margin of 37.1% for the three months ended March 31, 2018
    • Adjusted pre-tax margin of 40.1% for the three months ended March 31, 2018
  • Return on equity:

    • Pre-tax return on equity of 16.1% for the trailing twelve months ended March 31, 2018
    • Adjusted pre-tax return on equity of 17.3% for the trailing twelve months ended March 31, 2018

Highlights

  • Took delivery of four aircraft from our order book and five incremental aircraft from the secondary market, representing $441 million in capital expenditures, ending the quarter with $13.6 billion in aircraft with a weighted average age of 3.9 years and a weighted average lease term remaining of 6.7 years.
  • Our aircraft on order are 100% placed through 2019 and 81% placed through 2020 on long term leases.
  • Signed a firm order with Boeing for an additional eight Boeing 737-8 MAX aircraft with deliveries beginning in 2020 through 2022.
  • Ended the quarter with $23.5 billion in committed minimum future rental payments consisting of $10.2 billion in contracted minimum rental payments on the aircraft in our existing fleet and $13.3 billion in minimum future rental payments related to aircraft delivering in the future.
  • Issued $1.25 billion of unsecured senior notes including $550 million of 2.50% unsecured senior notes due 2021 and $700 million of 3.25% unsecured senior notes due 2025.
  • In May 2018, completed an amendment to our Syndicated Unsecured Revolving Credit Facility, increasing the capacity to $4.5 billion and extending the final maturity to May 2022 with an interest rate of LIBOR plus 1.05%.
  • Declared a quarterly cash dividend of $0.10 per share on our outstanding common stock for the first quarter of 2018.  The dividend will be paid on July 10, 2018 to holders of record of our common stock as of June 5, 2018.

“We had another strong quarter of growth in revenues and earnings per share.  We were also able to add nine aircraft to our industry leading fleet and eight planes for future delivery.  Global passenger growth remains strong, as do our financial metrics and forward lease placements,” said John L. Plueger, Chief Executive Officer and President.

“The airline industry continues to perform well, with IATA forecasting another year of global industry profits in excess of $30 billion.  Supply chain delays and engine technical issues continue to have a short term impact on new aircraft deliveries.  As such, we continue to source aircraft opportunistically,” said Steven F. Udvar-Házy, Executive Chairman of the Board.

The following table summarizes the results for the three months ended March 31, 2018 and 2017 (in thousands, except per share amounts and percentages):

             
  Three Months Ended
March 31,
 
  2018 2017 $ change % change 
Revenues $381,209  $360,187  $21,022  5.8 %
Income before taxes $141,319  $133,878  $7,441  5.6 %
Net income $110,651  $84,937  $25,714  30.3 %
Adjusted net income before income taxes(1)  $152,773  $146,643  $6,130  4.2 %
Diluted EPS $1.00  $0.78  $0.22  28.2 %
Adjusted diluted EPS before income taxes(1)  $1.38  $1.33  $0.05  3.8 %
             

(1)  Adjusted net income before income taxes and adjusted diluted earnings per share before income taxes have been adjusted to exclude the effects of certain non-cash items, one-time or non-recurring items, that are not expected to continue in the future and certain other items. See note 1 under the Consolidated Statements of Income included in this earnings release for a discussion of the non-GAAP measures adjusted net income before income taxes and adjusted diluted EPS before income taxes and a reconciliation to their most comparable GAAP financial measures.

Flight Equipment Portfolio

Our fleet grew by 2.3% based on net book value of $13.6 billion as of March 31, 2018 compared to $13.3 billion as of December 31, 2017.  As of March 31, 2018, our fleet was comprised of 253 owned aircraft, with a weighted-average age and remaining lease term of 3.9 years and 6.7 years, respectively, and 49 managed aircraft.  We have a globally diversified customer base of 93 airlines in 56 countries.

During the quarter ended March 31, 2018, we took delivery of four aircraft from our order book and five incremental aircraft from the secondary market ending the quarter with 253 aircraft in our operating lease portfolio.

Below are the key portfolio metrics of our fleet:

        
  March 31, 2018 December 31, 2017 
Aggregate fleet net book value $13.6 billion $13.3 billion 
Weighted-average fleet age(1)  3.9 years  3.8 years 
Weighted-average remaining lease term(1)  6.7 years  6.8 years 
        
Fleet size  253   244  
Managed fleet  49   50  
Order book  372   368  
Total  674   662  
        
Current fleet contracted rentals $10.2 billion $10.1 billion 
Committed fleet rentals $13.3 billion $13.3 billion 
Total committed rentals $23.5 billion $23.4 billion 
        

(1)  Weighted-average fleet age and remaining lease term calculated based on net book value.

The following table details the region concentration of our fleet:

      
  March 31, 2018 December 31, 2017 
Region % of Net Book Value % of Net Book Value 
Europe 31.331.7%
Asia (excluding China) 23.422.4%
China 19.820.5%
The Middle East and Africa 11.711.2%
Central America, South America and Mexico 6.77.0%
U.S. and Canada 4.44.5%
Pacific, Australia and New Zealand 2.72.7%
Total 100.0100.0%
      

The following table details the composition of our fleet by aircraft type:

          
  March 31, 2018 December 31, 2017 
Aircraft type Number of
Aircraft
 % of Total Number of
Aircraft
 % of Total 
Airbus A319-100 1 0.4%1 0.4%
Airbus A320-200 42 16.6%40 16.4%
Airbus A320-200neo 5 2.0%5 2.1%
Airbus A321-200 29 11.4%29 11.9%
Airbus A321-200neo 6 2.4%5 2.1%
Airbus A330-200 15 5.9%15 6.2%
Airbus A330-300 5 2.0%5 2.0%
Airbus A350-900 3 1.2%2 0.9%
Boeing 737-700 5 2.0%3 1.2%
Boeing 737-800 103 40.7%102 41.8%
Boeing 737-8 MAX 4 1.6%2 0.8%
Boeing 767-300ER 1 0.4%1 0.4%
Boeing 777-200ER 1 0.4%1 0.4%
Boeing 777-300ER 24 9.5%24 9.8%
Boeing 787-9 8 3.1%8 3.3%
Embraer E190 1 0.4%1 0.3%
Total 253 100.0%244 100.0%
          

Debt Financing Activities

We ended the first quarter of 2018 with total debt financing, net of discounts and issuance costs, of $9.9 billion, resulting in a debt to equity ratio of 2.34:1.

Our debt financing was comprised of unsecured debt of $9.5 billion representing 95.0% of our debt portfolio as of March 31, 2018 as compared to 94.6% as of December 31, 2017.  Our fixed rate debt represented 91.1% of our debt portfolio as of March 31, 2018 as compared to 85.4% as of December 31, 2017.  Our composite cost of funds increased to 3.28% as of March 31, 2018 as compared to 3.20% as of December 31, 2017.

Our debt financing was comprised of the following at March 31, 2018 and December 31, 2017 (dollars in thousands):

        
  March 31,
 2018
 December 31,
 2017
 
Unsecured       
Senior notes $8,768,445 $8,019,871 
Revolving credit facility  337,000  847,000 
Convertible senior notes  199,975  199,983 
Term financings  195,016  203,704 
Total unsecured debt financing  9,500,436  9,270,558 
Secured       
Term financings  458,371  484,036 
Export credit financing  43,256  44,920 
Total secured debt financing  501,627  528,956 
        
Total debt financing  10,002,063  9,799,514 
  Less: Debt discounts and issuance costs  (114,564) (100,729)
Debt financing, net of discounts and issuance costs $9,887,499 $9,698,785 
Selected interest rates and ratios:       
Composite interest rate(1)  3.28 3.20
Composite interest rate on fixed-rate debt(1)   3.29 3.27%
Percentage of total debt at fixed-rate  91.07 85.42
        

(1)  This rate does not include the effect of upfront fees, undrawn fees or amortization of debt discounts and issuance costs.

Conference Call

In connection with this earnings release, Air Lease Corporation will host a conference call on May 10, 2018 at 4:30 PM Eastern Time to discuss the Company’s financial results for the first quarter of 2018.

Investors can participate in the conference call by dialing (855) 308-8321 domestic or (330) 863-3465 international. The passcode for the call is 6995138.

The conference call will also be broadcast live through a link on the Investor Relations page of the Air Lease Corporation website at www.airleasecorp.com. Please visit the website at least 15 minutes prior to the call to register, download and install any necessary audio software. A replay of the broadcast will be available on the Investor Relations page of the Air Lease Corporation website.

For your convenience, the conference call can be replayed in its entirety beginning at 7:30 PM ET on May 10, 2018 until 7:30 PM ET on May 17, 2018. If you wish to listen to the replay of this conference call, please dial (855) 859-2056 domestic or (404) 537-3406 international and enter passcode 6995138.

About Air Lease Corporation (NYSE:AL)

Air Lease Corporation is a leading aircraft leasing company based in Los Angeles, California that has airline customers throughout the world. ALC and its team of dedicated and experienced professionals are principally engaged in purchasing commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions. For more information, visit ALC’s website at www.airleasecorp.com.

Contact

Investors:
Mary Liz DePalma
Assistant Vice President, Investor Relations
Email: mdepalma@airleasecorp.com

Media:
Laura Woeste
Manager, Media and Investor Relations
Email: lwoeste@airleasecorp.com

Forward-Looking Statements

Statements in this press release that are not historical facts are hereby identified as “forward-looking statements,” including any statements about our expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. These statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed in such statements, including as a result of the following factors, among others:

  • our inability to make acquisitions of, or lease, aircraft on favorable terms;
  • our inability to sell aircraft on favorable terms;
  • our inability to obtain additional financing on favorable terms, if required, to complete the acquisition of sufficient aircraft as currently contemplated or to fund the operations and growth of our business;
  • our inability to effectively oversee our managed fleet;
  • our inability to obtain refinancing prior to the time our debt matures;
  • impaired financial condition and liquidity of our lessees;
  • deterioration of economic conditions in the commercial aviation industry generally;
  • increased maintenance, operating or other expenses or changes in the timing thereof;
  • changes in the regulatory environment;
  • unanticipated impacts of the Tax Cuts and Jobs Act of 2017 (the “Tax Reform Act”), including as a result of changes in assumptions we make in our interpretation of the Tax Reform Act, guidance related to application of the Tax Reform Act that may be issued in the future, and actions that we may take as a result of our expected impact of the Tax Reform Act;
  • potential natural disasters and terrorist attacks and the amount of our insurance coverage, if any, relating thereto; and
  • the factors discussed under “Part I – Item 1A. Risk Factors,” in our Annual Report on Form 10-K for the year ended December 31, 2017, and other SEC filings, including future SEC filings.

All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations. You are therefore cautioned not to place undue reliance on such statements. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. 

 
Air Lease Corporation and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and par value amounts)
 
  March 31, 2018 December 31, 2017 
  (unaudited) 
Assets     
Cash and cash equivalents $252,491 $292,204 
Restricted cash 19,133 16,078 
Flight equipment subject to operating leases 15,544,868 15,100,040 
Less accumulated depreciation (1,955,924)(1,819,790)
  13,588,944 13,280,250 
Deposits on flight equipment purchases 1,567,690 1,562,776 
Other assets 516,588 462,856 
Total assets $15,944,846 $15,614,164 
Liabilities and Shareholders’ Equity     
Accrued interest and other payables $281,122 $309,182 
Debt financing, net of discounts and issuance costs 9,887,499 9,698,785 
Security deposits and maintenance reserves on flight equipment leases 894,323 856,140 
Rentals received in advance 106,844 104,820 
Deferred tax liability 548,435 517,795 
Total liabilities $11,718,223 $11,486,722 
Shareholders’ Equity     
Preferred stock, $0.01 par value; 50,000,000 shares authorized; no shares issued or outstanding   
Class A common stock, $0.01 par value; authorized 500,000,000 shares; issued and outstanding 103,979,834 and 103,621,629 shares at March 31, 2018 and December 31, 2017, respectively 1,040 1,036 
Class B non-voting common stock, $0.01 par value; authorized 10,000,000 shares; no shares issued or outstanding   
Paid-in capital 2,258,987 2,260,064 
Retained earnings 1,966,596 1,866,342 
Total shareholders’ equity $4,226,623 $4,127,442 
Total liabilities and shareholders’ equity $15,944,846 $15,614,164 
 

 

 
Air Lease Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share, per share amounts and percentages)
 
  Three Months Ended 
March 31,
 
  2018 2017 
  (unaudited) 
Revenues     
Rental of flight equipment $377,862 $354,653 
Aircraft sales, trading and other 3,347 5,534 
Total revenues 381,209 360,187 
      
Expenses     
Interest 68,943 67,063 
Amortization of debt discounts and issuance costs 8,022 8,992 
Interest expense 76,965 76,055 
      
Depreciation of flight equipment 136,134 123,909 
Selling, general and administrative 23,359 22,572 
Stock-based compensation 3,432 3,773 
Total expenses 239,890 226,309 
      
Income before taxes 141,319 133,878 
Income tax expense (30,668)(48,941)
Net income $110,651 $84,937 
      
Net income per share of Class A and B common stock     
Basic $1.07 $0.83 
Diluted $1.00 $0.78 
Weighted-average shares outstanding     
Basic 103,747,920 102,947,611 
Diluted 112,230,410 111,429,926 
      
Other financial data     
Pre-tax profit margin 37.1%37.2%
Adjusted net income before income taxes(1) $152,773 $146,643 
Adjusted margin before income taxes(1) 40.1%40.7%
Adjusted diluted earnings per share before income taxes(1) $1.38 $1.33 
Pre-tax return on equity (TTM) 16.1%17.4%
Adjusted pre-tax return on equity (TTM)(1) 17.3%18.8%
      

(1) Adjusted net income before income taxes (defined as net income excluding the effects of certain non-cash items, one-time or non-recurring items, that are not expected to continue in the future and certain other items), adjusted margin before income taxes (defined as adjusted net income before income taxes divided by total revenues), adjusted pre-tax return on equity (defined as adjusted net income before income taxes divided by average shareholders’ equity) and adjusted diluted earnings per share before income taxes (defined as adjusted net income before income taxes divided by the weighted average diluted common shares outstanding) are measures of operating performance that are not defined by GAAP and should not be considered as an alternative to net income, pre-tax profit margin, earnings per share, pre-tax return on equity, and diluted earnings per share, or any other performance measures derived in accordance with GAAP. Adjusted net income before income taxes, adjusted margin before income taxes, adjusted pre-tax return on equity and adjusted diluted earnings per share before income taxes, are presented as supplemental disclosure because management believes they provide useful information on our earnings from ongoing operations.

Management and our board of directors use adjusted net income before income taxes, adjusted margin before income taxes, adjusted pre-tax return on equity and adjusted diluted earnings per share before income taxes to assess our consolidated financial and operating performance.  Management believes these measures are helpful in evaluating the operating performance of our ongoing operations and identifying trends in our performance, because they remove the effects of certain non-cash items, one-time or non-recurring items that are not expected to continue in the future and certain other items from our operating results.  Adjusted net income before income taxes, adjusted margin before income taxes, adjusted pre-tax return on equity and adjusted diluted earnings per share before income taxes, however, should not be considered in isolation or as a substitute for analysis of our operating results or cash flows as reported under GAAP. Adjusted net income before income taxes, adjusted margin before income taxes, adjusted pre-tax return on equity and adjusted diluted earnings per share before income taxes do not reflect our cash expenditures or changes in our cash requirements for our working capital needs. In addition, our calculation of adjusted net income before income taxes, adjusted margin before income taxes, adjusted pre-tax return on equity and adjusted diluted earnings per share before income taxes may differ from the adjusted net income before income taxes, adjusted margin before income taxes, adjusted pre-tax return on equity and adjusted diluted earnings per share before income taxes or analogous calculations of other companies in our industry, limiting their usefulness as a comparative measure.

The following tables show the reconciliation of net income to adjusted net income before income taxes and adjusted margin before income taxes (in thousands, except percentages):

        
  Three Months Ended
March 31,
 
  2018 2017 
  (unaudited) 
Reconciliation of net income to adjusted net income before income taxes:     
Net income $110,651 $84,937 
Amortization of debt discounts and issuance costs 8,022 8,992 
Stock-based compensation 3,432 3,773 
Provision for income taxes 30,668 48,941 
Adjusted net income before income taxes $152,773 $146,643 
Adjusted margin before income taxes(1) 40.1%40.7%
      

(1)  Adjusted margin before income taxes is adjusted net income before income taxes divided by total revenues

The following table shows the reconciliation of net income to adjusted diluted earnings per share before income taxes (in thousands, except share and per share amounts):

        
  Three Months Ended
March 31,
 
  2018 2017 
  (unaudited) 
Reconciliation of net income to adjusted diluted earnings per share before income taxes:     
Net income $110,651 $84,937 
Amortization of debt discounts and issuance costs 8,022 8,992 
Stock-based compensation 3,432 3,773 
Provision for income taxes 30,668 48,941 
Adjusted net income before income taxes $152,773 $146,643 
Assumed conversion of convertible senior notes 1,739 1,424 
Adjusted net income before income taxes plus assumed conversions $154,512 $148,067 
Weighted-average diluted shares outstanding 112,230,410 111,429,926 
Adjusted diluted earnings per share before income taxes $1.38 $1.33 
        

The following table shows the reconciliation of net income to adjusted pre-tax return on equity (in thousands, except percentages):

        
  Trailing Twelve Months
March 31,
 
  2018 2017 
  (unaudited) 
Reconciliation of net income to adjusted pre-tax return on equity:     
Net income $781,866 $367,004 
Amortization of debt discounts and issuance costs 28,484 32,773 
Stock-based compensation 19,463 17,475 
Insurance recovery on settlement (950)(2,000)
Provision for income taxes (164,895)203,121 
Adjusted net income before income taxes $663,968 $618,373 
      
Shareholders’ equity as of March 31, 2017 and 2016, respectively $3,459,232 $3,104,403 
Shareholders’ equity as of March 31, 2018 and 2017, respectively $4,226,623 $3,459,232 
Average shareholders’ equity $3,842,928 $3,281,818 
      
Adjusted pre-tax return on equity (TTM) 17.3%18.8%
      

 

 
Air Lease Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
 
  Three Months Ended
March 31,
 
  2018 2017 
  (unaudited) 
Operating Activities     
Net income $110,651 $84,937 
Adjustments to reconcile net income to net cash provided by operating activities:     
Depreciation of flight equipment 136,134 123,909 
Stock-based compensation 3,432 3,773 
Deferred taxes 30,668 48,941 
Amortization of debt discounts and issuance costs 8,022 8,992 
Amortization of prepaid lease costs 7,020 4,037 
Gain on aircraft sales, trading and other activity (765)(7,264)
Changes in operating assets and liabilities:     
Other assets (25,605)(20,359)
Accrued interest and other payables (24,913)(30,549)
Rentals received in advance 2,023 3,247 
Net cash provided by operating activities 246,667 219,664 
Investing Activities     
Acquisition of flight equipment under operating lease (362,519)(597,254)
Payments for deposits on flight equipment purchases (63,751)(200,549)
Proceeds from aircraft sales, trading and other activity  96,840 
Acquisition of aircraft furnishings, equipment and other assets (54,970)(51,464)
Net cash used in investing activities (481,240)(752,427)
Financing Activities     
Issuance of common stock upon exercise of options and warrants 2,628 864 
Cash dividends paid (10,359)(7,714)
Tax withholdings on stock-based compensation (7,141)(5,252)
Net change in unsecured revolving facility (510,000)(60,000)
Proceeds from debt financings 1,230,765 487,955 
Payments in reduction of debt financings (537,444)(46,598)
Debt issuance costs (2,623)(1,531)
Security deposits and maintenance reserve receipts 48,754 56,165 
Security deposits and maintenance reserve disbursements (16,665)(7,840)
Net cash provided by financing activities 197,915 416,049 
Net decrease in cash (36,658)(116,714)
Cash, cash equivalents and restricted cash at beginning of period 308,282 290,802 
Cash, cash equivalents and restricted cash at end of period $271,624 $174,088 
Supplemental Disclosure of Cash Flow Information     
Cash paid during the period for interest, including capitalized interest of $12,816 and $11,402 at March 31, 2018 and 2017, respectively $95,466 $90,059 
Supplemental Disclosure of Noncash Activities     
Buyer furnished equipment, capitalized interest, deposits on flight equipment purchases and seller financing applied to acquisition of flight equipment and other assets applied to payments for deposits on flight equipment purchases $79,677 $220,610 
Cash dividends declared, not yet paid $10,397 $7,736 
        


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PrecisionHawk Joins its Home State of North Carolina as 1 of 10 Chosen for Unmanned Aircraft Systems Integration Pilot Program

May 10, 2018

PrecisionHawk Joins its Home State of North Carolina as 1 of 10 Chosen for Unmanned Aircraft Systems Integration Pilot Program

Selected From 150 Applications, the Winning Project from the North Carolina Department of Transportation Will Leverage PrecisionHawk’s Pathfinder Program Research to Use Drones for Medical Deliveries

RALEIGH, N.C., May 09, 2018 (GLOBE NEWSWIRE) — PrecisionHawk Inc., a leading provider of enterprise drone technology, today announced that it was selected to participate with its home state of North Carolina in 1 of 10 pilot programs focused on drone integration, introduced by the Trump administration last year. The project was chosen by the Department of Transportation (DOT) from 150 applications submitted by 200 businesses, including companies like Alphabet, Apple, FedEx, Boeing, AT&T and more.

“We commend the White House for recognizing the significant business potential that drones bring to agriculture, commerce, emergency management, human transportation and other sectors,” said Diana Cooper, senior vice president of policy and strategy at PrecisionHawk. “These partnerships present a unique opportunity to advance UAS technologies in local industries, and we thank the Administration for its investment in American aviation and for sharing our vision of a regulatory roadmap that encourages innovation while ensuring airspace safety.”

PrecisionHawk will join the North Carolina Department of Transportation’s (NCDOT) under the Unmanned Aircraft Systems Integration Pilot Program (UAS IPP) to accelerate the testing of currently restricted UAS operations, including beyond visual line of sight (BVLOS) flights. Over the next three years, the program will work to bring unmanned medical supply delivery and develop unmanned traffic management systems to track drones as they fly.

PrecisionHawk’s involvement with the NCDOT underscores its advanced commercial UAS technologies offered across multiple industries. The program will be able to leverage its expertise in BVLOS flight, as detailed in its Pathfinder Report recently delivered to the FAA, which outlines a comprehensive safety case and standards to fly drones BVLOS. BVLOS flight has been the missing link to companies exploring commercial drone applications for package delivery and PrecisionHawk’s blueprint, combined with its assistive technology and data, unlocks the unlimited capacity that the sky offers for such applications.

“Drones have proven to be a transformative force for business intelligence and operations, and today’s decision by the FAA amplifies this opportunity by bringing together the public and private sectors to embrace innovation while balancing the safety and security of our nation’s airspace,” said Michael Chasen, CEO of PrecisionHawk. “Our work with these exemplary agencies will open up the skies for drone flight over long distances—an imperative for commercial drone applications—and unlock the next generation of American aerial intelligence and innovation.”

The UAS IPP is an opportunity for state, local and tribal governments to partner with private sector entities to engage with the federal government to promote the use of drone technology, address concerns related to their deployment and generate data to inform smart public policy. The program commenced in November 2017 following the Trump administration’s recognition of the significant role that drones have in the 21st century economy and desire for public and private entities to collaborate and solve the challenges that have previously hindered the integration of drones into national airspace.

The results of the IPP will pave the way for new and expanded commercial UAS operations, as the FAA incorporates lessons learned into the regulatory framework.

About PrecisionHawk
PrecisionHawk is a leading provider of drone technology for the enterprise. PrecisionHawk’s client list includes Fortune 500 companies and market leaders in 150 countries, spanning a range of industries, including agriculture, energy, insurance, government and construction. To date, PrecisionHawk has raised more than $100 million from leading venture capital firms including Third Point Ventures and Millennium Technology Value Partners, with strategic investments from enterprise customers and partners including Comcast Ventures, DuPont, Intel Capital, NTT Docomo, and Yamaha Motor. The company, founded in 2010, is privately held and headquartered in Raleigh, NC. More information about PrecisionHawk can be found at www.precisionhawk.com or on Twitter @PrecisionHawk.

PrecisionHawk Contact:
Lia Reich, VP Marketing-Communications
precisionhawk@10fold.com

A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/2a5945f5-f751-44f9-be04-0376ea337a7e


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Silver Air’s Boeing Business Jet Ready for Charter

May 8, 2018

Silver Air’s Boeing Business Jet Ready for Charter

Introducing Nation’s Only Boeing Business Jet with Unrestricted Charter Service

SANTA BARBARA, Calif., May 08, 2018 (GLOBE NEWSWIRE) — Silver Air’s Boeing Business Jet (BBJ) is fully operational and ready for charter service at Van Nuys Airport (VNY), one of the largest private aviation hubs in the country. It is currently being booked for global charter operations.

“Executive management teams, domestic and international music tours, and VVIP individuals that require the ultimate private travel experience will charter the BBJ because of its size, range, and amenities.” said Jason Middleton, Silver Air’s CEO. “The BBJ is like flying in a five-star resort suite, which will help our charter guests arrive at their destination relaxed and well rested after a long cross-country or trans-global flight.”

Silver Air’s BBJ is the nation’s – possibly the world’s – only BBJ with unrestricted charter availability. This all-new level of private charter is now available for business and luxury travel based out of the Los Angeles area with global service. It accommodates 16 passengers and has comfortable sleeping arrangements for nine.

Silver Air introduced the beautifully appointed BBJ to aviation industry clients and partners during a private reception at the company’s Van Nuys base.

“The BBJ is the ultimate private jet experience,” said Chuck Stumpf, Silver Air’s President of Business Development, who was on-hand with the company’s executive team at the recent reception. “It’s the highest level of service, the pinnacle of luxury, the peak of private aviation. And the ability to offer an unprecedented level of availability to charter the BBJ is unique to Silver Air. No other private jet management company has that capability.”

Silver Air’s Boeing Business Jet (http://www.silverair.com/fleet-16-bbj.php) has a beautifully appointed VVIP cabin configuration and can fly more than 6,000 uninterrupted miles – reaching many international destinations nonstop. It is fully equipped with global Wi-Fi, a VIP private office, lounge area, master suite, two full bathrooms with showers, and a full service galley with private chef services.

The BBJ is managed under Silver Air’s PURE Jet Management program. Silver Air’s PURE Management has resulted in the managed growth of the company’s fleet and charter base through an owner-advocate approach and creating quality management plans at the best value.

Silver Air manages and operates privately owned aircraft from bases throughout the United States. In addition to the Boeing Business Jet, Silver Air’s fleet features light to large-cabin jets from Gulfstream, Dassault, Bombardier, Embraer, Cessna, and Hawker/Beech. Silver Air is one of the largest Citation X carriers in the U.S.

Silver Air’s charter operations have earned an ARGUS Platinum rating and is currently IS-BAO stage two compliant, demonstrating the industry’s highest safety practices. The company is also a member of the Air Charter Safety Foundation.

For more information on Silver Air visit http://www.silverair.com/.

Follow Silver Air at www.facebook.com/FlySilverAir, www.twitter.com/FlySilverAir and https://www.instagram.com/flysilverair/.

About Silver Air
Silver Air is a pure private jet management service provider that delivers a transparent, owner-advocate approach to management creating valuable partnerships with private jet owners. Founded in 2008, the company is based in Southern California with corporate offices in Santa Barbara. Silver Air manages a comprehensive fleet of luxury aircraft from light to long-range heavy jets and a global network operating around the clock, 24-hours-a-day. Silver Air is ARGUS Platinum and IS-BAO rated and is a member of the National Business Aviation Association.

Media Contact:
Van Holmes
For Silver Air
van.holmes@specpr.com

Photos accompanying this announcement are available at

http://resource.globenewswire.com/Resource/Download/594f1000-3a49-4821-a6f0-7f937032c16a

http://resource.globenewswire.com/Resource/Download/517232c5-0211-44d6-be6c-41287cd8f2b4

http://resource.globenewswire.com/Resource/Download/8b2829e2-6632-443c-ab72-74fae5d8a65a

http://resource.globenewswire.com/Resource/Download/c20784bb-5c53-413f-a6f1-d902c6f207de

http://resource.globenewswire.com/Resource/Download/be3e3121-39d8-49ba-8dfa-526946663f75

http://resource.globenewswire.com/Resource/Download/d90c0d13-6dd6-4a59-8edf-58fffec17bc2

http://resource.globenewswire.com/Resource/Download/4b088b01-c746-4329-b96b-cd7dde37f8ea

http://resource.globenewswire.com/Resource/Download/a29ba594-4b72-4dcb-bff5-ccced18886cb

 


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BAHAMAS TO HOST 2018 CARIBBEAN AVIATION MEETUP

May 3, 2018

BAHAMAS TO HOST 2018 CARIBBEAN AVIATION MEETUP

Nassau, Bahamas, May 03, 2018 (GLOBE NEWSWIRE) — The Caribbean region’s largest aviation conference will take flight in Nassau, Bahamas this June, bringing together major players from the aviation and tourism industries, travel professionals, academics and investors from all over the world for three days of discussions. 

The third annual Caribbean Aviation Meetup is slated for June 12-14 with the key objective of finding new ways to increase airlift into the region. Atlantis Resort on Paradise Island will be the conference’s command center where several aviation issues and solutions will be discussed in depth.

This year’s event will include 31sessions and presentations involving 40 presenters including, Bahamas Minister of Tourism and Aviation, Hon. Dionisio D’Aguilar and Director General, Joy Jibrilu. Other local industry professionals will also join speakers from the United States, Caribbean, Canada and Europe.

The program will include topics such as regional airlines, route development, airport development, airlift impact on tourism and economy, investment considerations, trends in regional travel and tourism, innovation of product, service and infrastructure, as well as tourism product development.

“The Meetup is not a typical conference just to sit down and listen. It encourages interaction between speaker and audience and within the audience with the speaker as moderator.  The Meetup has streams of parallel breakout sessions, so that participants can create their own program and choose from a variety of sessions that may be of interest to them. Which makes the event more efficient,” said Cdr. Bud Slabbeart, Chairman and Coordinator of the Caribbean Aviation Meetup.  

“The purpose of the Meetup is to gather audiences of differing backgrounds to inspire each other. If two differing parties have access to the same information, it creates a better understanding and better chance for cooperation, new ventures and new opportunities. Now, they can network and explore cooperation in areas that they never thought of before.”

The 2018 Caribbean Aviation Meetup is hosted by the Bahamas Ministry of Tourism and Aviation.

“We are pleased to welcome hundreds of participants to this year’s conference and look forward to showing them the best in Bahamian hospitality. We are also looking forward to the many benefits of such a forum. 

We know that Airlift is vital to tourism and tourism is vital to all economies in the Caribbean region. The Bahamas is no exception. This conference will not only allow us to discuss and act upon essential airlift issues that affect our archipelago, we will also be able to acquire valuable feedback and information from the international experts who will attend the conference,” said Minister D’Aguilar. 

Conference participants from 28 countries and territories are expected to attend: Anguilla, Antigua, Bahamas, Barbados, British Virgin Islands, Canada, Commonwealth of Dominica, Dominican Republic, Guadeloupe, Guyana, Jamaica, Luxemburg, Nevis, New Zealand, Puerto Rico, Saba, St. Barths, St. Eustatius, St. Lucia, St. Maarten/St. Martin, St. Vincent, Suriname, Switzerland, Trinidad, Turks and Caicos, United Kingdom, United States, and US Virgin Islands.

Participants are offered special room rates at Atlantis Resort on Paradise Island. For more information and to register, visit https://www.bahamas.com/event/caribbean-aviation-meetup. 

The Islands Of The Bahamas have a place in the sun for everyone from Nassau and Paradise Island to Grand Bahama to The Abaco Islands, The Exuma Islands, Harbour Island, Long Island and others. Each island has its own personality and attractions for a variety of vacation styles with some of the world’s best scuba diving, fishing, sailing, boating, golf, as well as, shopping and dining. The destination offers an easily accessible tropical getaway and provides convenience for travelers with preclearance through U.S. customs and immigration, and the Bahamian dollar at par with the U.S. dollar. Do everything or do nothing, just remember It’s Better in The Bahamas. For more information on travel packages, activities and accommodations, call 1-800-Bahamas or visit www.Bahamas.com. Look for The Bahamas on the web on Facebook  Twitter and YouTube

CONTACT: Anita Johnson-Patty
Bahamas Ministry of Tourism
(954) 236-9292
ajohnson@bahamas.com


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Air Lease Corporation Increases Unsecured Revolving Credit Facility to $4.5 Billion

May 3, 2018

Air Lease Corporation Increases Unsecured Revolving Credit Facility to .5 Billion

LOS ANGELES, May 03, 2018 (GLOBE NEWSWIRE) — On May 2, 2018, Air Lease Corporation (the “Company”) amended and extended its unsecured revolving credit facility with JPMorgan Chase Bank, N.A., as administrative agent and the lenders named therein (as amended, the “Syndicated Unsecured Revolving Credit Facility”) whereby the Company extended the maturity date of the substantial majority of the revolving commitments from May 5, 2021 to May 5, 2022 and increased total revolving commitments to $4.5 billion from $3.9 billion, across 50 financial institutions.  The Syndicated Unsecured Revolving Credit Facility remains priced at LIBOR plus 105 basis points with a 20 basis point facility fee, each subject to adjustments based on changes in the Company’s credit ratings. 

“We are extremely pleased with the extension and upsize of our revolving credit facility which now stands at $4.5 billion, an 18% increase since the beginning of 2018,” said Gregory B. Willis, Executive Vice President and Chief Financial Officer of Air Lease Corporation. “Our revolver remains an important source of committed liquidity for ALC, and the success of this facility is reflective of ALC’s strong credit metrics and global banking relationships. We are very appreciative of the support from our lenders.”

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the use of the Syndicated Unsecured Revolving Credit Facility. Forward-looking statements are based on estimates and assumptions made by the Company’s management and are believed to be reasonable, though they are inherently uncertain and difficult to predict.  The Company’s forward-looking statements speak only as of the date on which they are made and it does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement.  Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those expressed or implied by the forward-looking statements based on a number of factors, including but not limited to, unexpected delays in the Company’s ability to draw on the Syndicated Unsecured Revolving Credit Facility, and those risks detailed in the Company’s filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2017.

About Air Lease Corporation (NYSE: AL)

ALC is a leading aircraft leasing company based in Los Angeles, California that has airline customers throughout the world.  ALC and its team of dedicated and experienced professionals are principally engaged in purchasing commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions.  For more information, visit ALC’s website at www.airleasecorp.com.

Investors:

Mary Liz DePalma
Assistant Vice President, Investor Relations
Email: mdepalma@airleasecorp.com

Media:

Laura Woeste
Manager, Media and Investor Relations
Email: lwoeste@airleasecorp.com


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EMCORE Enters into Agreement to Design a Custom, High-Performance Inertial Measurement Unit and Deliver Flight Demonstration Hardware

May 3, 2018

EMCORE Enters into Agreement to Design a Custom, High-Performance Inertial Measurement Unit and Deliver Flight Demonstration Hardware

ALHAMBRA, Calif., May 03, 2018 (GLOBE NEWSWIRE) — EMCORE Corporation (NASDAQ:EMKR), a leading provider of advanced Mixed-Signal Optics products that provide the foundation for today’s high-speed communication network infrastructures and leading-edge defense systems, announced today that it has entered into an agreement with a major U.S. prime contractor in the defense industry to design an innovative Inertial Measurement Unit (IMU) for airborne line-of-sight stabilization and navigation applications. As part of this contract EMCORE has agreed to deliver flight demonstration hardware by the end of this year to support flight testing early next year. This agreement is expected to be a precursor to a production contract estimated at several hundred units per year starting in 2020 and beyond.

“We are extremely pleased to be selected for this program to develop a high-performance IMU for a next-generation targeting pod on fighter aircraft,” said David Faulkner, EMCORE’s Vice President and General Manager of Aerospace & Defense. “EMCORE demonstrated the versatility to configure its IMU technology to be distributed within the customer’s tight volume and space constraints, which was integral to being selected for this program,” added Mr. Faulkner.

This unique IMU will be designed to deliver the highest level of performance in EMCORE’s tactical IMU product line. EMCORE’s IMU technology features advanced, next-generation integrated optics combined with the Company’s all new Field Programmable Gate Array (FPGA) electronics to deliver higher accuracy, lower noise, greater efficiency, improved drift stability and higher linearity than competing technologies. It leverages EMCORE’s Mixed-Signal Optics capability where both analog and digital circuits are combined on multiple chips, or even a single chip.

“This agreement with one of our most important customers is another key design win for our Navigation business,” commented Jeffrey Rittichier, EMCORE’s President and CEO. “It further demonstrates the value of our Mixed-Signal Optics strategy that enables the versatility to customize our products to meet very specific customer demands. We are honored to be selected for this program,” added Mr. Rittichier.

EMCORE will be showcasing the latest products in its fiber optic gyro and navigation product lines at the Space Tech Expo, May 22-24 at the Pasadena Convention Center, Pasadena, CA, booth #8008.

About EMCORE

EMCORE Corporation is a leading provider of advanced Mixed-Signal Optics products that provide the foundation for today’s high-speed communication network infrastructures and leading-edge defense systems. Our optical chips, components, subsystems and systems enable broadband and wireless providers to continually enhance their network capacity, speed and coverage to advance the free flow of information that empowers the lives of millions of people daily. The Mixed-Signal Optics technology at the heart of our broadband transmission products is shared with our fiber optic gyros and military communications links to provide the aerospace and defense markets state-of-the-art systems that keep us safe in an increasingly unpredictable world. EMCORE’s performance-leading optical components and systems serve a broad array of applications including cable television, fiber-to-the-premise networks, telecommunications, data centers, wireless infrastructure, satellite RF fiber links, navigation systems and military communications. EMCORE has fully vertically-integrated manufacturing capability through its world-class Indium Phosphide (InP) wafer fabrication facility at our headquarters in Alhambra, California, and is ISO 9001 certified in Alhambra and at our facility in Beijing, China. For further information about EMCORE, please visit http://www.emcore.com.

Forward-looking statements:

The information provided herein may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include statements regarding EMCORE’s plans, strategies, business prospects, growth opportunities, changes and trends in our business and expansion into new markets. These forward-looking statements are based on management’s current expectations, estimates, forecasts and projections about EMCORE and are subject to risks and uncertainties that could cause actual results and events to differ materially from those stated in the forward-looking statements, including without limitation, the following: (a) the rapidly evolving markets for EMCORE’s products and uncertainty regarding the development of these markets; (b) EMCORE’s historical dependence on sales to a limited number of customers and fluctuations in the mix of products and customers in any period; (c) delays and other difficulties in commercializing new products; (d) the failure of new products: (i) to perform as expected without material defects, (ii) to be manufactured at acceptable volumes, yields, and cost, (iii) to be qualified and accepted by our customers, and (iv) to successfully compete with products offered by our competitors; (e) uncertainties concerning the availability and cost of commodity materials and specialized product components that we do not make internally; (f) actions by competitors; and (g) other risks and uncertainties discussed under Item 1A – Risk Factors in our Annual Report on Form 10-K for the fiscal year ended September 30, 2017, as updated by our subsequent periodic reports. Forward-looking statements contained in this press release are made only as of the date hereof, and EMCORE undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:

EMCORE Corporation

David Faulkner
Vice President and General Manager, Aerospace & Defense
(626) 293-3698
David_Faulkner@emcore.com 

Media
Joel Counter
Manager, Corporate & Marketing Communications
(626) 999-7017
media@emcore.com

Investor

Erica Mannion
Sapphire Investor Relations, LLC
(617) 542-6180
investor@emcore.com


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