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AeroCentury Corp. (ACY) reported a second-quarter net loss of $3.2 million ($2.07 per share), significantly improved from a $13.5 million loss a year ago. Revenues fell 66% to $1.5 million due to a drop in operating lease revenues, which declined by the same percentage. Expenses decreased by 76% to $4.7 million, benefiting from reduced asset impairment losses and interest expenses following a Chapter 11 bankruptcy filing. Average portfolio utilization stood at 81%, down from 91% a year earlier. The company recorded a $1 million reorganization cost and a book value per share of ($16.96) as of June 30, 2021.
AeroCentury Corp. (ACY) announced the filing of a proposed combined Plan of Reorganization and Disclosure Statement with the Delaware Bankruptcy Court as part of its effort to exit Chapter 11 bankruptcy. The court hearing is scheduled for July 12, 2021, to consider the approval of the Solicitation Procedures Order. The company considers two potential paths for emergence: a Sponsored Plan with a third-party plan sponsor or a Stand-Alone Plan if no sponsor is found. The solicitation process is pending court approval, and details about the plan are available online.
AeroCentury Corp. (NYSE American: ACY) received a notice from NYSE American regarding its non-compliance with continued listing standards. As of March 31, 2021, the company reported a stockholders' deficit of ($23) million, alongside losses in three of its last four fiscal years. Previously, the company submitted a compliance plan, accepted by NYSE Regulation, which is in effect until March 11, 2022. The company specializes in leasing regional jet and turboprop aircraft to airlines worldwide.
AeroCentury Corp. announced the entry of orders in its Chapter 11 bankruptcy case in the U.S. Bankruptcy Court for Delaware. The court approved funding for continued operations and initiated asset marketing and sale procedures. Bids for assets are due by May 17, with an auction on May 20. Additionally, the company disclosed an audit opinion indicating substantial doubt about its ability to continue as a going concern in its 2020 financial statements. AeroCentury specializes in leasing regional jets and turboprops globally.
AeroCentury Corp. (ACY) reported a significant net loss of $14.5 million, or ($9.36) per share, in Q4 2020, a notable increase from a loss of $7.0 million in Q4 2019. For the full year 2020, net loss totaled $42.2 million, up from $16.7 million in 2019. Major factors included impairment losses totaling $11.9 million in Q4 and $28.8 million for the year. Operating lease revenue for Q4 was $3.1 million, a 36% decrease year-over-year. The average portfolio utilization was 87%. Book value per share plummeted to ($11.40), reflecting ongoing challenges in the aircraft leasing market.
AeroCentury Corp. announced on March 29, 2021, that it commenced a voluntary Chapter 11 bankruptcy case to restructure its debts and continue operations in the regional aircraft market. The company plans to operate as a debtor-in-possession and maintain its business without interruption while seeking to resolve its outstanding debts. AeroCentury has proposed an asset auction to fund repayment to its sole secured lender, Drake Asset Management. The company believes it has enough cash to support ongoing operations despite potential additional capital needs due to COVID-19 impacts.
AeroCentury Corp. received a deficiency letter from NYSE American on September 11, 2020, regarding non-compliance with stockholders' equity standards. The company submitted a compliance plan on September 16, 2020, which was accepted on November 25, 2020, granting an extension until March 11, 2022. AeroCentury specializes in leasing regional aircraft and engines to global airlines and commercial users. The company emphasizes the risks and uncertainties inherent in its forward-looking statements, particularly concerning its ability to raise capital for compliance.
AeroCentury Corp (NYSE Amex: ACY) faced unusual market activity, prompting the New York Stock Exchange to halt trading in its stock. The company confirmed it is unaware of any undisclosed material changes or developments that could explain this market fluctuation. Known for leasing regional aircraft through triple net leases, AeroCentury serves regional airlines and commercial users globally. The CFO, Harold M. Lyons, is available for inquiries.
AeroCentury Corp. (ACY) announced that Drake Asset Management Jersey Limited acquired its total indebtedness of approximately $91 million, including around $87.9 million from MUFG Lenders and $3.1 million linked to interest rate swaps. This transaction was finalized on October 30, 2020, allowing AeroCentury to amend its Loan Agreement with UMB Bank, which includes deferring interest payments and eliminating the necessity for a strategic alternative. Discussions are ongoing between AeroCentury and Drake regarding the possible discharge of this debt.
AeroCentury Corp. reported a third-quarter 2020 net loss of $4.1 million, or ($2.64) per share, an improvement from a loss of $8.2 million in Q3 2019. For the first nine months of 2020, the net loss reached $27.8 million, increasing from $9.6 million in the same period last year. Operating lease revenue fell to $3.2 million, a 52% decrease from Q3 2019, with average portfolio utilization at 89%. Total operating expenses decreased by 64% from the previous quarter, largely due to asset impairments of $0.3 million. Book value per share dropped to $(2.35) compared to $19.48 a year ago.
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