Aerocentury Corporation (ACY) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $0.04 million, or $ 0.03 a share in the quarter, against a net profit of $3.08 million, or $1.99 a share in the last year period.
Revenue during the quarter plunged 39.40 percent to $7.72 million from $12.75 million in the previous year period. Gross margin for the quarter expanded 349 basis points over the previous year period to 90.76 percent. Total expenses were 99.88 percent of quarterly revenues, up from 61.79 percent for the same period last year. That has resulted in a contraction of 3809 basis points in operating margin to 0.12 percent.
Operating income for the quarter was $0.01 million, compared with $4.87 million in the previous year period.
�'AeroCentury made investments in leased assets totaling $69 million in the third quarter of 2016, the impact of which we are now seeing in the form of increasing operating lease revenue,�" said Michael G. Magnusson, chief executive officer. Operating lease revenue in the fourth quarter of 2016 was $7.4 million, reflecting an increase of 22% compared to operating lease revenue in the third quarter of 2016 of $6.1 million and an increase of 20%, compared to the fourth quarter of 2015 of $6.2 million.
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