AeroCentury Corp. (ACY) has reported a 47.93 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $0.64 million, or $0.41 a share in the quarter, compared with $0.43 million, or $0.28 a share for the same period last year. Revenue during the quarter grew 27.55 percent to $7.95 million from $6.24 million in the previous year period. Gross margin for the quarter expanded 191 basis points over the previous year period to 96.78 percent. Total expenses were 90.11 percent of quarterly revenues, down from 94.15 percent for the same period last year. This has led to an improvement of 404 basis points in operating margin to 9.89 percent.
"We reached a milestone in the first quarter of 2017, with the addition of our first aircraft manufactured by Embraer, through a transaction in which we acquired three Embraer 145 regional jets in a sale-leaseback with a customer in the United Kingdom under direct financing leases," said Michael G. Magnusson, chief executive officer. "We also sold one older turboprop aircraft on a sales-type finance lease, generating a gain of $297,000 in the first quarter of 2017."
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