AeroCentury reported a net loss of $1.4 million for the fourth quarter of 2013, compared to net income of $1.8 million for the fourth quarter of 2012. For the year ended December 31, 2013, the company reported net income of $3.2 million compared to net income of $5.2 million for the previous year.

Total revenues were $5.2 million and $32.2 million for the fourth quarter and year ended December 31, 2013, respectively, compared to total revenues of $8.0 million and $29.4 million, respectively, for the same periods a year ago.

The company said operating lease revenue was lower in the fourth quarter and year ended December 31, 2013 compared to the same periods a year ago primarily as a result of lower portfolio utilization and reduced revenue from assets for which the company does not record revenue in advance of cash receipt as a result of substantial uncertainty of collectability. The effects of these decreases were partially offset by increases in operating lease revenue from assets purchased during 2012 and 2013.

“The company diversified its portfolio through asset acquisitions and sales in 2013,” said Neal Crispin, president of AeroCentury. “A milestone in our diversification was the introduction of our first Bombardier Canadair CRJ700 series regional jet during the fourth quarter. In early 2014, we purchased three more CRJ700 series aircraft. At the same time, we disposed of some of the older aircraft in our portfolio. These asset acquisitions and dispositions will help us adjust and grow our portfolio of aircraft assets to meet the projected needs of the regional aircraft business, all with an eye toward long-term enhancement of value for our stockholders.”

To read the full AeroCentury news release, click here.