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AIRLEASE LTD. ANNOUNCES 1991 RESULTS

 AIRLEASE LTD. ANNOUNCES 1991 RESULTS
 SAN FRANCISCO, Jan. 29 /PRNewswire/ -- Airlease Ltd., (NYSE: FLY)


a California Limited Partnership, said today that its net income for 1991 was $7.4 million, or $1.57 per unit, a decline of 18.7 percent from 1990's net income of $9.1 million or $1.95 per unit. Fourth quarter 1991 net income was $1.7 million compared to $2.3 million in 1990. Revenues for 1991 were $14.1 million compared to $16.3 million in the prior year.
 The NYSE-listed partnership (FLY) reported that the decline in revenues and earnings was caused by a reduction or cessation of rent payments from aircraft leased to three airlines who are in bankruptcy. Bankruptcy proceedings led to restructured lease agreements as well as the return of three aircraft. The returned aircraft represent 8.3 percent of total year-end assets and 10.3 percent of 1991 lease revenues. The partnership owns 13 additional aircraft which are presently on lease to three airlines, one of which continues to operate under bankruptcy protection.
 Cash distributions declared for 1991 were $1.64 per unit, compared to the prior year's cash distributions of $2.49. The lower cash distribution reflected the reduced rental payments and anticipated expenses in connection with the partnership's troubled and bankrupt lessees, according to a spokesperson. The fourth quarter cash distribution of 42 cents per unit was declared in December and will be payable Feb. 14, 1992 to unitholders of record on Dec. 31, 1991. The current distribution reflects scheduled lease payments from aircraft presently on lease. Since inception, the partnership has distributed a total of $11.52 per unit.
 Airlease Ltd.
 A California Limited Partnership
 (unaudited, in thousands except per unit amounts)
 For the years ended Dec. 31
 1991 1990
 Revenues $14,062 $16,342
 Expenses 6,706 7,231
 Net Income $ 7,356 $ 9,111
 Net Income allocated to
 limited partners $ 7,282 $ 9,020
 Net Income per unit $ 1.57 $ 1.95
 Cash Distributions Declared $ 1.64 $ 2.49
 Units Outstanding 4,671,717 4,671,717
 For the quarters ended Dec. 31
 1991 1990
 Revenues $ 3,249 $ 4,057
 Expenses 1,506 1,747
 Net Income $ 1,743 $ 2,310
 Net Income allocated to
 limited partners $ 1,725 $ 2,287
 Net Income per unit $ 0.37 $ 0.49
 Cash Distribution Declared $ 0.42 $ 0.63
 Units Outstanding 4,671,717 4,671,717
 -0- 1/29/92
 /CONTACT: Nancy Riess of Airlease Ltd., 415-627-9300/
 (FLY) CO: Airlease Ltd. ST: Caifornia IN: AIR SU: ERN


DG -- SF007 -- 5001 01/29/92 18:40 EST
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Publication:PR Newswire
Date:Jan 29, 1992
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