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AIRLEASE ANNOUNCES INCREASED FIRST QUARTER 1993 RESULTS AND THE RE-LEASE OF TWO 727-200 ADVANCED AIRCRAFT

 SAN FRANCISCO, April 28 /PRNewswire/ -- Airlease Ltd., A California Limited Partnership (NYSE: FLY) today reported higher first quarter 1993 revenues and net income. It also announced the re-lease of two 727s to Federal Express Corp. (NYSE: FDX).
 Net income from the 1993 first quarter was $1,379,000, compared with first quarter 1992 net income of $1,357,000. Revenues for the first quarter 1993 were $3.2 million, an increase of nine percent from last year's first quarter revenues of $2.9 million. Increased first quarter 1993 earnings and revenues largely reflect a full quarter's benefit from an aircraft acquisition which occurred after the close of the 1992 first quarter.
 An Airlease spokesperson reported that the two 727-200 advanced aircraft which had been in inventory over 15 months, have been leased to Federal Express Corp. for a term of 13 years. Receipt of semi-annual rental payments under the finance lease will begin in April 1994. The aircraft will be converted to Stage III freighters. Overall preparation and conversion costs will be about $8 million per aircraft, which will be recouped over the life of the lease.
 The first quarter cash distribution of 40 cents per unit was declared on March 12, 1993, to unitholders of record on March 31, 1993, payable May 14, 1993.
 AIRLEASE LTD.
 (Unaudited, in thousands)
 Three months
 Ended March 31: 1993 1992
 Revenues $ 3,168 $ 2,909
 Expenses 1,789 1,552
 Net income 1,379 1,357
 Net income allocated to
 limited partners 1,365 1,343
 Net income per limited
 partnership unit $ 0.30 $ 0.29
 Total units outstanding 4,671,717 4,671,717
 -0- 4/28/93
 /CONTACT: Nancy Riess of Airlease, 415-627-9300/
 (FLY FDX)


CO: Airlease Ltd.; Federal Express Corp. ST: California IN: AIR AUT SU: ERN

GT-SG -- SF012 -- 2275 04/28/93 16:46 EDT
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Publication:PR Newswire
Date:Apr 28, 1993
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