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AIRLEASE LTD. ANNOUNCES THIRD QUARTER 1992 RESULTS

 AIRLEASE LTD. ANNOUNCES THIRD QUARTER 1992 RESULTS
 SAN FRANCISCO, Oct. 14 /PRNewswire/ -- Airlease Ltd. (NYSE: FLY), a


California Limited Partnership, said today that its third quarter net income was $1.57 million or 34 cents per unit, a decline of 4 percent from its third quarter 1991 net income of $1.64 million or 35 per unit. Earnings for the first nine months of 1992 were $4.3 million or 92 cents per unit, compared with last year's nine-month earnings of $5.6 million or $1.20 per unit.
 Revenues for the 1992 third quarter were $3.3 million, about the same as the prior year period. Revenues for the first nine-months of 1992 were $9.2 million, a decline of about 15 percent compared with revenues of $10.8 million a year ago.
 The NYSE-listed partnership (FLY) reported that the year-to-date decline in revenues and earnings continues to reflect the effect of three off-lease aircraft and reduced rental payments from Continental under a previously revised lease agreement. These adverse effects were partially offset by lower expenses and the lease of an aircraft to Finnair earlier this year.
 A spokesperson for the partnership also reported that Continental Airlines did not remit its monthly rental payment due Oct. 1 and has requested rent concessions on the seven 737-200 aircraft which are one- third owned by the partnership. The partnership is reviewing these requests and will take such action as it believes to be in the best interest of its partners. Continental represented almost 12 percent of year-to-date revenues and, at Sept. 30, 1992, accounted for 6.2 percent of total assets.
 The third quarter cash distribution of 42 cents per unit was declared on Sept. 9, 1992, to unitholders of record on Sept. 30, 1992, payable Nov. 13, 1992.
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 (unaudited) (unaudited)
 1992 1991 1992 1991
 (000) (000) (000) (000)
 Revenues $ 3,270 $ 3,324 $ 9,247 $10,813
 Expenses 1,700 1,688 4,967 5,200
 Net income 1,570 1,636 4,280 5,613
 Net income per
 limited partnership
 unit $ 0.34 $ 0.35 $ 0.92 $ 1.20
 Total units
 outstanding 4,625,000 4,625,000 4,625,000 4,625,000
 -0- 10/14/92
 /CONTACT: Nancy Riess of Airlease Ltd., 415-627-9300/
 (FLY) CO: Airlease Limited ST: California IN: TRN SU: ERN


TB -- SF012 -- 0142 10/14/92 19:05 EDT
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Date:Oct 14, 1992
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