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AerFi Completes Tender Offer for Indigo
December 16, 1999 - AerFi Group plc ("AerFi") today announced the successful completion of the tender offer launched through its indirect wholly owned subsidiary AerFi Sverige AB for all of the outstanding ordinary shares of Indigo Aviation AB ("Indigo" - NASDAQ: IAAB) at $13.00 per share, net to the seller in cash. The offer expired, as scheduled, at 12:00 midnight, New York City time, on Wednesday, December 15, 1999.
As of the expiration of the offer, based on preliminary information from the depositary for the offer, approximately 24.2% of the outstanding ordinary shares of Indigo have been tendered. AerFi has accepted for payment all validly tendered shares. Payment for the accepted shares will be made today, December 16, 1999.
In addition to accepting the Indigo ordinary shares tendered in the offer, AerFi subsequently completed its acquisition of approximately 72.7% of Indigo's ordinary shares pursuant to a share exchange and a share purchase agreement from certain Indigo shareholders in exchange for 21.8 million new AerFi ordinary shares and $30.0 million in cash. Certain Indigo shareholders also received 1.0 million warrants to acquire AerFi ordinary shares at $3.17 per share. As a result of the tender offer and of the share exchange and share purchase agreements AerFi owns an aggregate of approximately 96.9% of Indigo's ordinary shares.
AerFi will now take all actions required to commence a compulsory acquisition in accordance with applicable Swedish law in order to acquire all Indigo's ordinary shares not tendered in the tender offer and not acquired pursuant to the share exchange and share purchase agreements. Indigo's shares will be delisted from NASDAQ National Market System, where they are currently traded in the form of American Depositary Shares.
AerFi and Indigo will now proceed to combine the two companies to create one of the largest independent aircraft leasing entities in the world. Both AerFi and Indigo are leasing companies specializing in new technology commercial jet aircraft. As of September 30, 1999, the companies' combined fleets totalled 104 aircraft worth $2.3 billion, on lease to 57 airlines around the world. Of these aircraft, 33 are owned by AerCo Limited, a bankruptcy remote, special purpose company in which AerFi owns the subordinated debt and residual economic interest. AerFi is a privately-held Irish company with its headquarters in Shannon.
For further information please contact: AerFi Group plc Announces Unaudited Net Profit of $31 Million
Shannon, Ireland, November 11, 1999 - AerFi Group plc ("AerFi") announced unaudited net profit of $31m for the six months ended September 30, 1999 (1998: $26m net loss, after net exceptional charges of $57m) and the payment of a special interim dividend of $0.60 per ordinary share.
Revenues for the six months were $96m (1998: $97m), net interest income was $11m (1998: $3m) and net cash inflow from operating activities amounted to $Nil (1998: $107m).
Revenues for the six months include $45m of turnover relating to aircraft sales (1998: $5m). This increase in aircraft sales revenue arose due to AerFi's strategy of disposing of certain aircraft types to enable it to focus on its core fleet. Lease revenues and other turnover of $51m (1998: $92m) reflect the smaller fleet size following the transactions completed in late 1998. Net interest income increased by $8m due to lower interest costs and higher cash balances.
Shareholders' funds rose to $408m (1998: $293m). Borrowings amounted to $226m, a reduction of $211m on the prior year and cash balances rose to $471m (including restricted balances of $131m).
AerFi also announced that it proposes to pay on or about December 10, 1999, a special interim dividend of $0.60 per share (or $71.6m in total) to AerFi ordinary shareholders on the register on November 29, 1999.
Mr. Patrick Blaney, Chief Executive, commenting on the results and the special interim dividend, said:
"AerFi's results for the six months are in line with our expectations and reflect the robust structure of our business in the face of a more challenging industry environment. The sale of certain non-core aircraft types has continued very successfully in the last six months and has strengthened our liquidity to the point where we can now both pay this special interim dividend and continue to grow and develop the business in line with our long term strategy."
AerFi and Indigo Aviation AB also announced today an agreed merger between their two companies (see separate press release).
For further information please contact: Summary of Unaudited Financial Results for the Six Months Ended
September 30, 1999 Notes
Earnings before interest, tax, depreciation and amortisation.
Net profit after taxation, minority interest and exceptional items, for the six months ended September 30, 1998, includes net costs of $57m incurred in connection with the restructuring transaction with GE Capital, GE Capital Aviation Services and Texas Pacific Group.
The results for the six months ended September 30, 1999 include $7m of profits from its interest in its securitised assets (1998: $7.5m including $3m from Airplanes Group).
The reduction in cash inflow from operating activities to $Nil (1998: $107m) was mainly caused by increased restricted cash of $17m in connection with interest rate hedging activities, compared to a reduction of restricted cash and cash inflow on unwind of hedging instruments totalling $55m in the prior year. The reduction also reflects the smaller size of AerFi's aircraft fleet.
The cash balances at September 30, 1999 include restricted balances of US$131m (1998: US$122m). The combination will occur in two steps that are to occur at about the same time. The consummation of each step is not conditional upon the consummation of the other step.
In the first step, AerFi has agreed to acquire 5.9 million shares in Indigo from certain of its existing shareholders in exchange for 21.8 million new AerFi ordinary shares and 1.0 million warrants to acquire AerFi ordinary shares at $3.17 per share and thereafter, to acquire 2.3 million of Indigo's shares for $30.0 million in cash. These Indigo shareholders represent 72.7% of Indigo's common stock. Following this transaction, these Indigo shareholders will own 11.8% of AerFi's ordinary shares on a fully diluted basis.
In the second step, AerFi will commence a cash tender offer to acquire the balance of Indigo's common stock at $13.00 per share, for a total amount of $40.0 million. This represents a 14.9% premium to the last reported Indigo trading price on November 10, 1999. Indigo's board of directors has unanimously recommended that Indigo's shareholders accept the offer and tender their shares. The tender offer is subject to certain conditions, including certain regulatory approvals, and is expected to commence by November 17, 1999.
Both AerFi and Indigo are leasing companies specializing in new technology commercial jet aircraft. As of September 30, 1999 the companies' combined fleets totalled 104 aircraft worth $2.3 billion, on lease to 57 airlines around the world. Of these aircraft, 33 are owned by AerCo Limited, a bankruptcy remote, special purpose company in which AerFi owns the subordinated debt and residual economic interest. AerFi is a privately-held Irish company with its headquarters in Shannon. Indigo is a Swedish company with its headquarters in Malmö. American depositary shares representing Indigo's ordinary shares are traded on the NASDAQ National Market (ticker: IAAB). The last reported sale price of the common stock on November 10, 1999 was $11 5/16.
Patrick Blaney, CEO of AerFi, will be CEO of the enlarged company. John Evans, President and CEO of Indigo, will join AerFi's board and become CEO and President of AerFi's principal operating subsidiary based in Fort Lauderdale, USA. Karl-Axel Granlund, Indigo's Chairman and Edward Hansom, AerFi's CFO, will also join AerFi's board. Both AerFi and Indigo will continue to conduct business under their existing company names.
Commenting on the transactions, Patrick Blaney said: "I am delighted with this transaction, which combines the complementary skills of our two management teams and allows us to achieve the increased scale of operations that our increasingly competitive industry requires. John Evans has assembled a first class group of executives who have built a very successful business in recent years, delivering results that have consistently surpassed market expectations. Putting our two companies together creates a major independent aircraft lessor, with the market presence and financial strength to allow us to achieve much more together than we could separately."
John Evans added: "I too am enthusiastic about combining these two companies and the resulting outcome for the shareholders, employees and customers of both. Our increased size and financial resources will enable us to better serve the needs of our airline customers and further diversify our risks. This transaction creates a multi-national entity combining three cultures, which will provide a unique perspective in our global marketplace. Patrick Blaney and his team have done a remarkable job of restructuring AerFi and positioning it for a new beginning. Combined with Indigo's complementary management strengths and proven business strategy, Indigo and AerFi look forward to a bright future together."
Greenhill & Co., LLC acted as financial advisor to AerFi on the transaction and Bear, Stearns & Co. acted as financial advisor to Indigo.
The new AerFi shares to be issued in connection with the combination are not being, and may not be, offered to the public in the United States. This communication shall not constitute an offer to sell, or the solicitation of an offer to buy, AerFi ordinary shares and is being distributed in the United States for information purposes only.
AerFi also announced today its results for the six months to September 30, 1999, and that it proposes to pay on or about December 10, 1999 a special interim dividend of $0.60 per share to AerFi ordinary shareholders on the register on November 29, 1999. The total cash payment associated with this special interim dividend is expected to be $71.6 million (see separate press release).
For further information please contact: Earnings per share for the three months ended September 30, 1999 increased 35 percent to $0.42 per diluted share ($0.43 per basic share) compared to $0.31 per diluted share ($0.32 per basic share) for the three months ended September 30, 1998.
For the nine months ended September 30, 1999, net income increased 18 percent to $11.0 million from $9.4 million for the nine months ended September 30, 1998. Pre-tax income increased 14 percent to $14.9 million for the nine months ended September 30, 1999, compared to $13.1 million for the nine months ended September 30, 1998.
Indigo's third quarter aircraft rental revenues, net of rental expense associated with a lease-in/lease-out transaction, increased 96 percent to $25.1 million from $12.8 million in the third quarter of 1998. Total revenues increased 86 percent to $32.9 million in the third quarter of 1999 from $17.7 million in the third quarter of 1998.
For the nine months ended September 30, 1999, Indigo's aircraft rental revenues, net of rental expense, increased 95 percent to $65.6 million from $33.7 million for the nine months ended September 30, 1998. Total revenues increased 70 percent to $78.3 million for the nine months ended September 30, 1999, from $46.1 million for the nine months ended September 30, 1998.
With the net addition of thirteen aircraft from September 30, 1998 to September 30, 1999, the Company increased its lease income 117% to $10.7 million for the nine months ended September 30, 1999 from $4.9 million for the nine months ended September 30, 1998. Lease income is defined as lease rentals less rental expense, depreciation and interest expense. At the same time, the Company achieved sharply higher net lease margins (lease income divided by net lease rentals) during the first half of 1999 of 16.3% compared to 14.6% for the first three quarters of 1998.
Total assets grew 32 percent to $776 million at September 30, 1999 from $586 million at December 31, 1998. Similarly, total debt financing increased 36 percent to $616 million at September 30, 1999 from $453 million at December 31, 1998.
The interim results during the year are affected by the nature and timing of remarketing transactions (aircraft sales). The Company sold one aircraft in the third quarter of 1998 and two aircraft during the third quarter of 1999, with remarketing revenue remaining stable. For the first three quarters of 1999, the flight equipment marketing revenue was $1.7 million lower than the first three quarters of 1998.
"The third quarter of 1999 was another milestone for Indigo," said Brad Winograd, Indigo's Executive VP & Chief Financial Officer. "It was the most profitable quarter in our history. Our net income and earnings per share were up 35 percent and total revenues increased 86 percent. With the sale of two aircraft during the quarter, our remarketing income is right on target for the year; with one more aircraft, currently subject to a Letter of Intent, planned to be sold in the fourth quarter. Our record earnings were achieved despite a higher interest rate environment and costs associated with redeploying two aircraft redelivered by a troubled carrier during the quarter."
"During the quarter, Indigo acquired its first aircraft directly from Airbus Industrie, which was also the Company's first acquisition supported by the European Export Credit Agencies. The Company is currently in discussions with a number of parties for acquisition opportunities in the fourth quarter and we believe that we will end the year with at least forty aircraft."
"Indigo continues to be encouraged that our conservative business strategy of growth by selectively acquiring additional assets on an aircraft by aircraft basis has continued to provide consistent, predictable growth for the Company."
Significant third quarter developments included:
Delivered two (2) Boeing 737-200A aircraft to Frontier Airlines, Denver, CO on 51 month operating leases. Aircraft were previously operated by Winair Airlines, Salt Lake City, Utah, which ceased operations.
Entered into a lease-in, lease-out transaction with Air New Zealand for seven (7) Boeing 737-200A aircraft for thirty-seven months.
Purchased one (1) Airbus A320-200 aircraft from Airbus Industrie and placed it on a ten-year operating lease with China Northwest Airlines, Xi'an, China. This was the first aircraft that Indigo has purchased directly from Airbus Industrie and is Indigo's first acquisition supported by the Export Credit Agencies of Germany, France and the United Kingdom.
Signed lease for one (1) Boeing 737-300 aircraft with Frontier Airlines for sixty-five months. The aircraft is currently operated by Deutsche BA, Munich, Germany and is expected to be delivered in November 1999.
Signed lease for one (1) Boeing 737-200A aircraft with Royal Tongan Airlines, Pule'anga Tonga for twenty-eight months. The aircraft is currently operated by Air New Zealand and is expected to be delivered in November 1999.
Sold two (2) Boeing 737 aircraft to a subsidiary of Oasis International Leasing, Abu Dhabi, United Arab Emirates.
Indigo Aviation AB (publ.) is a Swedish limited liability company which engages primarily in acquiring and leasing narrowbody commercial jet aircraft to airlines throughout the world. Currently, Indigo's aircraft portfolio consists of 38 aircraft on lease to 23 airlines in 17 countries. Indigo also remarkets and sells commercial jet aircraft for its own account and selectively for airlines, financial institutions and other leasing companies.
Note: This press release contains forward-looking statements, which involve risks and uncertainties. Indigo Aviation's actual results could differ materially from those anticipated in these forward-looking statements. Factors that might cause or contribute to such differences include, among others, risks related to the ownership of aircraft, changes in economic and other conditions and the Company's ability to obtain financing and acquire additional aircraft. Investors are also directed to consider the other risks and uncertainties discussed in Indigo Aviation's Securities and Exchange Commission filings, including the Company's 20-F for the year ended December 31, 1998. Indigo Aviation undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contact:
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Indigo Aviation AB Announces Sale of Two Boeing 737 Aircraft Malmö, Sweden, September 17, 1999 -Indigo Aviation AB (NASDAQ: IAAB), today reported the sale of two Boeing 737 aircraft to an affiliate of Oasis International Leasing, based in Abu Dhabi, United Arab Emirates. One aircraft, a B737-400, was subject to lease with Virgin Express, S.A. (NASDAQ:VIRGY) and the other aircraft, a B737-300, was subject to lease with Go Fly, Ltd. (a subsidiary of British Airways, plc). The combined value of the deal was $50 million. "The sale of these aircraft continues our strategy of selectively marketing our older aircraft, increasing diversification by aircraft type and customer and reinvesting sales proceeds in younger, new technology aircraft," said John Evans, Indigo's President and CEO. Indigo Aviation AB (publ.) is a Swedish limited liability company which engages primarily in acquiring and leasing narrowbody commercial jet aircraft to airlines throughout the world. Currently, Indigo's aircraft portfolio consists of 38 aircraft on lease to 23 airlines in 17 countries. Indigo also remarkets and sells commercial jet aircraft for its own account and selectively for airlines, financial institutions and other leasing companies. Contact:
Indigo Aviation AB Reports Second Quarter Results Malmö, Sweden, July 29, 1999 - Indigo Aviation AB (NASDAQ: IAAB), today reported net income of $2.5 million for the three months ended June 30, 1999, compared to net income of $2.5 million for the three months ended June 30, 1998. Pre-tax income was $3.3 million for the three months ended June 30, 1999, compared to $3.5 million for the three months ended June 30, 1998. For the six months ended June 30, 1999, net income increased to $6.2 million, compared to net income of $5.8 million for the six months ended June 30, 1998. Pre-tax income was $8.1 million for the six months ended June 30, 1999, compared to $8.0 million for the six months ended June 30, 1998. Indigo's second quarter aircraft rental revenues increased 89 percent to $21.6 million from $11.4 million in the second quarter of 1998. Total revenues increased 59 percent to $23.2 million in the second quarter of 1999 from $14.6 million in the second quarter of 1998. For the six months ended June 30, 1999, Indigo's aircraft rental revenues increased 94 percent to $40.5 million from $20.9 million for the six months ended June 30, 1998. Total revenues increased 60 percent to $45.4 million for the six months ended June 30, 1999, from $28.4 million for the six months ended June 30, 1998. With the net addition of fifteen aircraft from June 30, 1998 to June 30, 1999, the Company increased its lease income 135% to $6.7 million for the six months ended June 30, 1999 from $2.9 million for the six months ended June 30, 1998. Lease income is defined as lease rentals minus depreciation and interest expense. At the same time the Company achieved sharply higher lease margins (lease income divided by lease rentals) during the first half of 1999 of 16.6% compared to 13.7% for the first half of 1998. The Company purchased $185 million worth of flight equipment during the quarter, a 31% increase to its portfolio of flight equipment under operating lease. Total assets grew to $785 million at June 30, 1999, a 94 percent increase over its total assets of $405 million at June 30, 1998. Similarly, total debt financing increased 116 percent to $635 million at June 30, 1999 from $294 million at June 30, 1998. The quarterly results are affected by the nature and timing of remarketing transactions (aircraft sales). The Company sold one aircraft in the second quarter of 1998 and sold its 32 percent interest in a joint venture owning two aircraft during the second quarter of 1999. Due to the size and nature of the aircraft sales, the gain on sale during 1999 was $1.0 million lower than the gain on sale in 1998. Similarly, for the first half of 1999, the flight equipment marketing revenue was $1.9 million lower than the first half of 1998. We are very pleased with our results for the second quarter of 1999," said Brad Winograd, Indigo's Executive VP & Chief Financial Officer. "It was the largest acquisition quarter in our history with the purchase of seven aircraft for $185 million, a 31% increase to our fleet of flight equipment. During the quarter, our rentals of flight equipment increased 89% year over year, which resulted in leasing income increasing 113%. Our remarketing income, although it fluctuates on a quarter to quarter basis, is right on target and with sales planned for the third and fourth quarters, we are comfortable that we will achieve our full year's goal. We have simplified our asset ownership with the sale of our interest in a joint venture company owning two aircraft and now have 100% ownership of all of our aircraft." Significant second quarter developments included:
Indigo Aviation AB (publ.) is a Swedish limited liability company which engages primarily in acquiring and leasing narrowbody commercial jet aircraft to airlines throughout the world. Currently, Indigo's aircraft portfolio consists of 40 aircraft on lease to 24 airlines in 17 countries. Indigo also remarkets and sells commercial jet aircraft for its own account and selectively for airlines, financial institutions and other leasing companies. Note: This press release contains forward-looking statements, which involve risks and uncertainties. Indigo Aviation's actual results could differ materially from those anticipated in these forward-looking statements. Factors that might cause or contribute to such differences include, among others, risks related to the ownership of aircraft, changes in economic and other conditions and the Company's ability to obtain financing and acquire additional aircraft. Investors are also directed to consider the other risks and uncertainties discussed in Indigo Aviation's Securities and Exchange Commission filings, including the Company's 20-F for the year ended December 31, 1998. Indigo Aviation undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Contact:
Indigo Aviation AB Announces Acquisition of New Airbus Aircraft and First ECA Supported Financing Malmö, Sweden, July 29, 1999 - Indigo Aviation AB (NASDAQ: IAAB), today reported the acquisition of a new Airbus aircraft purchased from Airbus Industrie and the Company's first ECA supported financing. The aircraft, an A320-200, was simultaneously delivered to China Northwest Airlines on a ten-year operating lease. This was the first acquisition by Indigo direct from Airbus. This purchase brings Indigo's fleet to 40 aircraft on lease to 24 airlines in 17 countries. China Northwest Airlines, a new Indigo customer, is owned by the Civil Aviation Administration of China, which in turn is controlled by the Government of China. This is the first Indigo transaction financed with the support of the Export Credit Agencies (ECAs) of France, Germany and the United Kingdom. Similar to the Exim Bank of the United States, the ECAs provide financial guarantees to assist in financing assets for export. The financing for this transaction was provided by a consortium of banks, with Credit Lyonnais acting as Agent and Lead Manager. "We are very excited to add another Airbus aircraft to our portfolio and to establish a relationship with our new customer, China Northwest," said Brad Winograd, Indigo's Executive VP and CFO. "We are also pleased that we were able to obtain the support of the ECAs which enabled us to achieve a lower financing cost. ECA supported financing gives Indigo additional financing options to acquire Airbus equipment." Indigo Aviation AB is a Swedish limited liability company which engages primarily in acquiring and leasing narrowbody commercial jet aircraft to airlines throughout the world. Currently, Indigo's aircraft portfolio consists of 40 aircraft on lease to 24 airlines in 17 countries. Indigo also remarkets and sells commercial jet aircraft for its own account and selectively for airlines, financial institutions and other leasing companies. Contact: Note: This press release contains forward-looking statements, which involve risks and uncertainties. Indigo Aviation's actual results could differ materially from those anticipated in these forward-looking statements. Factors that might cause or contribute to such differences include, among others, risks related to the ownership of aircraft, changes in economic and other conditions and the Company's ability to obtain financing and acquire additional aircraft. Investors are also directed to consider the other risks and uncertainties discussed in Indigo Aviation's Securities and Exchange Commission filings, including the Company's 20-F for the year ended December 31, 1998. Indigo Aviation undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Indigo Aviation AB Announces Redeployment of Two Aircraft and Purchase of Two Aircraft for $47 Million Malmö, Sweden, July 14, 1999 - Indigo Aviation AB (NASDAQ:IAAB), today reported the redeployment of two Boeing 737-200A aircraft to Frontier Airlines, Denver, CO (NASDAQ:FRNT), who will lease both aircraft for a term of 51 months. The aircraft were previously leased to Winair Airlines, Salt Lake City, UT. Indigo proactively terminated the leases with Winair in June, prior to scheduled expiry, when the Company determined that Winair's operation could not support the cost of the aircraft. Last week, Winair ceased operations. The aircraft are currently undergoing transitional maintenance and are scheduled for delivery to Frontier in July 1999. Frontier, who operates 19 aircraft from its Denver hub, just celebrated its fifth anniversary of operation. It also announced its most profitable year in history; net income of $30.6 million for the year ended March 31, 1999. Indigo also reported the purchase of two B737 aircraft during June for $47 million. The first aircraft, a 1992 Boeing 737-400, was purchased from Hapag Lloyd, Germany and placed on a five-year lease with Blue Panorama, a charter carrier based in Rome, Italy. This was the second aircraft that Blue Panorama leased from Indigo. The other aircraft purchased during June, a 1990 Boeing 737-300, was purchased from an affiliate of El Salvador based Grupo Taca and was placed on a six-year lease to Frontier Airlines. "We are very pleased about our expanding relationships with Frontier Airlines and Blue Panorama," said Brad Winograd, Indigo's Executive Vice President and CFO. "The aircraft leased to Frontier will replace older, less cost efficient aircraft in Frontier's operation and should help the airline continue to improve its profitable niche operations. The Blue Panorama aircraft is part of their planned expansion and should help them continue to develop profitable charter routes." "Indigo is also pleased with the minimal downtime to be incurred in the redeployment of the two Boeing 737-200A aircraft from a financially distressed carrier to a more financially sound one. The Company does not anticipate any negative earnings impact from this transition and the economic terms of the leases to Frontier are comparable to the terms of the prior leases with Winair." Indigo Aviation AB (publ.) is a Swedish limited liability company which engages primarily in acquiring and leasing narrowbody commercial jet aircraft to airlines throughout the world. Currently, Indigo's aircraft portfolio consists of 39 aircraft on lease to 23 airlines in 17 countries. Indigo also remarkets and sells commercial jet aircraft for its own account and selectively for airlines, financial institutions and other leasing companies. Contact: Note: This press release contains forward-looking statements, which involve risks and uncertainties. Indigo Aviation's actual results could differ materially from those anticipated in these forward-looking statements. Factors that might cause or contribute to such differences include, among others, risks related to the ownership of aircraft, changes in economic and other conditions and the Company's ability to obtain financing and acquire additional aircraft. Investors are also directed to consider the other risks and uncertainties discussed in Indigo Aviation's Securities and Exchange Commission filings, including the Company's 20-F for the year ended December 31, 1998. Indigo Aviation undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Indigo Aviation AB Announces Purchase of Three Aircraft for $93 Million Malmö, Sweden, June 10, 1999 - Indigo Aviation AB (NASDAQ:IAAB), today reported the purchase of a new B757-200 from Boeing Commercial Airplane Group. The aircraft was placed on an eighteen year operating lease to Trans World Airlines, St. Louis, MO. (AMEX:TWA), a new customer for Indigo. The deal was arranged by United Technologies Corporation (NYSE:UTX). This is the first aircraft that Indigo has purchased directly from the manufacturer and is the first of this type of aircraft in the Company's portfolio. The Company also reported the purchase of two 1989 built Boeing 737-400 aircraft from Braathens, ASA. The aircraft are subject to lease through 2004 with Virgin Express, S.A. (NASDAQ:VIRGY). This Belgium based carrier is partially owned by Virgin Travel, Ltd., which in turn is controlled by Richard Branson. This transaction expands on the Company's existing relationships with both Braathens and Virgin Express. The TWA aircraft and one of the Virgin Express aircraft were financed by First Union National Bank, Charlotte, NC pursuant to the previously announced $150 million aircraft acquisition facility. The second Virgin Express aircraft was financed by Nordbanken Finans, Stockholm, Sweden. Indigo Aviation AB (publ.) is a Swedish limited liability company which engages
primarily in acquiring and leasing narrowbody commercial jet aircraft to airlines
throughout the world. Currently, Indigo's aircraft portfolio consists of 37
aircraft on lease to 23 airlines in 17 countries. Indigo also remarkets and
sells commercial jet aircraft for its own account and selectively for airlines,
financial institutions and other leasing companies. Note: This press release contains forward-looking statements, which involve risks and uncertainties. Indigo Aviation's actual results could differ materially from those anticipated in these forward-looking statements. Factors that might cause or contribute to such differences include, among others, risks related to the ownership of aircraft, changes in economic and other conditions and the Company's ability to obtain financing and acquire additional aircraft. Investors are also directed to consider the other risks and uncertainties discussed in Indigo Aviation's Securities and Exchange Commission filings, including the Company's 20-F for the year ended December 31, 1998. Indigo Aviation undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Indigo Aviation AB Reports First Quarter Results Announces Purchase Commitments for Seven Aircraft for $173 Million Malmö, Sweden, May 6, 1999 - Indigo Aviation AB (NASDAQ: IAAB), today reported net income of $3.7 million for the three months ended March 31, 1999, compared to its net income of $3.3 million for the three months ended March 31, 1998. Pre-tax income increased to $4.9 million for the three months ended March 31, 1999, up from $4.5 million for the three months ended March 31, 1998. Indigo's first quarter aircraft rental revenues increased 100 percent to $18.9 million from $9.5 million in the first quarter of 1998. Total revenues increased 61 percent to $20.3 million in the first quarter of 1999 from $13.8 million in the first quarter of 1998. With the net addition of twelve aircraft from March 31, 1998 to March 31, 1999, the Company increased its lease income 166% to $3.2 million for the three months ended March 31, 1999 from $1.2 million for the three months ended March 31, 1998. Lease income is defined as lease rentals minus depreciation and interest expense. At the same time the Company achieved sharply higher lease margins (lease income divided by lease rentals) during the first quarter of 1999 of 16.8% compared to 12.6% for the first quarter of 1998. The Company also announced agreements signed during the first quarter of 1999 to purchase seven aircraft from four different parties for a combined value of $173 million. Three of these aircraft were purchased during April 1999 and the remaining four are scheduled to be purchased during the second and third quarters of 1999. The Company now has purchase commitments over the next eleven months for seven aircraft with a combined value of $223 million. The Company's April 1998 Initial Public Offering resulted in the weighted average number of shares outstanding increasing by 44 percent in 1999 compared to 1998. Therefore as expected, earnings per share decreased to $0.33 per basic share and $0.32 per diluted share for the three months ended March 31, 1999 versus $0.42 per basic and diluted share for the three months ended March 31, 1998. The new equity enabled Indigo to increase the size and diversity of its aircraft lease portfolio, with total assets growing to $614 million at March 31, 1999, a 100 percent increase over its total assets of $307 million at March 31, 1998. Similarly, total debt financing increased to $474 million at March 31, 1999 from $239 million at March 31, 1998. During the first quarter of 1999, total assets and total debt financing grew five percent from December 31, 1998. The quarterly results are affected by the nature and timing of remarketing transactions (aircraft sales). The Company sold one aircraft in the first quarter of each year but due to the size and nature of the aircraft sale, the gain on sale during 1998 was $849,000 higher than the gain on sale in 1999. "During the first quarter, we achieved several milestones," said John Evans, Indigo's President & Chief Executive Officer. "We purchased our first new A320 aircraft which was placed on a seven year lease to a new Indigo customer British Midland. We sold one of our oldest aircraft, a nineteen year old B737-200, which demonstrates our continuing strategy of remarketing the older aircraft from our portfolio and reinvesting in young, newer technology aircraft. We also increased our revenue base in the North American market with the acquisition of two MD-82 aircraft leased to Reno Air (a subsidiary of American Airlines) and placement of a B737-300 on lease to Frontier Airlines." "During the quarter we saw a significant number of excellent investment opportunities, many of which came from existing Indigo customers. We currently have commitments to acquire seven aircraft during the next eleven months, with a combined value of $223 million, which are committed on lease to seven airlines in six countries which should help to secure future growth and further diversification of risk." "We also strengthened our financial resources and enhanced our ability to react to market opportunities by completing a $150 million aircraft acquisition facility with First Union National Bank. This facility provides Indigo with flexible, attractively priced financing which will be used for a number of our aircraft purchase commitments."
Significant first quarter developments included:
Indigo Aviation AB is a Swedish limited liability company which engages primarily in acquiring and leasing narrowbody commercial jet aircraft to airlines throughout the world. Currently, Indigo's aircraft portfolio consists of 35 aircraft on lease to 23 airlines in 17 countries. Indigo, also remarkets and sells commercial jet aircraft for its own account and selectively for airlines, financial institutions and other leasing companies. Note: This press release contains forward-looking statements, which involve risks and uncertainties. Indigo Aviation's actual results could differ materially from those anticipated in these forward-looking statements. Factors that might cause or contribute to such differences include, among others, risks related to the ownership of aircraft, changes in economic and other conditions and the Company's ability to obtain financing and acquire additional aircraft. Investors are also directed to consider the other risks and uncertainties discussed in Indigo Aviation's Securities and Exchange Commission filings, including the Company's 20-F for the year ended December 31, 1998. Indigo Aviation undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contacts:
Indigo Aviation AB Announces Purchase of Two MD-82 Aircraft on Lease to Reno Air, a Subsidiary of American Airlines and the Re-Lease of a B737-300 to Frontier Airlines Malmö, Sweden, April 9, 1999 - Indigo Aviation AB (NASDAQ:IAAB), today reported the purchase of two 1990 built Boeing MD-82 aircraft subject to lease through 2001 with Reno Air, Reno, NV, a subsidiary of American Airlines, Dallas, TX (NYSE:AMR), from EDS Capital Markets, Plano, TX. The Company also reported the re-lease of a 1992 built Boeing 737-300 for five and a half years to Frontier Airlines, Denver, CO (NASDAQ:FRNT). The aircraft had previously been leased to Maersk Air, Denmark and subleased to Deutsche BA, Germany. All three aircraft are financed by First Union National Bank, Charlotte, NC pursuant to the previously announced $150 million aircraft acquisition facility. "These transactions underscore our commitment to increasing Indigo's share in the North American commercial aviation market and to further diversify our portfolio by aircraft type and geographic region," said John Evans, Indigo's President and CEO. "The North American market accounted for only about 5% of our rentals during 1998 but with these transactions and our other recent activity, we expect North America to contribute approximately 20% of our aircraft rental revenues by the end of 1999. In addition, Indigo's overall portfolio creditworthiness has been enhanced by adding Reno Air as a customer. Reno was recently acquired by American Airlines, one of the largest and most profitable airlines in the world. We are also very pleased with our expanding relationship with Frontier Airlines, a growing and profitable niche operator in the Denver area." Indigo Aviation AB (publ.) is a Swedish limited liability company which engages primarily in acquiring and leasing narrowbody commercial jet aircraft to airlines throughout the world. Currently, Indigo's aircraft portfolio consists of 36 aircraft on lease to 23 airlines in 17 countries. Indigo also remarkets and sells commercial jet aircraft for its own account and selectively for airlines, financial institutions and other leasing companies. Contact: John Evans, President and CEO or
Indigo Aviation AB Announces Sale of a Boeing 737-200 Aircraft Malmö, Sweden, April 8, 1999 - Indigo Aviation AB (NASDAQ:IAAB), today reported the sale of a 1980 vintage B737-200 aircraft subject to lease with Southwest Airlines, Dallas TX (NYSE:LUV), to ATEL Leasing Corporation, San Francisco, CA. "The sale of this aircraft continues our strategy of selectively marketing the older aircraft in our portfolio and reinvesting sales proceeds in younger, new technology aircraft," said John Evans, Indigo's President and CEO. Indigo Aviation AB (publ.) is a Swedish limited liability company which engages primarily in acquiring and leasing narrowbody commercial jet aircraft to airlines throughout the world. Currently, Indigo's aircraft portfolio consists of 36 aircraft on lease to 23 airlines in 17 countries. Indigo also remarkets and sells commercial jet aircraft for its own account and selectively for airlines, financial institutions and other leasing companies. Contact: John Evans, President and CEO or Bradley M. Winograd, Exec. VP and CFO Indigo Aviation 954-760-7777
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| Indigo Aviation AB Announces $150 million Aircraft Acquisition Facility Malmö, Sweden, April 7, 1999 - Indigo Aviation AB (NASDAQ:IAAB), today reported signing a $150 million aircraft acquisition facility with First Union National Bank, Charlotte, NC. The facility was structured by First Union Capital Markets Corp. The facility will be used to purchase additional aircraft for Indigo's portfolio as well as refinancing certain aircraft from the Company's existing portfolio. "This facility provides flexible committed funding to Indigo at attractive terms," said Brad Winograd, Indigo's Executive VP and CFO, "First Union has provided Indigo a structure which enables us to act quicker to opportunities in the market and allows us the flexibility needed to continue our aircraft acquisition strategy." Indigo Aviation AB (publ.) is a Swedish limited liability company which engages primarily in acquiring and leasing narrowbody commercial jet aircraft to airlines throughout the world. Currently, Indigo's aircraft portfolio consists of 34 aircraft on lease to 22 airlines in 17 countries. Indigo also remarkets and sells commercial jet aircraft for its own account and selectively for airlines, financial institutions and other leasing companies. First Union Capital Markets Corp. is a separate broker-dealer, non-bank affiliate of First Union Corp. (NYSE:FTU). First Union Capital Markets Corp., a member of the New York Stock Exchange, Inc., the National Association of Securities Dealers, Inc. and the Securities Investor Protection Corp., provides a full range of investment banking products and services including asset-backed finance, public finance, syndicated loans, private finance, equity underwriting and investment grade and high-yield debt financing. First Union Capital Markets Corp. offers M&A advisory services through its Bowles Hollowell Conner division. First Union National Bank is a banking subsidiary of First Union Corporation and an affiliate of First Union Capital Markets Corp. Charlotte-based First Union Corp. (NYSE:FTU) is the sixth-largest bank holding company in the United States with assets of about $237 billion and total stockholders' equity of $17.4 billion at December 31, 1998. The company serves approximately 16 million retail and corporate customers throughout the East Coast and nation. Contact: John Evans, President and CEO or Bradley M. Winograd, Exec VP and CFO Indigo Aviation 954-760-7777
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| Indigo Aviation AB Announces Change in NASDAQ Trading Symbol Malmö, Sweden, March 22, 1999 - Indigo Aviation AB (NASDAQ: IAABY),today reported the change of its trading symbol to IAAB. The change is being made pursuant to a change in NASDAQ rules which allows foreign listed companies to drop the "Y" designation from their symbols. This new symbol becomes effective Tuesday, March 23, 1999. Indigo Aviation AB is a Swedish limited liability company which engages primarily in acquiring and leasing narrowbody commercial jet aircraft to airlines throughout the world. Currently, Indigo's aircraft portfolio consists of 35 aircraft on lease to 22 airlines in 17 countries. Indigo, also remarkets and sells commercial jet aircraft for its own account and selectively for airlines, financial institutions and other leasing companies. Contact: John Evans, President and CEO or Bradley M. Winograd, Exec VP and CFO Indigo Aviation 954-760-7777
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Indigo Aviation AB Reports Fourth Quarter and Year End 1998 Results; 1998 Net Income Increases 46% Malmö, Sweden, February 2, 1999 - Indigo Aviation AB (NASDAQ: IAABY),today reported net income of $11.1 million for the twelve months ended December 31, 1998, a 46 percent increase over its net income of $7.6 million for the twelve months ended December 31, 1997. Pre-tax income increased 47 percent, to $15.5 million for the twelve months ended December 31, 1998, up from $10.6 million for the twelve months ended December 31, 1997. For the twelve months ended December 31, 1998, aircraft rental revenues increased 62 percent to $49.9 million from $30.7 million for the twelve months ended December 31, 1997. Total revenues increased 56 percent to $63.4 million from $40.6 million for the twelve months ended December 31, 1997. The Company's private equity issuances during the second half of 1997 combined with its Initial Public Offering in April 1998 resulted in the weighted average number of shares outstanding increasing by 68 percent (basic) and 67 percent (diluted) in 1998 compared to 1997. Therefore as expected, earnings per share decreased to $1.09 per basic share and $1.07 per diluted share for the twelve months ended December 31, 1998 versus $1.26 per basic share and $1.23 per diluted share for the twelve months ended December 31, 1997. This new equity enabled Indigo to increase the size and diversity of its aircraft lease portfolio, with total assets growing to $586 million at December 31, 1998, a 92 percent increase over its total assets of $305 million at December 31, 1997. Total debt financing increased to $453 million at December 31, 1998 from $241 million at December 31, 1997. Fourth quarter 1998 net income was $1.7 million ($0.15 per basic and diluted share), compared with $2.4 million ($0.34 per basic and diluted share) for the fourth quarter 1997. Pre-tax income was $2.4 million in the fourth quarter of 1998 compared to $3.5 million in the fourth quarter of 1997. The quarterly results are affected by the timing of remarketing transactions (aircraft sales). The higher numbers in the fourth quarter of 1997 reflect the sale of one aircraft which resulted in a gain of $2.8 million. During 1998, the Company had already met its remarketing objectives by the third quarter and did not sell any aircraft in the fourth quarter, focusing instead on growing its core leasing income by adding seven aircraft to its portfolio during the quarter. Indigo's fourth quarter aircraft rental revenues increased 74 percent to $16.2 million from $9.3 million in the fourth quarter 1997. Total revenues increased 35 percent to $17.4 million in the fourth quarter of 1998 from $12.8 million in the fourth quarter of 1997. "The fourth quarter of 1998 was the most active quarter in our history in terms of fleet expansion," said John Evans, Indigo's President & Chief Executive Officer. "We purchased seven aircraft for $166 million, a 45% increase in the size of our portfolio from the prior quarter. Among the aircraft we added were Indigo's first new aircraft, two Boeing model 737-300's which were committed on a five-year sale and leaseback arrangement with Air New Zealand. The seven aircraft acquired during the quarter are leased on terms ranging from two to six years. These additions were selected based upon our diversification strategy and return criteria, helping to further solidify and grow our core leasing income." "During 1998, we overcame economic turmoil in various regions of the world and selectively took advantage of favorable investment opportunities in those markets. We continue to benefit from the low interest rate environment, reducing our blended borrowing costs to just below 7% as of December 31, 1998. We also increased our funding sources, establishing commercial banking relationships with four new lenders during the quarter." "1998 was an dynamic year for Indigo. In addition to the successful completion of our IPO in April, we purchased thirteen aircraft during the year and sold two for a net increase of eleven aircraft in our portfolio. We recovered four aircraft from Indonesian carriers and placed them on lease to four different airline customers. We also brokered the sale of three aircraft and placed five aircraft on lease on behalf of other institutions and airline customers. Throughout the year we continued to build a solid team of professionals, which has well over 100 years of combined experience in commercial aviation. With this team, our established earnings base and a diversified aircraft lease portfolio, Indigo is well positioned to continue its vibrant growth during 1999." Other significant fourth quarter developments include:
Indigo Aviation AB is a Swedish limited liability company which engages primarily in acquiring and leasing narrowbody commercial jet aircraft to airlines throughout the world. Currently, Indigo's aircraft portfolio consists of 35 aircraft on lease to 23 airlines in 17 countries. Indigo, also remarkets and sells commercial jet aircraft for its own account and selectively for airlines, financial institutions and other leasing companies. Note: This press release contains forward-looking statements, which involve risks and uncertainties. Indigo Aviation's actual results could differ materially from those anticipated in these forward-looking statements. Factors that might cause or contribute to such differences include, among others, risks related to the ownership of aircraft, changes in economic and other conditions and the Company's ability to obtain financing and acquire additional aircraft. Investors are also directed to consider the other risks and uncertainties discussed in Indigo Aviation's Securities and Exchange Commission filings, including the Company's Prospectus dated April 9, 1998. Indigo Aviation undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Contact: John Evans, CEO or Bradley M. Winograd, CFO Indigo Aviation AB 954-760-7777 Leslie Creutzfeldt Wolf The Anne McBride Co. 212-983-1702 Financial Tables Follow 
| Indigo Aviation AB Announces Acquisition of its First New Airbus Aircraft An Airbus A320-200 on Lease to British Midland Airways Malmö, Sweden, January 28, 1999 - Indigo Aviation AB (NASDAQ: IAABY),today reported the purchase of its first new Airbus aircraft. The purchase brings Indigo's fleet to 35 aircraft on lease to 23 airlines in 17 countries. The Airbus 320 aircraft was purchased from and leased back to British Midland Airways ("BMA") for seven years, after delivery from Airbus Industrie. BMA, the East Midland based airline, is one of the largest airlines in the United Kingdom and is partially owned by Scandinavian Airlines System (SAS). This aircraft was the first A320 delivered to BMA. Indigo will also purchase a new A321-200 aircraft in March 2000 and lease it back to BMA for seven years. "We are very excited to add this first new Airbus aircraft to our portfolio, especially in a long term transaction involving British Midland, one of the premier airlines in Europe," said John Evans, Indigo's President and Chief Executive Officer. "Airbus has reached its goal of attaining about half of the new orders for narrowbody aircraft, which bodes well for the future residual value of the A320 family of aircraft. We will continue to pursue opportunities to add additional Airbus narrowbody aircraft to our fleet." Indigo Aviation AB is a Swedish limited liability company which engages primarily in acquiring and leasing narrowbody commercial jet aircraft to airlines throughout the world. Currently, Indigo's aircraft portfolio consists of 35 aircraft on lease to 23 airlines in 17 countries. Indigo, also remarkets and sells commercial jet aircraft for its own account and selectively for airlines, financial institutions and other leasing companies. Note: This press release contains forward-looking statements, which involve risks and uncertainties. Indigo Aviation's actual results could differ materially from those anticipated in these forward-looking statements. Factors that might cause or contribute to such differences include, among others, risks related to the ownership of aircraft, changes in economic and other conditions and the Company's ability to obtain financing and acquire additional aircraft. Investors are also directed to consider the other risks and uncertainties discussed in Indigo Aviation's Securities and Exchange Commission filings, including the Company's Prospectus dated April 9, 1998. Indigo Aviation undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Contact: John Evans, President and CEO or Bradley M. Winograd, VP finance and CFO Indigo Aviation AB 954-760-7777 Leslie Creutzfeldt Wolf The Anne McBride Co. 212-983-1702
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| Indigo Aviation AB Announces Acquisition of its First New Aircraft Two Boeing 737-300's Malmö, Sweden, December 21, 1998 - Indigo Aviation AB (NASDAQ: IAABY), today reported the purchase of its first two new aircraft. The purchase brings Indigo's fleet to 34 aircraft on lease to 21 airlines in 17 countries. The two B737-300 aircraft were purchased pursuant to a five-year sale-leaseback arrangement with Air New Zealand, the flag carrier of New Zealand, who purchased the aircraft from the Boeing Corporation. KBC Aerospace Finance, Ireland was the arranger for the banks who provided the debt financing to Indigo. The aircraft are currently being subleased to Frontier Airlines, Denver, CO and Winair, Salt Lake City, UT for a term of between sixteen and twenty-two months. At the end of the sublease period, it is intended that the aircraft will enter Air New Zealand's domestic operation, replacing B737-200ADV aircraft. "It is especially fitting that the addition of our first new aircraft involves Air New Zealand, Indigo's largest and longest-standing customer. We are very pleased that we could provide a custom tailored solution for Air New Zealand which is in line with our business philosophy of cultivating strong, enduring relationships with our airline customers," said John Evans, Indigo's President and Chief Executive Officer. "With our portfolio now standing at 34 aircraft, we have not only exceeded our expectations for fleet growth in 1998 but have also accelerated our anticipated acquisitions for 1999. With this transaction, during 1998 Indigo has now completed the purchase of thirteen aircraft, the sale of two aircraft, remarketing of three aircraft on behalf of other institutions and the movement of five aircraft from our existing fleet to new customers. With this fleet development, in addition to our IPO in April, Indigo is very pleased with its growth during 1998 and we are very excited about the opportunities in 1999." Indigo Aviation AB is a Swedish limited liability company which engages primarily in acquiring and leasing narrowbody commercial jet aircraft to airlines throughout the world. Currently, Indigo's aircraft portfolio consists of 34 aircraft on lease to 21 airlines in 17 countries. Indigo also remarkets and sells commercial jet aircraft for its own account and selectively for airlines, financial institutions and other leasing companies. Note: This press release contains forward-looking statements, which involve risks and uncertainties. Indigo Aviation's actual results could differ materially from those anticipated in these forward-looking statements. Factors that might cause or contribute to such differences include, among others, risks related to the ownership of aircraft, changes in economic and other conditions and the Company's ability to obtain financing and acquire additional aircraft. Investors are also directed to consider the other risks and uncertainties discussed in Indigo Aviation's Securities and Exchange Commission filings, including the Company's Prospectus dated April 9, 1998. Indigo Aviation undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Contact: John Evans, President and CEO or Bradley M. Winograd, VP finance and CFO Indigo Aviation AB 954-760-7777 Leslie Creutzfeldt Wolf The Anne McBride Co. 212-983-1702
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Indigo Aviation AB Announces Acquisition of Two Aircraft Malmö, Sweden, December 18, 1998 - Indigo Aviation AB (NASDAQ: IAABY), today reported the purchase of two additional aircraft. These two acquisitions bring Indigo's portfolio to a total of 32 aircraft on lease to 21 airlines in 17 countries. The first, a Boeing 737-400, is on lease through March 2003 to Istanbul Airlines, Turkey. Istanbul, a scheduled and charter carrier, is the second largest airline in Turkey. The second, also a Boeing 737-400, is on lease until December 2003 to Blue Panorama, Italy. Blue Panorama, a new charter carrier based in Rome, is a subsidiary of the tour operators Distal and the ITR Group. "These newest additions to the Indigo fleet continues the Company's core strategy of growth and portfolio diversification. We feel that the B737-400 will continue to maintain its appeal among the world's airlines, especially charter carriers. Istanbul and Blue Panorama, both new customers to Indigo, also give us our first customers in the growing Turkish and Italian markets," said John Evans, Indigo's President and Chief Executive Officer. "We have now exceeded our expectations for fleet expansion in 1998 and we continue to see many opportunities in the market. We remain excited about the potential for continued profitable growth." Indigo Aviation AB is a Swedish limited liability company which engages primarily in acquiring and leasing narrowbody commercial jet aircraft to airlines throughout the world. Currently, Indigo's aircraft portfolio consists of 32 aircraft on lease to 21 airlines in 17 countries. Indigo also remarkets and sells commercial jet aircraft for its own account and selectively for airlines, financial institutions and other leasing companies. Note: This press release contains forward-looking statements, which involve risks and uncertainties. Indigo Aviation's actual results could differ materially from those anticipated in these forward-looking statements. Factors that might cause or contribute to such differences include, among others, risks related to the ownership of aircraft, changes in economic and other conditions and the Company's ability to obtain financing and acquire additional aircraft. Investors are also directed to consider the other risks and uncertainties discussed in Indigo Aviation's Securities and Exchange Commission filings, including the Company's Prospectus dated April 9, 1998. Indigo Aviation undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Contact: John Evans, President and CEO or Bradley M. Winograd, VP finance and CFO Indigo Aviation AB 954-760-7777 Leslie Creutzfeldt Wolf The Anne McBride Co. 212-983-1702
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| Indigo Aviation AB's Fleet Soars to 30 Aircraft Malmö, Sweden, November 3, 1998 - Indigo Aviation AB (NASDAQ: IAABY), today reported the purchase of two additional aircraft. The first, a Boeing 737-300, is on lease through November 2000 to Delta Airlines, Atlanta, GA. Delta is one of the largest and most profitable airlines in the world. The second, a McDonnell Douglas MD-82, is on lease until October 2003 to Spanair, Palma de Mallorca, Spain. Spanair, one of Spain's largest airlines, is 49% owned by Scandinavian Airlines Systems (SAS). The value of these two acquisitions was approximately $33 million and brings Indigo's portfolio to a total of 30 aircraft on lease to 19 airlines in 15 countries. Indigo also acted as advisor to The NSJ Group, Inc., a wholly-owned subsidiary of UniCapital Corporation (NYSE: UCP), on their purchase of two Airbus A320 aircraft. "These newest additions to the Indigo fleet, both new customers for Indigo, continues the Company's core strategy of growth and portfolio diversification," said John Evans, Indigo's President and Chief Executive Officer. "It also furthers Indigo's presence in the U.S. market. We continue to see many opportunities in the market for buying and selling aircraft and are excited about the potential for continued profitable growth for Indigo." Indigo Aviation AB is a Swedish limited liability company which engages primarily in acquiring and leasing narrowbody commercial jet aircraft to airlines throughout the world. Currently, Indigo's aircraft portfolio consists of 30 aircraft on lease to 19 airlines in 15 countries. Indigo also remarkets and sells commercial jet aircraft for its own account and selectively for airlines, financial institutions and other leasing companies. Note: This press release contains forward-looking statements, which involve risks and uncertainties. Indigo Aviation's actual results could differ materially from those anticipated in these forward-looking statements. Factors that might cause or contribute to such differences include, among others, risks related to the ownership of aircraft, changes in economic and other conditions and the Company's ability to obtain financing and acquire additional aircraft. Investors are also directed to consider the other risks and uncertainties discussed in Indigo Aviation's Securities and Exchange Commission filings, including the Company's Prospectus dated April 9, 1998. Indigo Aviation undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Contact: John Evans, President and CEO or Bradley M. Winograd, VP finance and CFO Indigo Aviation AB 954-760-7777 Leslie Creutzfeldt Wolf The Anne McBride Co. 212-983-1702
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Indigo Aviation AB Reports Record Third Quarter 1998 Results; Announces Agreements to Purchase Four Aircraft Malmö, Sweden, October 28, 1998 - Indigo Aviation AB (NASDAQ: IAABY), today reported that third quarter 1998 net income rose 12 percent to $3.6 million ($0.32 per basic share and $0.31 per diluted share), compared with $3.2 million ($0.49 per basic share and $0.48 per diluted share) for the third quarter of 1997. Pre-tax income rose 13 percent to $5.0 million in the third quarter of 1998 from $4.5 million in the third quarter of 1997. For the nine months ended September 30, 1998 net income rose 78 percent to $9.4 million ($0.95 per basic share and $0.93 per diluted share) compared to $5.3 million ($0.90 per basic and diluted share) for the nine months ended September 30, 1997. Pre-tax income rose 84 percent to $13.1 million for the nine months ended September 30, 1998 from $7.1 million for the nine months ended September 30, 1997. Although net income for the three and nine months ended September 30, 1998 increased substantially over the prior year, the earnings per share amounts were affected by the increased number of shares outstanding during 1998 due primarily to the Companys April 1998 Initial Public Offering. Indigo Aviation's third quarter aircraft rental revenues increased 62 percent to $12.8 million from $7.9 million in the third quarter of 1997. Total revenues increased 45 percent to $17.7 million in the third quarter of 1998 from $12.2 million in the third quarter of 1997. For the nine months ended September 30, 1998, aircraft rental revenues increased 57 percent to $33.7 million from $21.4 million for the nine months ended September 30, 1997. Total revenues increased 66 percent to $46.1 million from $27.8 million for the nine months ended September 30, 1997. "The third quarter of 1998 was another exciting quarter for Indigo," says John Evans, Indigo's President and Chief Executive Officer, " it was the most profitable quarter in our history and our financial results for both the quarter and the nine months to date continue to exceed our expectations, despite economic turmoil in Asia, Russia and Latin America." "During August, we purchased our first Airbus aircraft, an A320 on lease to Caledonian Airways, U.K., which continues our portfolio diversification by aircraft type. In October we purchased a second A320 on lease to Caledonian. With Airbus currently achieving approximately 50% of the market share for new narrowbody aircraft, we feel that adding this aircraft type to our fleet helps keep Indigo's portfolio reflective of demand evidenced by the worlds airlines. Other transactions completed in the third quarter included the purchase of a B737-300 on lease to China Southern Airlines, China and the sale a B737-300 on lease to Transbrasil, Brazil." "In addition, during the third quarter we signed agreements to purchase four additional aircraft, three scheduled to be purchased in the fourth quarter of 1998 and one in the first quarter of 1999. With these commitments, our portfolio at the end of the year should be comprised of 32 aircraft on lease to 21 airlines in 17 countries. With our current commitments, we are optimistic about Indigo's growth for the remainder of 1998 and the value this will add for our shareholders. In addition, we achieved our full year 1998 remarketing goal during the third quarter with the sale of our Transbrasil aircraft and are now focusing our remarketing effort on 1999 transactions." At September 30, 1998, Indigo Aviation's total assets were $434 million compared to $305 million at December 31, 1997. Total debt financing increased to $315 million at September 30, 1998 from $241 million at December 31, 1997. Other significant third quarter developments include:
Indigo Aviation AB is a Swedish limited liability company which engages primarily in acquiring and leasing narrowbody commercial jet aircraft to airlines throughout the world. Currently, Indigo's aircraft portfolio consists of 28 aircraft on lease to 17 airlines in 14 countries. Indigo, also remarkets and sells commercial jet aircraft for its own account and selectively for airlines, financial institutions and other leasing companies. Note: This press release contains forward-looking statements, which involve risks and uncertainties. Indigo Aviation's actual results could differ materially from those anticipated in these forward-looking statements. Factors that might cause or contribute to such differences include, among others, risks related to the ownership of aircraft, changes in economic and other conditions and the Company's ability to obtain financing and acquire additional aircraft. Investors are also directed to consider the other risks and uncertainties discussed in Indigo Aviation's Securities and Exchange Commission filings, including the Company's Prospectus dated April 9, 1998. Indigo Aviation undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Contact: John Evans, President and CEO or Bradley M. Winograd, VP finance and CFO Indigo Aviation AB 954-760-7777 Leslie Creutzfeldt Wolf The Anne McBride Co. 212-983-1702 Financial Tables Follow 
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Indigo Aviation AB Announces New Acquisitions Including First Airbus Aircraft Malmö, Sweden, September 1, 1998 -Indigo Aviation AB (NASDAQ: IAABY), today reported the addition of a 1993 Boeing 737-300 aircraft to its fleet. The aircraft was purchased from a Japanese institution and is leased to China Southern Airlines Limited until February 2002. China Southern is one of China's largest airlines and its shares are traded on the New York Stock Exchange under the trading symbol "ZNH". In a separate transaction, Indigo announced the acquisition of its first Airbus aircraft. This 1993 Airbus A320-200 was purchased from a Japanese institution and is leased to Caledonian Airways Limited, United Kingdom, until October 2004, with a guaranty provided by Carlson Leisure Group (UK). Caledonian Airways, a UK charter airline, is an indirect wholly-owned subsidiary of Carlson Companies, Inc., Minneapolis, MN, one of the world's largest travel companies. The value of these two acquisitions was approximately $54 million and brings Indigo's portfolio to a total of 28 aircraft. Indigo also acted as advisor to NSJ Corporation, a wholly-owned subsidiary of UniCapital Corporation (NYSE: UCP), on their purchase of an Airbus A320 aircraft. "These newest additions to the Indigo fleet continues the Company's core strategy of growth and portfolio diversification. The Chinese market has shown more resiliency than its Asian neighbors and demand for aircraft on operating lease in China continues to grow," said John Evans, Indigo's President and Chief Executive Officer. "The addition of our first Airbus A320 helps to diversify our portfolio by aircraft type. The Airbus A320 family of narrowbody aircraft is currently achieving approximately half of all new aircraft orders for aircraft of similar capacity." "We continue to see a very active secondary market in trading of commercial transport aircraft, which should enable Indigo to achieve its remarketing goals for the year. We are also finding excellent aircraft acquisition opportunities, particularly from owners in economically troubled markets." Indigo Aviation AB is a Swedish limited liability company which engages primarily in acquiring and leasing narrowbody commercial jet aircraft to airlines throughout the world. Currently, Indigo's aircraft portfolio consists of 28 aircraft on lease to 18 airlines in 15 countries. Indigo also remarkets and sells commercial jet aircraft for its own account and selectively for airlines, financial institutions and other leasing companies. Note: This press release contains forward-looking statements, which involve risks and uncertainties. Indigo Aviation's actual results could differ materially from those anticipated in these forward-looking statements. Factors that might cause or contribute to such differences include, among others, risks related to the ownership of aircraft, changes in economic and other conditions and the Company's ability to obtain financing and acquire additional aircraft. Investors are also directed to consider the other risks and uncertainties discussed in Indigo Aviation's Securities and Exchange Commission filings, including the company's Prospectus dated April 9, 1998. Indigo Aviation undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Contact: John Evans, President and CEO or Bradley M. Winograd, VP finance and CFO Indigo Aviation AB 954-760-7777 Leslie Creutzfeldt Wolf The Anne McBride Co. 212-983-1702
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Indigo Aviation AB Reports Second Quarter 1998 Results; Announces Agreements to Purchase Four and Sell One Aircraft Malmo, Sweden, July 30, 1998 - Indigo Aviation AB (NASDAQ: IAABY), today reported that second quarter 1998 net income rose 412 percent to $2.5 million ($0.24 per basic share and $0.23 per diluted share), compared with $0.5 million ($0.09 per share, basic and diluted) for the second quarter of 1997. Pre-tax income rose 425 percent to $3.5 million in the second quarter of 1998 from $0.7 million in the second quarter of 1997. For the six months ended June 30, 1998 net income rose 179 percent to $5.8 million ($0.63 per basic share and $0.62 per diluted share) compared to $2.1 million ($0.38 per basic share and $0.37 per diluted share) for the six months ended June 30, 1997. Pre-tax income rose 204 percent to $8.0 million for the six months ended June 30, 1998 from $2.6 million for the six months ended June 30, 1997. Indigo Aviation's second quarter aircraft rental revenues increased 70 percent to $11.4 million from $6.7 million in the second quarter of 1997. Total revenues increased 100 percent to $14.6 million in the second quarter of 1998 from $7.3 million in the second quarter of 1997. For the six months ended June 30, 1998, aircraft rental revenues increased 55 percent to $20.9 million from $13.5 million for the six months ended June 30, 1997. Total revenues increased 82 percent to $28.4 million from $15.6 million for the six months ended June 30, 1997. "The second quarter of 1998 was one of the busiest and most exciting quarters in Indigo's history," says John Evans, Indigo's President and Chief Executive Officer. "We began the quarter with the successful completion of our IPO. Throughout the quarter our team was actively buying, leasing and selling aircraft. In total, we purchased four aircraft during the quarter and sold one. In addition, we terminated four leases with two Indonesian airlines due to the economic situation facing that country. All four aircraft have been redeployed and are currently flying with four different airlines in four countries. We believe this clearly demonstrates our remarketing prowess and the value of investing in mobile assets. We also signed agreements to purchase four (4) aircraft and sell one (1) aircraft over the next four months, continuing our growth and diversification strategy. With the commitments entered into during the second quarter, we are optimistic about our growth for the remainder of 1998 and the value this will add to Indigo's shareholders." At June 30, 1998, Indigo Aviation's total assets were $405 million compared to $305 million at December 31, 1997. Total debt financing increased to $294 million at June 30, 1998 from $241 million at December 31, 1997. In April 1998, Indigo Aviation completed an initial public offering of 3,300,000 American Depository Shares (ADS's), including 400,000 ADSs sold by selling shareholders. On May 12, the underwriters exercised their over-allotment option to purchase an additional 495,000 ADSs. Including the exercise of the over-allotment option, the total net proceeds to Indigo Aviation from the initial public offering were approximately $40 million. Other significant second quarter developments include:
Indigo Aviation AB is a Swedish limited liability company which engages primarily in acquiring and leasing narrowbody commercial jet aircraft to airlines throughout the world. Currently, Indigo's aircraft portfolio consists of 26 aircraft on lease to 16 airlines in 15 countries. Indigo, also remarkets and sells commercial jet aircraft for its own account and selectively for airlines, financial institutions and other leasing companies. Note: This press release contains forward-looking statements, which involve risks and uncertainties. Indigo Aviation's actual results could differ materially from those anticipated in these forward-looking statements. Factors that might cause or contribute to such differences include, among others, risks related to the ownership of aircraft, changes in economic and other conditions and the Company's ability to obtain financing and acquire additional aircraft. Investors are also directed to consider the other risks and uncertainties discussed in Indigo Aviation's Securities and Exchange Commission filings, including the company's Prospectus dated April 9, 1998. Indigo Aviation undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Contact: John Evans, President and CEO or Bradley M. Winograd, VP finance and CFO Indigo Aviation AB 954-760-7777 Leslie Creutzfeldt Wolf The Anne McBride Co. 212-983-1702
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Indigo Aviation AB Reports Recent Transactions Malmo, Sweden, May 29, 1998 - Indigo Aviation AB (NASDAQ: IAABY) today reported on portfolio transactions completed during May: Completed the sale of one (1) B737-200A on lease to VARIG Airlines, Brazil to Residco, Chicago, IL. Completed the purchase of two (2) B737-500's from Braathen SAFE, Norway. The aircraft are on lease to Xiamen Airlines, China until 2001 and 2002. Xiamen Airlines is 60% owned by China Southern Airlines (NYSE: ZNH). Signed a Letter of Intent with WINAIR, Salt Lake City, UT, for a five year lease of one (1) B737-200A. The aircraft was previously on lease to Bouraq, Indonesia. The aircraft will be hushkitted by Indigo and is expected to be delivered to WINAIR in June 1998. "Indigo has continued its strategy of disposing of its older aircraft and reinvesting the proceeds in younger aircraft", said Bradley M. Winograd, Indigo's VP Finance and Chief Financial Officer. "The VARIG aircraft was the oldest aircraft in our portfolio. With the re-lease of the Bouraq aircraft to WINAIR, Indigo has moved an aircraft from an area of recession to a region where demand is strong. The addition of the Xiamen aircraft adds a new customer and country to Indigo's portfolio. These recent transactions are examples of Indigo's strategy to diversify its portfolio by aircraft type, lease maturity and region. We continue to see strong global demand for operating leases of young narrowbody aircraft." Indigo Aviation AB is a Swedish limited liability company which engages primarily in acquiring and leasing narrowbody commercial jet aircraft to airlines throughout the world. Currently, Indigo's aircraft portfolio consists of 26 aircraft on lease to 16 airlines in 15 countries. Indigo also remarkets and sells commercial jet aircraft for its own account and selectively for airlines, financial institutions and other leasing companies. Note: This press release contains forward-looking statements, which involves risks and uncertainties. Indigo Aviation's actual results could differ materially from those anticipated in these forward-looking statements. Factors that might cause or contribute to such differences include, among others, risks related to the ownership of aircraft, changes in economic and other conditions and the company's ability to obtain financing and acquire additional aircraft. Investors are also directed to consider the other risks and uncertainties discussed in Indigo Aviation's Securities and Exchange Commission filings, including the Company's Prospectus dated April 9, 1998. Indigo Aviation undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Contact: John Evans, President and CEO or Bradley M. Winograd, VP finance and CFO Indigo Aviation AB 954-760-7777 Leslie Creutzfeldt Wolf The Anne McBride Co. 212-983-1702
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1Q98 Earnings Indigo Aviation AB Reports First Quarter Results, Pre-Tax Income Rises 129 Percent Malmo, Sweden, May 13 , 1998 - Indigo Aviation AB (NASDAQ: IAABY), today reported that first quarter 1998 net income rose 108 percent to $3.3 million ($0.42 cents a share, basic and diluted), compared with $1.6 million ($0.28 per share, basic and diluted) for the first quarter of 1997. Pre-tax income rose 129 percent to $4.5 million in the first quarter of 1998 from $2.0 million in the first quarter of 1997. Indigo Aviation's first quarter aircraft rental revenues gained 40 percent to $9.5 million from $6.8 million in the first quarter of 1997. Total revenues increased 67 percent to $13.8 million in the first quarter of 1998 from $8.3 million in the first quarter of 1997. "Our significant growth in the first quarter of 1998 was a product of several factors, including an increase in our aircraft portfolio and the successful remarketing of a B737-200ADV aircraft," said John Evans, President and Chief Executive Officer of Indigo Aviation. "We are in a very dynamic industry. With air travel forecasted to continue to grow in most parts of the world and with airlines increasingly relying on operating leases to acquire aircraft, we see many new opportunities to execute our growth strategies while continuing to diversify our lease portfolio." "We intend to continue to broaden our customer base and to leverage the new capital raised in our recent initial public offering to profitably expand our aircraft portfolio. During April, we added two MD-82 aircraft, on lease to Finnair. We currently have agreements to acquire 6 aircraft over the next two years, including 3 aircraft expected to be purchased during the second quarter of 1998." At March 31, 1998, Indigo Aviation's total assets were $307 million compared to $305 million at December 31, 1997. Total debt financing decreased to $239 million at March 31, 1998 from $241 million at December 31, 1997. In April 1998, Indigo Aviation completed an initial public offering of 3,300,000 American Depositary Shares (ADS's), including 400,000 ADSs sold by selling shareholders. On May 12, the underwriters exercised their over-allotment option to purchase an additional 495,000 ADSs. Including the exercise of the over-allotment option, the total net proceeds to Indigo Aviation from the initial public offering were approximately $41 million. Other significant first quarter developments include:
Indigo Aviation AB is a Swedish limited liability company which engages primarily in acquiring and leasing narrowbody commercial jet aircraft to airlines throughout the world. Currently, Indigo's aircraft portfolio consists of 25 aircraft on lease to 16 airlines in 14 countries. Indigo also remarkets and sells commercial jet aircraft for its own account and selectively for airlines, financial institutions and other leasing companies. Note: This press release contains forward-looking statements, which involve risks and uncertainties. Indigo Aviation's actual results could differ materially from those anticipated in these forward-looking statements. Factors that might cause or contribute to such differences include, among others, risks related to the ownership of aircraft, changes in economic and other conditions and the company's ability to obtain financing and acquire additional aircraft. Investors are also directed to consider the other risks and uncertainties discussed in Indigo Aviation's Securities and Exchange Commission filings, including the company's Prospectus dated April 9, 1998. Indigo Aviation undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Contact: John Evans, President and CEO or Bradley M. Winograd, VP finance and CFO Indigo Aviation AB 954-760-7777 Leslie Creutzfeldt Wolf The Anne McBride Co. 212-983-1702
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Indigo Aviation Announces Exercise Of Over-Allotment Option Malmo, Sweden, May 12, 1998 - INDIGO AVIATION AB (NASDAQ NMS: IAABY) today announced that the underwriters of the company's recent initial public offering have exercised their over-allotment option to purchase an additional 495,000 American Depositary Shares ("ADSs"), resulting in additional net proceeds to the company of approximately $6.0 million. Including the exercise of the over-allotment option, the total net proceeds to Indigo from the initial public offering stand at approximately $41 million. On April 9, 1998, Indigo and certain selling shareholders offered 3.3 million ADSs to the public at $13.00 per ADS in an underwriting managed by Salomon Smith Barney and BT Alex Brown. The ADSs began trading that day on the Nasdaq National Market System under the symbol "IAABY." Indigo is a Swedish limited liability company which engages primarily in acquiring and leasing narrowbody commercial jet aircraft to airlines around the world. Currently, Indigo's aircraft portfolio consists of 25 aircraft on lease to 16 airlines in 14 countries. Indigo also remarkets and sells commercial jet aircraft for its own account and selectively for airlines, financial institutions and other leasing companies. Contact: John Evans, President and CEO or Bradley M. Winograd, VP finance and CFO Indigo Aviation AB 954-760-7777 Leslie Creutzfeldt Wolf The Anne McBride Co. 212-983-1702
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Indigo Aviation Commences Initial Public Offering of 3.3 Million American Depositary Shares MALMO, Sweden, April 14 /PRNewswire/ -- Indigo Aviation AB (Nasdaq: IAABY) announced the pricing of an initial public offering of 3.3. million Ordinary Shares to be represented by 3.3. million American Depositary Shares ("ADSs") at a price of $13.00 per ADS. Of the total offering, 2.9 million ADSs are being sold by Indigo and 400,000 ADSs are being sold by certain selling shareholders. In addition, Indigo has granted the underwriters an option to purchase up to an additional 495,000 ADSs to cover over-allotments, if any. The offering is being managed by Salomon Smith Barney and BT Alex. Brown. Indigo intends to use the net proceeds of the offering together with debt financing, to acquire additional aircraft for lease. Indigo will not receive any of the proceeds from the sale of the ADSs being offered by the selling shareholders. A prospectus related to the offering may be obtained from the offices of Salomon Smith Barney, 140 58th Street, Brooklyn New York, 11220 or from the office of BT Alex. Brown, 1 South Street, Baltimore, Maryland 21202. Note: A registration statement relating to these securities was filed with and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Indigo is a Swedish limited liability company which engages primarily in acquiring and leasing narrow body commercial jet aircraft to airlines throughout the world. Currently, Indigo's aircraft portfolio consists of 25 aircraft on lease to 15 airlines in 13 countries. Indigo also remarkets and sells commercial jet aircraft for its own account and selectively for airlines, financial institutions and other leasing companies. Contact: John Evans, President and CEO or Bradley M. Winograd, VP finance and CFO Indigo Aviation AB 954-760-7777 Leslie Creutzfeldt Wolf The Anne McBride Co. 212-983-1702
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