Aircraft Sale-Leaseback Transactions

9 Months Ended

Feb. 29, 2016

Aircraft Sale-Leaseback Transactions

Aircraft Sale-Leaseback Transactions

Note 6 — Aircraft Sale-Leaseback Transactions

During the fourth quarter of fiscal 2015, we entered into a sale-leaseback transaction for our two S-92 rotary-wing aircraft resulting in the recognition of a loss of $1.1 million.  We received proceeds of $40.3 million in fiscal 2015 which were deferred as a sale-leaseback advance pending completion of the sale transactions.  Both of the S-92 aircraft sales were completed in fiscal 2016.

During the nine-month period ended February 29, 2016, we received proceeds of $38.5 million from sale-leaseback transactions for two AW-189 rotary-wing aircraft.  The $1.7 million gain realized on the sale has been deferred and is being amortized over the lease term of ten years.