FLY Leasing net income up over prior year's Q4

7 March 2014

FLY Leasing Ltd. (NYSE: FLY) reported net income of USD13.4m or USD0.32 per diluted share for the fourth quarter of 2013. This compares to net income of USD31.0m or USD1.17 per diluted share for the same period of 2012.

The fourth quarter 2013 results include a transactional impairment charge of USD8.8m associated with an aircraft that will be sold in 2014. The company anticipates that this impairment charge will be largely offset by end of lease revenue associated with this aircraft in the second half of 2014. Fourth quarter 2013 operating lease revenue includes no end of lease revenue, whereas there was USD14.0m of end of lease revenue in the fourth quarter of 2012. In addition, the fourth quarter 2013 results include USD18.6m in net gains associated with refinancing transactions.

FLY acquires and leases modern, high-demand and fuel-efficient commercial jet aircraft under multi-year operating lease contracts to a diverse group of airlines throughout the world. FLY is managed and serviced by BBAM LP, one of the world´s leading aircraft lease managers with more than 20 years of experience. For more information about FLY, visit our website at www.flyleasing.com.

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