9 May 2014
FLY Leasing Ltd. (NYSE: FLY) said it reported first quarter 2014 net income of USD3.6m, USD0.07 per share.
This compares to net income of USD32.8m or USD1.15 per diluted share for the same period in 2013. First quarter 2013 results benefitted from USD30.6m of end of lease income and USD6.5m in gains from aircraft sales. First quarter 2014 results were impacted by increases in interest expense as a result of FLY´s unsecured debt issuance last December, with much of the proceeds still unused.
Operating lease rental revenue increased 13 percent to USD90.5m. End of lease revenues were USD3.7m in the first quarter of 2014 compared to USD30.6m of end of lease revenue recognized in the same period in the previous year.
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. Its website is at www.flyleasing.com.