FLY Leasing Limited (NYSE: FLY) reported net income of USD27.7 million or USD0.68 per diluted share for the fourth quarter of 2015.
This compares to net income of USD15.5 million or USD0.37 per diluted share for the same period of 2014.
The fourth quarter 2015 results include an impairment charge of USD18.9 million related to three older aircraft, as well as USD17.0 million in gains on sale of aircraft and USD37.9 million in end of lease income (of which USD15.0 million relates to the three impaired aircraft). There were no sales in the 4th quarter of 2014, and end of lease income for that period was USD21.7 million.
Total revenues for the fourth quarter of 2015 were USD139.0 million, compared to USD120.3 million for the same period in the previous year, an increase of 16 percent. Rental revenue includes approximately USD12.5 million in rents from aircraft that were sold or are contracted to be sold.
Net Income for the year ended December 31, 2015 was USD6.6 million or USD0.13 per diluted share compared to USD56.1 million or USD1.32 per diluted share for 2014. The 2015 results include USD84.3 million of non-cash impairment charges and USD17.5 million in charges associated with the early repayment of debt. For 2015, end of lease income was USD64.8 million and gains on aircraft sales totaled USD26.1 million. The 2014 results included USD39.8 million in end of lease income and USD18.9 million in gains on aircraft sales.
Adjusted Net Income was USD62.7 million for the fourth quarter of 2015 compared to USD21.8 million in the same period in the previous year. Adjusted Net Income excludes impairment charges and other charges not considered core to operations. On a per share basis, Adjusted Net Income was USD1.54 in the fourth quarter of 2015 compared to USD0.53 in the fourth quarter of 2014.
For the year ended December 31, 2015, Adjusted Net Income was USD131.0 million, or USD3.17 per share, as compared to USD80.4 million, or USD1.94 per share for the year ended December 31, 2014.
FLY is a global aircraft leasing company with a fleet of modern, high-demand and fuel-efficient commercial jet aircraft. FLY acquires and leases its aircraft under multi-year operating lease contracts to a diverse group of airlines throughout the world. FLY is managed and serviced by BBAM LP, a worldwide leader in aircraft lease management and financing.