FLY Leasing net loss widens YoY

FLY Leasing Limited (NYSE: FLY) said it is reporting a net loss of USD58.3 million or USD1.42 per diluted share for the second quarter of 2015.

This compares to net income of USD21.7 million or USD0.51 per diluted share for the same period of 2014. The second quarter 2015 loss reflects a non-cash USD65.4 million impairment charge. The second quarter 2014 results include USD18.9 million in gains from aircraft sales.

Operating lease revenue for the second quarter of 2015 increased by USD11.7 million to USD101.7 million, 13.0 percent more than in the same period in the previous year.

The net loss for the six month period ended June 30, 2015 was USD41.0 million, or USD1.00 per share, after the impairment charge taken in the second quarter. For the six month period ended June 30, 2015, operating lease revenue increased 23.5 percent to USD221.8 million.

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. The company is managed and serviced by BBAM LP, one of the world´s leading aircraft lease managers with more than 20 years of experience.