FLY Leasing Limited (NYSE: FLY) said it has announced its financial results for the third quarter of 2015 and a USD100 million share repurchase program.
FLY is reporting net income of USD19.9 million or USD0.47 per diluted share for the third quarter of 2015. This compares to net income of USD15.4 million or USD0.37 per diluted share for the same period in 2014.
Total revenues increased to USD106.2 million. Operating lease rental revenue for the third quarter of 2015 was USD104.4 million, compared to USD98.0 million for the same period in the previous year, an increase of 7 percent. The increase was driven primarily by recently acquired aircraft and improved utilization. Revenues include USD27.7 million of rents from aircraft that are contracted to be sold.
The net loss for the nine month period ended September 30, 2015 was USD21.1 million, or USD0.53 per share. This compares to net income of USD40.6 million, or USD0.95 per share, for the same period in 2014. The current year loss reflects a non-cash USD65.4 million impairment charge taken in the second quarter. The prior year results included USD18.0 million of end of lease income and USD18.9 million of gain on sale of aircraft. For the current year, end of lease income was USD26.9 million and gain on sale of aircraft totaled USD9.1 million.
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.