FLY Leasing Limited (NYSE: FLY) has reported net income for the first quarter of 2017 of USD 5.1m, or USD 0.16 per diluted share. This compares to net income of USD 7.1m, or USD 0.21 per diluted share, for the same period in 2016, the company said.
Adjusted net income was USD 11.1m for the first quarter of 2017 compared to USD 16.2m in the same period in the previous year. On a per share basis, adjusted net income was USD 0.34 in the first quarter of 2017 compared to USD 0.47 for the same period in the previous year.
During the first quarter of 2017, 99,524 shares were repurchased at an average cost of USD 12.95 per share. At March 31, 2017, approximately USD 65.4m remained available under the share repurchase program.
Subsequent to quarter end, another 560,858 shares were repurchased at an average cost of USD 12.83. These share prices are well below FLY´s book value per share of USD 18.62 at March 31, 2017. As of May 10, 2017, approximately USD 58m remained available under the share repurchase program.
At March 31, 2017, FLY´s total assets were USD 3.4bn, including an investment in flight equipment totaling USD 2.8bn. Total cash at March 31, 2017 was USD 606.1m, of which USD 536.9m was unrestricted.
At March 31, 2017, FLY´s 76 aircraft, as shown in the table below, were on lease to 42 airlines in 28 countries. The table does not show the two B767 aircraft owned by a joint venture in which FLY has a 57% ownership.
FLY is a global aircraft leasing company that 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, an aircraft lease management and financing company.