FLY Leasing reports Q2 2016 net income of USD4.7m

FLY Leasing Limited (NYSE: FLY), a global lessor of commercial jet aircraft, has reported net income of USD4.7 million for the second quarter of 2016, compared to a restated net loss of USD43.7 million for the same period in 2015, the company said.

Net income for the six months ended June 30, 2016 was USD11.8 million, compared to a restated net loss of USD23.8 million for the same six-month period in 2015.

Adjusted net income was USD15.0 million for the second quarter of 2016 compared to USD12.4 million for the same period in the previous year. For the six months ended June 30, 2016, adjusted net income was USD31.4 million, compared to USD42.6 million in 2015.

FLY said it has repurchased approximately 20 percent of its shares since September 30, 2015 for USD106.2 million. Subsequent to quarter end, FLY approved a new USD75 million share repurchase program to replace its previously authorized USD30 million program.

At June 30, 2016, FLY´s total assets were USD3.2 billion, including investment in flight equipment totaling USD2.7 billion.

FLY is a global aircraft leasing company with 76 aircraft on lease to 43 airlines in 29 countries as of June 30, 2016. FLY is managed and serviced by BBAM LP, an aircraft lease management and financing company.