FLY Leasing reports USD23m in Q3 2016 net income

FLY Leasing Limited (NYSE: FLY) has reported USD22.9 million or USD0.70 per share in third quarter 2016, compared to a restated net income of USD27.5 million, or USD0.66 per share, for the same period in 2015, the company said.

Net income for the nine months ended September 30, 2016 was USD34.7 million, or USD1.03 per share. The restated net income was USD3.7 million, or USD0.07 per share, for the same period in 2015.

Adjusted net income was USD17.3 million for the third quarter of 2016, compared to USD41.1 million for the same period in the previous year. On a per share basis, Adjusted net income was USD0.53 in the third quarter of 2016, compared to USD0.99 for the third quarter of 2015. For the nine months ended September 30, 2016, adjusted net income was USD48.7 million, or USD1.45 per share, compared to USD83.7 million, or USD2.01 per share for the same period in 2015.

During the first nine months of 2016, FLY said it repurchased 3.2 million shares for approximately USD38 million. At September 30, 2016, approximately USD69 million remained available under the current USD75 million share repurchase program. At September 30, 2016, there were 32.5 million shares outstanding.

At September 30, 2016, FLY said its total assets were USD3.5 billion, including investment in flight equipment totaling USD3.1 billion. Cash and cash equivalents at September 30, 2016 totaled USD386.4 million, of which USD324.5 million was unrestricted.

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 lease contracts to a diverse group of airlines. FLY is managed and serviced by BBAM LP, an aircraft lease management and financing company.