Strong quarter for Fly Leasing

Victoria
By Victoria May 2, 2013 22:04

Strong quarter for Fly Leasing

Fly Leasing’s adjusted net income during the first quarter was $38.5 million or $1.37 per share, while its net income was $32.8 million or $1.15 per share.
During the period, the aircraft lessor sold one A320, six B717s and two B737 Classics for a pre-tax gain of $6.5 million and in April purchased a new B737-800 on a long lease to an Asian airline. It also reduced its financial leverage to 3.2x at quarter end.

“FLY is reporting another strong quarter, with higher revenues, lower expenses, a reduced debt to equity ratio and a stronger cash position,” said Colm Barrington, CEO of FLY Leasing. “Our higher revenues were positively impacted by end of lease revenues and aircraft sales proceeds…. In the quarter FLY reduced its debt by more than $70 million while increasing its unrestricted cash to nearly $200 million.”

Barrington added: “Our nearly $200 million of free cash provides us with funds to achieve our growth targets for the year.”

At March 31, 2013, FLY’s total assets were $2.9 billion, including flight equipment with a net book value of $2.5 billion. Cash and cash equivalents at March 31, 2013 totaled $344.7 million, of which $196.7 million was unrestricted. This compares to total cash and cash equivalents of $300.6 million at December 31, 2012, of which $163.1 million was unrestricted.

At March 31, 2013, FLY’s 100 aircraft were on lease to 52 airlines in 32 countries. The table below shows the aircraft in FLY’s portfolio as of March 31, 2013 and December 31, 2012. The table does not include four B767 aircraft owned by a joint venture in which FLY has a 57% interest.

Victoria
By Victoria May 2, 2013 22:04
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