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,