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FLY Leasing Reports Second Quarter 2016 Financial Results

Dublin, Ireland, July 28, 2016 – FLY Leasing Limited (NYSE: FLY) (“FLY”), a global lessor of modern, fuel-efficient commercial jet aircraft, today announced its financial results for the second quarter of 2016.

Second Quarter 2016 Highlights

  • Net income of $4.7 million, or $0.14 per share
  • Adjusted Net Income of $15.0 million, or $0.45 per share
  • Acquired one new aircraft in the quarter and five aircraft in July
  • New $75 million share repurchase program

“We continue to rejuvenate our fleet through the sale of older aircraft and their replacement with newer models,” said Colm Barrington, CEO of FLY.  “In the second quarter we sold six aircraft with an average age of 18 years and so far this year, we have purchased six aircraft with an average age of approximately 2 years.  We will continue with our strategy of selling older aircraft opportunistically and purchasing newer models prudently.  In addition to actively managing our portfolio, we see good value in our shares which trade at a significant discount to book value.   Yesterday we approved a new $75 million share repurchase program.”

“FLY remains in a strong position to achieve its strategic objectives with $382 million in unrestricted cash and the capacity to acquire up to $2 billion worth of aircraft,” added Barrington.  “Our fleet is 100% utilized and we continue to see excellent demand for leased aircraft.”

FLY Q2 2016 Earnings Press Release