FLY Leasing reports second quarter 2013 financial results

FLY’s net income for the second quarter of 2013 was $5.9m compared to $25.7m in the same period of 2012. The decline in net income is the result of a decline in operating lease revenue, gains from aircraft sales during the second quarter of 2012 and expenses associated with delivering aircraft to new lessees, partially offset by a reduction of interest expense as a result of de-leveraging.  The decline in operating lease revenue is primarily due to off-lease aircraft, sale of aircraft which contributed to revenue in Q2 2012 but were subsequently sold and re-lease of aircraft at lower rental rates. Net income for the six months ended June 30, 2013 were $38.8m compared to $46.1m for the six months ended June 30, 2012. At June 30, 2013, FLY’s total assets were $3.0bn, including flight equipment with a net book value of $2.6bn. Restricted and unrestricted cash at June 30, 2013 totaled $296.1m, of which $139.3m was unrestricted. This compares to total cash of $300.6m at December 31, 2012, of which $163.1m was unrestricted. In July, FLY completed an underwritten public offering of 13,142,856 common shares in the form of ADSs at a price of $14.00 per ADS, generating net proceeds of approximately $173.1m.