FLY Leasing reports first quarter net income of $3.6m, down from $32.8m in 2013

FLY is reporting net income for the first quarter of 2014 of $3.6m, this compares to net income of $32.8m for the same period in 2013. First quarter 2013 results benefitted from $30.6m of end of lease income and $6.5m in gains from aircraft sales. First quarter 2014 results were impacted by increases in interest expense as a result of FLY’s unsecured debt issuance last December, with much of the proceeds still unused. Operating lease rental revenue increased 13% to $90.5m. End of lease revenues were $3.7m in the first quarter of 2014 compared to $30.6m of end of lease revenue recognized in the same period in the previous year. Adjusted net income was $5.1m for the first quarter of 2014 compared to $38.5m in the same period in the previous year, which included end of lease income and gains from sales of aircraft. On a per share basis, adjusted net income was $0.12 in the first quarter of 2014 compared to $1.37 for the same period in the previous year.