FLY Leasing reports third quarter 2014 results

FLY’s net income for the third quarter of 2014 were US$15.4m compared to US$0.3m in the same period in 2013.Total revenues increased 33% to US$105.5m. Operating lease rental revenue for the third quarter of 2014 was US$105.1m compared to US$78.4m for the same period in the previous year, an increase of 34%. The increase was driven by the larger portfolio and improved utilization. The third quarter 2014 results include US$14.2m in end of lease income, compared to US$17,000 in the third quarter of 2013. FLY’s net income for the nine months ended September 30th, 2014 were US$40.6m compared to US$39.1m for the same period in 2013. For 2014, end of lease income was US$18.0m and gains on aircraft sales totaled US$18.9m. The 2013 results included US$47.6m in end of lease income and US$6.3m in gains on aircraft sales. Adjusted Net Income was US$16.5m for the third quarter of 2014 compared to US$2.7m in the same period in the previous year. For the nine months ended September 30th, 2014, Adjusted Net Income was US$40.4m compared to US$52.5m for the same period in the previous year.