FLY Leasing reports fourth quarter and full year 2014 financial results

FLY is reporting net income of US$15.5m for the fourth quarter of 2014, compares to net income of US$13.4m for the same period of 2013. The fourth quarter 2014 results include US$21.7m of end of lease income compared to the fourth quarter of 2013 in which there was none. However, the fourth quarter 2013 results included US$18.6m in net gains associated with refinancing transactions. Total revenues for the fourth quarter of 2014 were US$120.3m, compared to US$85.5m for the same period in the previous year, an increase of 40.7%. Net income for the year ended December 31st, 2014 was US$56.1m compared to US$52.5m for 2013. For 2014, end of lease income was US$39.8m 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. Total revenues for 2014 were US$426.7m, compared to US$369.5m in 2013, an increase of 15.5%. Adjusted net income was US$16.9m for the fourth quarter of 2014 compared to US$4.9m in the same period in the previous year.