FLY Leasing reports first quarter 2015 financial results

FLY is reporting net income for the first quarter of 2015 of US$17.3m, this compares to net income of US$3.6m for the same period in 2014.  The first quarter 2015 results include US$21.9m of end of lease revenue and a charge of approximately US$4.0m associated with termination of the Aircraft Acquisition Facility.  End of lease revenue was US$3.7m in the first quarter of 2014. Total revenues increased 34% to US$122.5m and include US$120.1m of operating lease revenue and US$1.9m in gains from the sale of three aircraft.  Operating lease revenue increased US$30.5m over the same period in the preceding year. Adjusted net income was US$26.6m for the first quarter of 2015 compared to US$9.8m in the same period in the previous year.