FLY Leasing reports second quarter 2015 financial results

FLY Leasing (FLY) is reporting a net loss of US$58.3m for the second quarter of 2015. This compares to net income of US$21.7m for the same period of 2014. The second quarter 2015 loss reflects a non-cash US$65.4m impairment charge. The second quarter 2014 results include US$18.9m in gains from aircraft sales. Operating lease revenue for the second quarter of 2015 increased by $11.7 million to US$101.7m, 13.0% more than in the same period in the previous year. The net loss for the six month period ended June 30th, 2015 was US$41.0m after the impairment charge taken in the second quarter. For the six month period ended June 30th, 2015, operating lease revenue increased 23.5% to US$221.8m. Adjusted net income for the second quarter of 2015 was US$9.5m as compared to US$26m in the same quarter of 2014. For the six month period ended June 30th, 2015, adjusted net income was US$36.1m as compared to US$35.9m for the same period in 2014.