FLY Leasing reports first quarter 2016 financial results

FLY is reporting net income for the first quarter of 2016 of US$7.1m, compared to net income of US$19.9m for the same period in 2015. The first quarter 2015 results include US$21.9m of end of lease revenue, whereas there was only US$3.2m of end of lease revenue in the first quarter of 2016. Adjusted net income was US$16.2m for the first quarter of 2016 compared to $30.2 million in the same period in the previous year. At March 31, 2016, FLY’s total assets were US$3.2bn, including an investment in flight equipment totaling US$2.7bn. Investment in flight equipment includes US$84.6m of net maintenance right assets. Cash and cash equivalents at March 31, 2016 totaled US$428.1m, of which US$329.3m was unrestricted. In addition, FLY had twelve unencumbered aircraft with an aggregate net book value of US$610.2mn at March 31, 2016. The book value per share at March 31, 2016 was US$18.83.