FLY Leasing reports third quarter 2016 financial results

FLY is reporting net income of US$22.9m for the third quarter of 2016. This compares to a restated net income of US$27.5m for the same period in 2015. Net income for the nine months ended September 30, 2016 was US$34.7m. The restated net income was US$3.7m for the same period in 2015. Adjusted net income was US$17.3m for the third quarter of 2016, compared to US$41.1m for the same period in the previous year. For the nine months ended September 30, 2016, adjusted net income was US$48.7m compared to US$83.7m, for the same period in 2015. During the third quarter FLY acquired seven aircraft at a cost of US$467m and sold three older aircraft for a gain of US$4.1m, a 19% premium to net book value.