Fly Leasing (FLY) has posted its financial results for the second quarter of 2020. FLY is reporting net income of US$9.6 million for the second quarter of 2020, compared to net income of US$54.1 million for the same period in 2019. Net income for the six months ended June 30, 2020 was US$47.7 million, compared to net income of US$99.0 million for the six months ended June 30, 2019.
Adjusted net income was US$11.3 million for the second quarter of 2020, compared to US$61.9 million for the same period in the previous year. For the six months ended June 30, 2020, adjusted net income was US$54.9 million, compared to US$109.0 million for the same period last year.
On June 30, 2020, FLY’s total assets were US$3.5 billion, including investment in flight equipment totaling US$3.0 billion. Total cash on June 30, 2020 was US$309.3 million, of which US$289.0 million was unrestricted. The book value per share on June 30, 2020 was US$29.46, a 21% increase since June 30, 2019. On June 30, 2020, FLY’s net debt to equity ratio was 2.1x, a decrease from 2.3x on December 31, 2019.
On June 30, 2020, FLY had 86 aircraft and seven engines in its portfolio. FLY’s aircraft and engines are on lease to 41 airlines in 25 countries. The average age of the portfolio, weighted by net book value of each aircraft and engine, was 8.0 years. The average remaining lease term was 4.9 years, also weighted by net book value. On June 30, 2020, FLY’s portfolio was generating annualized rental revenue of approximately US$318 million.
