FLY Leasing reports second quarter 2016 financial results

FLY Leasing is reporting net income of US$4.7m for the second quarter of 2016, compares to a restated net loss of US$43.7m for the same period in 2015. Net income for the six months ended June 30, 2016 was US$11.8m. For the same six month period in 2015, there was a restated net loss of US$23.8 million. Adjusted net income was US$15.0m for the second quarter of 2016 compared to US$12.4m for the same period in the previous year. For the six months ended June 30, 2016, Adjusted Net Income was US$31.4m, compared to US$42.6 million in 2015. At June 30, 2016, FLY’s total assets were US$3.2bn, including investment in flight equipment totaling US$2.7bn. Cash and cash equivalents at June 30, 2016 totaled US$476.9m, of which US$382.1m was unrestricted. In addition, FLY had eight unencumbered aircraft with a net book value of US$531.8m. The net book value per share at June 30, 2016 was US$18.97. At June 30, 2016, FLY’s 76 aircraft were on lease to 43 airlines in 29 countries.