FLY Leasing reports 2016 net loss of US29.1m

FLY is reporting a net loss of US$63.8m for the fourth quarter of 2016. The loss is primarily driven by a US$92m non-cash impairment charge taken on three older, out-of-production wide-body aircraft. In the fourth quarter of 2015, FLY reported net income of US$19.1m. The net loss for the year ended December 31, 2016 was US$29.1m compared to net income of US$22.8m for the year ended December 31, 2015. Adjusted Net Income was US$30.6m for the fourth quarter of 2016 compared to US$48.3m in the same period in the previous year. For the year ended December 31, 2016, adjusted net income was US$79.3m compared to US$132.0m for the year ended December 31, 2015.