FLY Leasing posts second quarter net income of US$2.9m

FLY is reporting net income of US$2.9m for the second quarter of 2017. This compares to net income of US$4.7m for the same period in 2016. Net income for the six months ended June 30, 2017 was US$7.9m. For the same six month period in 2016, net income was US$11.8m. Adjusted net income was US$9.7m for the second quarter of 2017, compared to US$15.0m for the same period in the previous year. For the six months ended June 30, 2017, adjusted net income was US$20.8m compared to US$31.4m in 2016.
During the first six months of 2017, FLY repurchased 2.1 million shares for approximately US$27.2m at an average price of $13.06 per share. At June 30, 2017, approximately US$39.4m remained under the share repurchase authorization. Subsequent to quarter end, FLY repurchased 740,957 shares at an average price of $13.77 per share through August 9, 2017. As of August 9, 2017, approximately US$29m remained under the share repurchase authorization. At June 30, 2017, FLY’s total assets were US$3.5bn, including investment in flight equipment totaling US$3.0bn. Total cash at June 30, 2017 was US$455.2m, of which US$335.5m was unrestricted.