Fly Leasing has reported its financial results for the first quarter of 2020. FLY is reporting net income of US$38.1 million for the first quarter, compared to net income of US$45.0 million for the same period in 2019. The first-quarter 2020 results include a US$9.4 million unrealized fair value loss related to investments in ABS equity certificates.
Adjusted Net Income was US$43.6 million for the first quarter of 2020, compared to US$47.2 million for the same period in the previous year. On a per share basis, Adjusted Net Income was US$1.42 in the first quarter of 2020, compared to US$1.44 for the first quarter of 2019.
At March 31, 2020, FLY’s total assets were US$3.6 billion, including investment in flight equipment totaling $3.0 billion. Total cash at March 31, 2020 was US$391.7 million, of which US$361.2 million was unrestricted. The book value per share at March 31, 2020 was US$29.21, a 28% increase since March 31, 2019. At March 31, 2020, FLY’s net debt to equity ratio was 2.1x, reduced from 3.4x as of March 31, 2019.
At March 31, 2020, FLY had 84 aircraft and seven engines in its portfolio. FLY’s aircraft and engines are on lease to 40 airlines in 24 countries.
