FLY Leasing reports third quarter 2013 financial results

FLY’s net income for the third quarter of 2013 was $304,000 compared to a loss of $29.4m in the same period of 2012. Operating lease revenue decreased from $84.4m for the third quarter of 2012 to $78.4m for the third quarter of 2013, primarily due to a decrease in end of lease income from $5.8m in 2012 to $0 in 2013. The loss in the third quarter of 2012 included expenses of $32.3m associated with termination of interest rate swaps in connection with refinancing FLY’s original Acquisition Facility. Net income for the nine months ended September 30, 2013 were $39.1m, compared to $16.7m for the nine months ended September 30, 2012. At September 30, 2013, FLY’s total assets were $3.3bn, including flight equipment with a net book value of $2.9bn. Total cash at September 30, 2013 was $362.9m, of which $207.0m was unrestricted. This compares to total cash of $300.6m at December 31, 2012, of which $163.1m was unrestricted.