FLY Leasing posts decreased fourth quarter net income

FLY is reporting net income of $13.4m for the fourth quarter of 2013, compared to net income of $31.0m for the same period of 2012. The fourth quarter 2013 results include a transactional impairment charge of $8.8m associated with an aircraft that will be sold in 2014. The Company anticipates that this impairment charge will be largely offset by end of lease revenue associated with this aircraft in the second half of 2014. Fourth quarter 2013 operating lease revenue includes no end of lease revenue, whereas there was $14.0m of end of lease revenue in the fourth quarter of 2012. In addition, the fourth quarter 2013 results include $18.6m in net gains associated with refinancing transactions. Net income for the year ended December 31, 2013 was $52.5m compared to $47.7m for 2012. 2013 operating lease revenue of $359.4m includes $47.6m of end of lease revenue as compared to 2012 operating lease revenue of $376.4m which included $49.8m of end of lease revenue. For the year ended December 31, 2013. Adjusted net income was $57.4m compared to $116.3m for the year ended December 31, 2012.