FLY Leasing posts fourth quarter and full year 2015 financial results

FLY Leasing has reported its financial results for the fourth quarter and full year of 2015. FLY is reporting net income of US$27.7m for the fourth quarter of 2015, this compares to net income of US$15.5m for the same period of 2014. The fourth quarter 2015 results include an impairment charge of US$18.9m related to three older aircraft, as well as US$17.0m in gains on sale of aircraft and US$37.9m in end of lease income (of which US$15.0m relates to the three impaired aircraft). There were no sales in the 4th quarter of 2014, and end of lease income for that period was US$21.7m. Total revenues for the fourth quarter of 2015 were US$139.0m, compared to US$120.3m for the same period in the previous year, an increase of 16%. Rental revenue includes approximately US$12.5m in rents from aircraft that were sold or are contracted to be sold. Net income for the year ended December 31st, 2015 was US$6.6m, compared to US$56.1m for 2014. The 2015 results include US$84.3m of non-cash impairment charges and US$17.5m in charges associated with the early repayment of debt. For 2015, end of lease income was US$64.8m and gains on aircraft sales totaled US$26.1m. The 2014 results included US$39.8m in end of lease income and US$18.9m in gains on aircraft sales. Adjusted Net Income was US$62.7m for the fourth quarter of 2015 compared to US$21.8m in the same period in the previous year. For the year ended December 31st, 2015, adjusted net Income was US$131.0m as compared to US$80.4m for the year ended December 31st, 2014.