Business
Fly Leasing Reports First Quarter 2020 Financial Results
DUBLIN, May 8, 2020 /PRNewswire/ -- Fly Leasing Limited (NYSE: FLY) ("FLY"), a global leader in aircraft leasing, today announced its financial results for
About this update from Firefly Aerospace Inc.
[{"type":"text","content":" DUBLIN, May 8, 2020 /PRNewswire/ -- Fly Leasing Limited (NYSE: FLY) (\"FLY\"), a global leader in aircraft leasing, today announced its financial results for the first quarter of 2020.\n\n \n \n \n \n \n \n\n \nHighlights\nNet income of $38.1 million, $1.24 per share Adjusted Net Income of $43.6 million, $1.42 per share Return on equity of 17.2%, Adjusted return on equity of 19.7% Sold six aircraft and two engines for a gain of $31.7 million, a 20% premium to book value $29.21 book value per share, a 28% increase since March 31, 2019 Unrestricted cash and cash equivalents of $361.2 million $560 million net book value of unencumbered assets 2.1x net debt to equity\"The COVID-19 pandemic has caused tremendous distress in the global aviation industry, and FLY remains highly focused on successfully managing through the crisis. FLY is well positioned to face what is certain to be a difficult year,\" said Colm Barrington, Chief Executive Officer of FLY. \"Our high cash balance and low leverage puts us in a strong position to meet our operating and financial commitments in 2020. FLY does not have any orders with the aircraft manufacturers and the company has no near-term refinancing requirements.\"\n\"FLY is reporting strong financial results for the first quarter of 2020 and had an unrestricted cash balance of $361 million, and record low leverage of 2.1x at quarter end,\" said Barrington. \"We have grown our book value per share to $29.21, which is a 28% increase from a year ago.\"\n\"We sold six aircraft with an average age of over 10 years, as well as two engines from a parted-out aircraft, generating a pre-tax gain of nearly $32 million, which was a 20% premium to book value,\" added Barrington. \"Our aircraft sales again monetized value from our balance sheet, reduced our lessee concentration, generated cash, and further reduced leverage.\" \nFinancial Results \nFLY is reporting net income of $38.1 million, or $1.24 per share, for the first quarter of 2020. This compares to net income of $45.0 million, or $1.38 per share, for the same period in 2019. The first quarter 2020 results include a $9.4 million unrealized fair value loss related to investments in ABS equity certificates.\nAdjusted Net Income\nAdjusted Net Income was $43.6 million for the first quarter of 2020, compared to $47.2 million for the same period in the previou...