Business
Fly Leasing Reports Fourth Quarter and Full Year 2020 Financial Results
DUBLIN, Feb. 25, 2021 /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, Feb. 25, 2021 /PRNewswire/ -- Fly Leasing Limited (NYSE: FLY) (\"FLY\"), a global leader in aircraft leasing, today announced its financial results for the fourth quarter and full year of 2020.\n\n \n \n \n \n \n \n\n \nFourth Quarter 2020 Highlights\nNet loss of $107 million, $3.51 per share Non-cash impairment charge of $115 million Sold two aircraft and one engine;17% premium to book value Raised $180 million five-year Term Loan Repaid FLY's $325 million 2021 Notes2020 Full Year Highlights\nNet loss of $67 million, $2.21 per share Sold eight aircraft and three engines; 19% premium to book value $25.88 book value per share 2.3x net debt to equity $132 million of unrestricted cash and cash equivalents Unencumbered assets of $180 million\"FLY's financial performance continues to be impacted by the COVID pandemic which has had an unprecedented impact on global air traffic,\" said Colm Barrington, FLY's Chief Executive Officer. \"In the fourth quarter global airline passenger traffic was 70% less than in the same quarter a year ago. Fortunately, as COVID vaccines reach the majority of populations and border testing becomes more efficient, we expect to see a lifting of government restrictions on travel and pent up demand returning passenger numbers towards pre-pandemic levels later in the year.\"\n\"At year end, FLY's book value was $25.88 per share, our net debt to equity ratio was 2.3 times and our unrestricted cash was $132 million,\" Barrington added. \"FLY has now redeemed its 2021 unsecured notes, has no capital commitments in 2021 and no significant debt maturities until 2023. We remain in a strong position to weather the current difficult, but improving, market conditions.\" \nFinancial Results \nFLY is reporting a net loss of $107.0 million, or $3.51 per share, for the fourth quarter of 2020. This compares to net income of $75.2 million, or $2.43 per share, for the same period in 2019. The decrease in net income is primarily due to flight equipment impairment of $115.0 million.\nNet loss for the year ended December 31, 2020 was $67.4 million, or $2.21 per share, compared to net income of $225.9 million, or $7.12 per share, for the year ended December 31, 2019.\nAdjusted Net Income (Loss)\nAdjusted Net Loss was $115.2 million for the fourth quarter of 2020, compared to Adjusted Net Income of $77.0 million for the sa...