FLY is reporting net income for the first quarter of 2014 of $3.6m, this compares to net income of $32.8m for the same period in 2013. First quarter 2013 results benefitted from $30.6m of end of lease income and $6.5m in gains from aircraft sales. First quarter 2014 results were impacted by increases in interest expense as a result of FLY’s unsecured debt issuance last December, with much of the proceeds still unused. Operating lease rental revenue increased 13% to $90.5m. End of lease revenues were $3.7m in the first quarter of 2014 compared to $30.6m of end of lease revenue recognized in the same period in the previous year. Adjusted net income was $5.1m for the first quarter of 2014 compared to $38.5m in the same period in the previous year, which included end of lease income and gains from sales of aircraft. On a per share basis, adjusted net income was $0.12 in the first quarter of 2014 compared to $1.37 for the same period in the previous year.
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[email protected]
Mailing Address
AviTrader Publications Corp.
Suite 305, South Tower
5811 Cooney Road
Richmond, BC V6X 3M1
Canada