Fly Leasing reports third quarter 2020 net loss of US$8.1 million

Fly Leasing (FLY) is reporting a net loss of US$8.1 million for the third quarter of 2020. This compares to net income of US$51.7 million for the same period in 2019. The decrease in net income is primarily due to the non-recognition of revenue for certain lessees and no aircraft sales in the current quarter.

Net income for the nine months ended September 30, 2020 was US$39.6 million, compared to net income of US$150.7 million for the nine months ended September 30, 2019. Adjusted net loss was US$9.0 million for the third quarter of 2020, compared to adjusted net income of US$59.8 million for the same period in the previous year. For the nine months ended September 30, 2020, adjusted net income was US$45.9 million compared to US$168.9 million for the same period last year.

On September 30, 2020, FLY’s total assets were US$3.5 billion, including investment in flight equipment totaling US$3.0 billion. Total cash was US$307.5 million, of which US$285.1 million was unrestricted. The book value per share on September 30, 2020 was US$29.28. FLY’s net debt to equity ratio was 2.1x, compared to 2.3x at December 31, 2019.

On October 15, 2020, FLY closed a new US$180 million Term Loan to be secured by 11 narrow-body aircraft. The proceeds will be used for general corporate purposes, including the repayment of debt. At the end of September FLY had 86 aircraft and seven engines in its portfolio. The company’s aircraft and engines are on lease to 39 airlines in 24 countries.

Email Post to a Friend Email Post to a Friend