Fly Leasing Limited releases first quarter results

Fly Leasing Limited, a global leader in aircraft leasing has released its financial results for the first quarter of 2021.

 

Signed merger agreement to be acquired by Carlyle Aviation for $17.05 per share

Total revenues of $80.9 million

Net loss of $3.4 million, $0.11 per share

Unrestricted cash and cash equivalents of $117.2 million

$157 million net book value of unencumbered assets

"The pending acquisition of FLY by an affiliate of Carlyle Aviation Partners is on track and is expected to close in the third quarter," said Colm Barrington, CEO of FLY. "We believe that this transaction represents strong value for FLY shareholders with the per share cash consideration representing a premium of nearly 30% to FLY's closing price on March 26, 2021, the last trading day prior to the merger announcement."

"In the quarter, FLY's revenues and net income were again adversely impacted by the global pandemic," added Barrington. "While we are seeing improvements in some sectors of the global airline industry, particularly in U.S. and Chinese domestic traffic, there are still large parts of the world where COVID-19 is surging and both domestic and international air traffic is at a virtual standstill due to continuing travel restrictions. It now appears likely that it will be well into 2022 before global air traffic returns towards 2019 levels."

$67 million net loss for Fly Leasing during 2020

Fly Leasing Limited, a global leader in aircraft leasing, has announced its financial results for the fourth quarter and full year of 2020. As of 31st December 2020, the company had 84 aircraft and seven engines in its portfolio. FLY's aircraft and engines are on lease to 37 airlines in 23 countries. 

Fourth Quarter 2020 Highlights

Net 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 Notes

2020 Full Year Highlights

Net 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 Leasing shows third quarter 2020 loss of $8.1 million.

Fly Leasing Limited a global leader in aircraft leasing, has announced its financial results for the third quarter of 2020, showing a loss of $8.1 Million.

Highlights

Net loss of $8.1 million, $0.26 loss per share

2.1x net debt to equity

$285.1 million of unrestricted cash and cash equivalents at quarter-end

New $180.0 million five-year senior secured term loan closed in October

"Despite the challenges of the COVID-19 pandemic, we are encouraged by improved domestic air travel demand in the quarter and the recent news of successful vaccine trials, which we believe will drive a recovery in air travel demand in 2021," said Colm Barrington, Chief Executive Officer of FLY. "Total cash collected improved from the prior quarter and we have begun to receive repayment of some deferred rents. A number of our lessees have received government support, which is helping the airlines meet their payment obligations."

"To buttress the balance sheet, we recently raised a new $180 million term loan," said Barrington. "FLY continues to have a historically low debt to equity ratio, no orders for aircraft or other capital commitments and no significant near-term refinancing requirements. FLY also benefits from BBAM's decades of experience and expertise in navigating industry cycles, which is a truly invaluable resource at this time."

2020 second quarter results now in for Fly Leasing

Fly Leasing Limited a global leader in aircraft leasing, has this week announced its financial results for the second quarter of 2020.

The company is reporting net income of $9.6 million,  for the second quarter of 2020. This compares to net income of $54.1 million for the same period in 2019.

Net income for the six months ended June 30, 2020, was $47.7 million, compared to net income of $99.0 million, for the six months ended June 30, 2019.

Adjusted Net Income was $11.3 million for the second quarter of 2020, compared to $61.9 million for the same period in the previous year. On a per share basis, Adjusted Net Income was $0.37 in the second quarter of 2020, compared to $1.92 for the second quarter of 2019.

Fly Leasing Reports First Quarter 2020 Financial Results

Fly Leasing Limited, a global leader in aircraft leasing, has just announced its financial results for the first quarter of 2020.

The key highlights for the firm was a net income of $38.1 million, the firm sold six aircraft and two engines for a gain of $31.7 million, a 20% premium to book value. Unrestricted cash and cash equivalents of $361.2 million, $560 million net book value of unencumbered assets - a 2.1x net debt to equity.