FLY Leasing has announced its financial results for the first quarter of 2014. The lessor reported a net income of $3.6 million, $0.07 per share, while adjusted net income was $5.1 million, $0.12 per share. FLY acquired four aircraft at a cost of $82 million.
“In the first four months of the year, we have added seven aircraft to the fleet, with a consequent growth in top line revenues,” said Colm Barrington, CEO of FLY. “We are making strong and steady progress in achieving our target of 15% growth in our fleet this year, having already spent $176 million. We have a robust acquisition pipeline and our continued deployment of capital will drive further revenue and earnings growth as the year progresses. We will also be selling more aircraft, demonstrating our consistent ability to monetize a range of aircraft types and ages at prices above their book values. This again underscores the positive market value of FLY’s fleet as compared to its book value.”