FLY is reporting net income of $9.6 million for Q2, according to a result report releases today. This compares to net income of $54.1 million for the same period in 2019.
“Our second quarter results reflect the challenges of the COVID-19 pandemic but FLY remains in a strong position to meet its financial and operating commitments with unrestricted cash of $289 million and nearly $600 million of unencumbered aircraft,” said Colm Barrington, chief executive of FLY.
“FLY is reporting a record low net debt to equity ratio of 2.1x at quarter end and 21% growth in book value per share from a year ago to $29.46. FLY does not have any orders for aircraft or other capital commitments and has no significant near-term refinancing requirements.”
“We are working closely with our airline customers and now expect to agree to defer rents representing approximately 20% of contracted rental revenue for the second half of the year,” said Barrington.
“Meanwhile, several of our lessees have received support from their governments, which is helping them to meet their payment obligations. FLY also has the benefit of BBAM’s decades of experience and expertise in navigating industry cycles, which is truly an invaluable resource during this time,” he added.
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