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FLY Leasing income up 10pc in 2013

Thursday, March 06 12:36:31

FLY Leasing, the Dublin-based commercial aircraft leasing group, today posted net income of $52.5 million or $1.50 per share, a 10pc gain on the previous year as it bought 14 aircraft and disposed of ten.

It posted adjusted net income of $57.4 million or $1.68 per share and added 14 aircraft to portfolio at a cost of $642.2 million.

FLY sold ten older aircraft for net gain of $6.3 million and raised $172.6 million of new equity capital.

It also raised $1.1 billion in debt financing and paid four quarterly dividends totalling $0.88 per share.

"2013 was a year of strong growth with the acquisition of 14 aircraft, primarily brand new models from Boeing," said Colm Barrington, CEO of FLY. "We also disposed of ten aircraft with an average age of 13.6 years. As a result of these transactions we have increased both the size and value of our fleet and have lowered its average age. Having raised more than $1.2 billion in new debt and equity funding last year, FLY is now well positioned to achieve its target of growing the fleet by 15pc in 2014."

"Our net income increased 10pc over last year, and we expect to see a positive impact on our EPS going forward from the aircraft we acquired late in 2013," added Barrington. "Resulting from the growth in our cash flow, we increased the quarterly dividend by 14pc to $0.25 per share in Q4, which equates to an annual dividend of $1.00 per share. FLY has started 2014 in a very strong position."