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Name | Symbol | Market | Type |
---|---|---|---|
Fly Leasing Limited | NYSE:FLY | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 17.03 | 0 | 01:00:00 |
Form 20-F
|
X
|
Form 40-F
|
Exhibit
|
Title
|
99.1
|
Press release of Fly Leasing Limited, dated November 12, 2015.
|
Fly Leasing Limited
|
|||
(Registrant)
|
|||
Date:
|
November 12, 2015
|
By:
|
/s/ Colm Barrington
|
Colm Barrington
Chief Executive Officer and Director
|
Exhibit
|
Title
|
99.1
|
Press release of Fly Leasing Limited, dated November 12, 2015.
|
·
|
Adjusted net income of $32.3 million, or $0.78 per share
|
·
|
Net income of $19.9 million, or $0.47 per share
|
·
|
Invested $214 million in new aircraft
|
·
|
Completed sales of 15 aircraft
|
·
|
Executed an agreement to sell 12 older aircraft
|
·
|
$75 million modified Dutch auction tender offer
|
·
|
$25 million open market repurchase program
|
·
|
$10 million in additional open market purchases by BBAM shareholders
|
·
|
These initiatives replace the dividend
|
Portfolio at
|
Sep 30, 2015
|
Dec 31, 2014
|
Airbus A319
|
10
|
18
|
Airbus A320
|
14
|
27
|
Airbus A321
|
3
|
3
|
Airbus A330
|
3
|
4
|
Airbus A340
|
3
|
3
|
Boeing 737
|
38
|
57
|
Boeing 747
|
-
|
1
|
Boeing 757
|
9
|
11
|
Boeing 767
|
1
|
1
|
Boeing 777
|
1
|
1
|
Boeing 787
|
1
|
1
|
Total
|
83
|
127
|
Three months ended
Sep. 30, 2015
(Unaudited)
|
Three months ended
Sep. 30, 2014
(Unaudited)
|
Nine months ended
Sep. 30, 2015
(Unaudited) |
Nine months ended
Sep. 30, 2014
(Unaudited) |
|||||||||||||
Revenues
|
||||||||||||||||
Operating lease rental revenue
|
$
|
104,356
|
$
|
97,984
|
$
|
310,910
|
$
|
283,095
|
||||||||
End of lease revenue
|
1,270
|
14,181
|
26,882
|
18,035
|
||||||||||||
Amortization of lease incentives
|
(6,845
|
)
|
(6,149
|
)
|
(15,638
|
)
|
(13,370
|
)
|
||||||||
Amortization of lease premiums, discounts and other
|
(461
|
)
|
(934
|
)
|
(2,047
|
)
|
(3,085
|
)
|
||||||||
Operating lease revenue
|
98,320
|
105,082
|
320,107
|
284,675
|
||||||||||||
Equity earnings from unconsolidated subsidiary
|
353
|
364
|
1,034
|
2,105
|
||||||||||||
Gain on sale of aircraft
|
7,188
|
23
|
9,085
|
18,878
|
||||||||||||
Interest and other income
|
378
|
74
|
1,381
|
718
|
||||||||||||
Total revenues
|
106,239
|
105,543
|
331,607
|
306,376
|
||||||||||||
Expenses
|
||||||||||||||||
Depreciation
|
32,529
|
43,960
|
132,265
|
126,488
|
||||||||||||
Aircraft impairment
|
—
|
—
|
65,398
|
—
|
||||||||||||
Interest expense
|
36,195
|
33,683
|
112,724
|
102,127
|
||||||||||||
Net (gain) loss on debt modification and extinguishment
|
3,206
|
—
|
9,375
|
(3,995
|
)
|
|||||||||||
Selling, general and administrative
|
7,795
|
9,876
|
26,632
|
30,820
|
||||||||||||
Ineffective, dedesignated and terminated derivatives
|
3,190
|
(149
|
)
|
4,682
|
(117
|
)
|
||||||||||
Maintenance and other costs
|
1,737
|
680
|
4,400
|
4,674
|
||||||||||||
Total expenses
|
84,652
|
88,050
|
355,476
|
259,997
|
||||||||||||
Net income (loss) before provision for
income taxes |
21,587 |
17,493 |
(23,869
|
)
|
46,379 |
|||||||||||
Provision (benefit) for income taxes
|
1,658
|
2,132
|
(2,809
|
)
|
5,781
|
|||||||||||
Net income (loss)
|
$
|
19,929
|
$
|
15,361
|
$
|
(21,060
|
)
|
$
|
40,598
|
|||||||
Weighted average number of shares
|
||||||||||||||||
- Basic
|
41,462,995
|
41,432,998
|
41,451,035
|
41,395,847
|
||||||||||||
- Diluted
|
41,544,423
|
41,463,474
|
41,451,035
|
41,434,681
|
||||||||||||
Earnings per share
|
||||||||||||||||
- Basic
|
$
|
0.48
|
$
|
0.37
|
$
|
(0.53
|
)
|
$
|
0.95
|
|||||||
- Diluted
|
$
|
0.47
|
$
|
0.37
|
$
|
(0.53
|
)
|
$
|
0.95
|
|||||||
Dividends declared and paid per share
|
$
|
0.25
|
$
|
0.25
|
$
|
0.75
|
$
|
0.75
|
Sep. 30, 2015
(Unaudited) |
Dec. 31, 2014
(Audited) |
|||||||
Assets
|
||||||||
Cash and cash equivalents
|
$
|
378,872
|
$
|
337,560
|
||||
Restricted cash and cash equivalents
|
185,722
|
139,139
|
||||||
Rent receivables
|
2,549
|
4,887
|
||||||
Investment in unconsolidated subsidiary
|
7,045
|
4,002
|
||||||
Flight equipment held for sale, net
|
796,113
|
—
|
||||||
Flight equipment held for operating lease, net
|
2,575,246
|
3,705,407
|
||||||
Fair market value of derivative assets
|
—
|
2,067
|
||||||
Other assets, net
|
20,867
|
31,608
|
||||||
Total assets
|
$
|
3,966,414
|
$
|
4,224,670
|
||||
Liabilities
|
||||||||
Accounts payable and accrued liabilities
|
$
|
31,494
|
$
|
18,431
|
||||
Rentals received in advance
|
16,972
|
19,751
|
||||||
Payable to related parties
|
6,620
|
2,772
|
||||||
Security deposits
|
55,176
|
64,058
|
||||||
Maintenance payment liability
|
254,114
|
254,514
|
||||||
Unsecured borrowings, net
|
690,695
|
689,452
|
||||||
Secured borrowings, net
|
2,106,679
|
2,335,328
|
||||||
Deferred tax liability, net
|
12,510
|
16,289
|
||||||
Fair market value of derivative liabilities
|
28,919
|
23,311
|
||||||
Other liabilities
|
62,555
|
41,890
|
||||||
Total liabilities
|
3,265,734
|
3,465,796
|
||||||
Shareholders’ equity
|
||||||||
Common shares, $0.001 par value, 499,999,900 shares authorized; 41,327,300 and 41,432,998 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively |
41
|
41 | ||||||
Manager shares, $0.001 par value; 100 shares authorized, issued and outstanding
|
—
|
—
|
||||||
Additional paid in capital
|
656,864
|
658,522
|
||||||
Retained earnings
|
64,409
|
117,402
|
||||||
Accumulated other comprehensive loss, net
|
(20,634
|
)
|
(17,091
|
)
|
||||
Total shareholders’ equity
|
700,680
|
758,874
|
||||||
Total liabilities and shareholders’ equity
|
$
|
3,966,414
|
$
|
4,224,670
|
Nine months ended
Sep. 30, 2015
(Unaudited)
|
Nine months ended
Sep. 30, 2014
(Unaudited)
|
|||||||
Cash Flows from Operating Activities
|
||||||||
Net income (loss)
|
$
|
(21,060
|
)
|
$
|
40,598
|
|||
Adjustments to reconcile net income to net cash flows provided by operating activities:
|
||||||||
Equity in earnings from unconsolidated subsidiary
|
(1,034
|
)
|
(2,105
|
)
|
||||
Gain on sale of aircraft
|
(9,085
|
)
|
(18,878
|
)
|
||||
Depreciation
|
132,265
|
126,488
|
||||||
Aircraft impairment
|
65,398
|
—
|
||||||
Amortization of debt discounts and loan issuance costs
|
9,080
|
9,307
|
||||||
Amortization of lease incentives
|
15,638
|
13,370
|
||||||
Amortization of lease discounts, premiums and other items
|
1,800
|
2,112
|
||||||
Amortization of fair market value adjustments associated with the GAAM acquisition
|
2,884
|
4,953
|
||||||
Net (gain) loss on debt modification and extinguishment
|
7,307
|
(4,048
|
)
|
|||||
Share-based compensation
|
195
|
(50
|
)
|
|||||
Unrealized foreign exchange loss on cash balances
|
119
|
284
|
||||||
Unrealized foreign exchange gain on debt and other items
|
(812
|
)
|
—
|
|||||
Provision for deferred income taxes
|
(3,302
|
)
|
5,781
|
|||||
Unrealized loss on derivative instruments
|
3,562
|
(117
|
)
|
|||||
Security deposits and maintenance payment liability relieved
|
(27,118
|
)
|
(17,223
|
)
|
||||
Distribution from unconsolidated subsidiary
|
—
|
5,149
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Rent receivables
|
5,251
|
(3,494
|
)
|
|||||
Other assets
|
1,708
|
1,549
|
||||||
Payable to related parties
|
(7,912
|
)
|
(4,450
|
)
|
||||
Accounts payable and accrued liabilities
|
11,260
|
5,084
|
||||||
Rentals received in advance
|
(2,779
|
)
|
1,139
|
|||||
Other liabilities
|
11,262
|
6,129
|
||||||
Net cash flows provided by operating activities
|
194,627
|
171,578
|
||||||
Cash Flows from Investing Activities
|
||||||||
Investment on unconsolidated subsidiary
|
(2,009
|
)
|
—
|
|||||
Distribution from unconsolidated subsidiary
|
—
|
1,484
|
||||||
Purchase of flight equipment
|
(366,772
|
)
|
(643,950
|
)
|
||||
Proceeds from sale of aircraft, net
|
527,898
|
88,617
|
||||||
Payment for aircraft improvement
|
(7,495
|
)
|
(8,698
|
)
|
||||
Payments for maintenance
|
(16,653
|
)
|
(4,034
|
)
|
||||
Net cash flows provided by (used in) investing activities
|
134,969
|
(566,581
|
)
|
Nine months ended
Sep. 30, 2015
(Unaudited)
|
Nine months ended
Sep. 30, 2014
(Unaudited)
|
|||||||
Cash Flows from Financing Activities
|
||||||||
Restricted cash and cash equivalents
|
(46,583
|
)
|
43,292
|
|||||
Security deposits received
|
7,882
|
10,558
|
||||||
Security deposits returned
|
(7,448
|
)
|
(2,578
|
)
|
||||
Maintenance payment liability receipts
|
63,865
|
68,203
|
||||||
Maintenance payment liability disbursements
|
(33,901
|
)
|
(44,413
|
)
|
||||
Proceeds from termination of interest rate swaps
|
23
|
—
|
||||||
Debt issuance costs
|
(917
|
)
|
(1,390
|
)
|
||||
Proceeds from secured borrowings
|
147,276
|
165,942
|
||||||
Repayment of secured borrowings
|
(384,576
|
)
|
(135,264
|
)
|
||||
Shares repurchased
|
(1,853
|
)
|
—
|
|||||
Dividends
|
(31,084
|
)
|
(31,034
|
)
|
||||
Dividend equivalents
|
(849
|
)
|
(1,235
|
)
|
||||
Net cash flows provided by (used in) financing activities
|
(288,165
|
)
|
72,081
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
(119
|
)
|
(284
|
)
|
||||
Net increase (decrease) in cash
|
41,312
|
(323,206
|
)
|
|||||
Cash at beginning of period
|
337,560
|
404,472
|
||||||
Cash at end of period
|
$
|
378,872
|
$
|
81,266
|
||||
Supplemental Disclosure:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
$
|
91,408
|
$
|
83,833
|
||||
Taxes
|
157
|
156
|
||||||
Noncash Activities:
|
||||||||
Security deposits applied to maintenance payment liability and rent receivables
|
3,292
|
1,598
|
||||||
Maintenance payment liability applied to rent receivables
|
2,523
|
—
|
||||||
Other liabilities applied to maintenance payment liability and rent receivables
|
240
|
979
|
||||||
Noncash investing activities:
|
||||||||
Aircraft improvement
|
1,693
|
3,035
|
||||||
Noncash activities in connection with purchase of aircraft
|
20,344
|
26,002
|
||||||
Noncash activities in connection with sale of aircraft
|
36,595
|
12,479
|
Three months ended
Sep. 30, 2015
(Unaudited)
|
Three months ended
Sep. 30, 2014
(Unaudited)
|
Nine months ended
Sep. 30, 2015
(Unaudited) |
Nine months ended
Sep. 30, 2014
(Unaudited) |
|||||||||||||
Net income (loss)
|
$
|
19,929
|
$
|
15,361
|
$
|
(21,060
|
)
|
$
|
40,598
|
|||||||
Adjustments:
|
||||||||||||||||
Aircraft impairment
|
—
|
—
|
65,398
|
—
|
||||||||||||
Amortization of debt discounts and loan issue costs
|
3,123
|
3,068
|
9,080
|
9,307
|
||||||||||||
Amortization of lease premiums, discounts and other
|
479
|
707
|
1,800
|
2,112
|
||||||||||||
Amortization of fair value adjustments recorded in purchase accounting
|
748
|
1,422
|
2,884
|
4,953
|
||||||||||||
Net (gain) loss on debt modification and extinguishment
|
3,206
|
—
|
9,375
|
(3,995
|
)
|
|||||||||||
Non-cash share based compensation
|
—
|
(14
|
)
|
195
|
(50
|
)
|
||||||||||
Unrealized foreign exchange (gain) loss
|
67
|
304
|
(693
|
)
|
284
|
|||||||||||
Deferred income taxes
|
1,513
|
2,059
|
(3,302
|
)
|
5,542
|
|||||||||||
Ineffective, dedesignated and terminated derivatives
|
3,190
|
(149
|
)
|
4,682
|
(117
|
)
|
||||||||||
Adjusted Net Income
|
$
|
32,255
|
$
|
22,758
|
$
|
68,359
|
$
|
58,634
|
||||||||
Average Shareholders’ Equity
|
$
|
699,530
|
$
|
752,107
|
$
|
729,777
|
$
|
753,491
|
||||||||
Adjusted Return on Equity
|
18.4
|
%
|
12.1
|
%
|
12.5
|
%
|
10.4
|
%
|
||||||||
Weighted average diluted shares outstanding
|
41,544,423
|
41,463,474
|
41,451,035
|
41,434,681
|
||||||||||||
Adjusted Net Income per share
|
$
|
0.78
|
$
|
0.55
|
$
|
1.65
|
$
|
1.42
|
1 Year Fly Leasing Chart |
1 Month Fly Leasing Chart |
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