FLY Leasing reports net loss in 4Q2011

FLY Leasing revenue up 58% - financial highlights:

• Three months ended 31-Dec-2011:
  • Total revenue: USD94.5 million, +57.7% year-on-year;
    • Operating lease revenue: USD81.6 million, +56.2%;
  • Total costs: USD101.8 million, +113.7%;
  • Net profit (loss): (USD9.2 million), compared to a profit of USD10.6 million in p-c-p;
• 12 months ended 31-Dec-2011:
  • Total revenue: USD248.8 million, -1.9%;
    • Operating lease revenue: USD230.7 million, +5.0%;
  • Total costs: USD243.5 million, +27.6%;
  • Net profit: USD1.1 million, -97.9%;
  • Portfolio: 109 aircraft, +84.7%;
  • Total assets: USD3198 million, +61.7%;
  • Cash and cash equivalents: USD82.1 million, -50.0%;
  • Total liabilities: USD2755 million, +83.3%. [more - original PR]

FLY Leasing: "2011 was a transformational year for FLY as we grew our fleet from 59 to 109 aircraft, an 85% year-on-year increase. This significant growth was achieved without raising any additional equity capital, and we expect that our larger fleet will have a positive impact on adjusted net income and EPS in future reporting periods," Colm Barrington, CEO. Source: Company statement, 08-Mar-2012.