Form 20-F
|
☒
|
Form 40-F
|
☐ |
Exhibit | Title |
99.1 | Press release of Fly Leasing Limited, dated May 18, 2016. |
Fly Leasing Limited
|
|||||
(Registrant)
|
|||||
Date:
|
May 18, 2016 |
By:
|
/s/ Colm Barrington
|
||
Colm Barrington
|
|||||
Chief Executive Officer and Director
|
Exhibit | Title |
99.1 | Press release of Fly Leasing Limited, dated May 18, 2016. |
· | Adjusted Net Income of $16.2 million, $0.47 per share |
· | Net income of $7.1 million, $0.21 per share |
· | Closed $385 million aircraft acquisition facility |
· | Sold ten aircraft generating gross proceeds of $60 million after debt repayment |
· | $445 million of aircraft acquisitions scheduled to close in second quarter |
Portfolio at
|
Mar 31,
2016
|
Dec 31,
2015
|
||||||
Airbus A319
|
10
|
10
|
||||||
Airbus A320
|
14
|
14
|
||||||
Airbus A321
|
3
|
3
|
||||||
Airbus A330
|
4
|
4
|
||||||
Airbus A340
|
2
|
3
|
||||||
Boeing 737
|
39
|
39
|
||||||
Boeing 757
|
3
|
3
|
||||||
Boeing 767
|
1
|
1
|
||||||
Boeing 777
|
2
|
2
|
||||||
Boeing 787
|
1
|
1
|
||||||
Total
|
79
|
80
|
Three months
ended
Mar. 31, 2016
(Unaudited)
|
Three months
ended
Mar. 31, 2015
(Restated &
Unaudited)
|
|||||||
Revenues
|
||||||||
Operating lease rental revenue
|
$
|
74,633
|
$
|
103,148
|
||||
End of lease revenue
|
3,206
|
21,936
|
||||||
Amortization of lease incentives
|
(2,773
|
)
|
(4,036
|
)
|
||||
Amortization of lease premiums, discounts and other
|
(113
|
)
|
(945
|
)
|
||||
Operating lease revenue
|
74,953
|
120,103
|
||||||
Finance lease income
|
892
|
―
|
||||||
Gain on sale of aircraft
|
5,143
|
2,637
|
||||||
Equity earnings from unconsolidated subsidiary
|
133
|
340
|
||||||
Interest and other income
|
87
|
206
|
||||||
Total revenues
|
81,208
|
123,286
|
||||||
Expenses
|
||||||||
Depreciation
|
28,839
|
47,203
|
||||||
Interest expense
|
30,834
|
39,297
|
||||||
Debt modification and extinguishment costs
|
4,527
|
4,050
|
||||||
Selling, general and administrative
|
8,269
|
8,264
|
||||||
Ineffective and dedesignated derivatives
|
286
|
(264
|
)
|
|||||
Maintenance and other costs
|
1,199
|
1,586
|
||||||
Total expenses
|
73,954
|
100,136
|
||||||
Net income before provision for income taxes
|
7,254
|
23,150
|
||||||
Provision for income taxes
|
154
|
3,285
|
||||||
Net income
|
$
|
7,100
|
$
|
19,865
|
||||
Weighted average number of shares:
|
||||||||
- Basic
|
34,287,783
|
41,432,998
|
||||||
- Diluted
|
34,288,608
|
41,545,287
|
||||||
Earnings per share (net income per common share):
|
||||||||
- Basic and diluted
|
$
|
0.21
|
$
|
0.47
|
Mar. 31,
2016
(Unaudited)
|
Dec. 31,
2015
(Audited)
|
|||||||
Assets
|
||||||||
Cash and cash equivalents
|
$
|
329,273
|
$
|
275,998
|
||||
Restricted cash and cash equivalents
|
98,875
|
174,933
|
||||||
Rent receivables
|
875
|
124
|
||||||
Investment in unconsolidated subsidiary
|
7,303
|
7,170
|
||||||
Investment in direct finance lease, net
|
34,531
|
34,878
|
||||||
Flight equipment held for sale, net
|
57,673
|
237,262
|
||||||
Flight equipment held for operating lease, net
|
2,550,957
|
2,585,426
|
||||||
Maintenance right asset, net
|
84,557
|
94,493
|
||||||
Fair market value of derivative assets
|
―
|
241
|
||||||
Other assets
|
6,240
|
6,450
|
||||||
Total assets
|
3,170,284
|
3,416,975
|
||||||
Liabilities
|
||||||||
Accounts payable and accrued liabilities
|
30,101
|
17,548
|
||||||
Rentals received in advance
|
13,211
|
14,560
|
||||||
Payable to related parties
|
2,504
|
7,170
|
||||||
Security deposits
|
44,741
|
48,876
|
||||||
Maintenance payment liability
|
190,842
|
194,543
|
||||||
Unsecured borrowings, net
|
689,904
|
689,409
|
||||||
Secured borrowings, net
|
1,480,123
|
1,695,711
|
||||||
Fair market value of derivative liabilities
|
25,784
|
19,327
|
||||||
Deferred tax liability, net
|
20,030
|
20,741
|
||||||
Other liabilities
|
40,389
|
52,126
|
||||||
Total liabilities
|
2,537,629
|
2,760,011
|
||||||
Shareholders’ equity
|
||||||||
Common shares, $0.001 par value, 499,999,900 shares authorized; 33,599,490 and 35,671,400 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively
|
34
|
36
|
||||||
Manager shares, $0.001 par value; 100 shares authorized, issued and outstanding
|
―
|
―
|
||||||
Additional paid in capital
|
552,158
|
577,290
|
||||||
Retained earnings
|
102,238
|
95,138
|
||||||
Accumulated other comprehensive loss, net
|
(21,775
|
)
|
(15,500
|
)
|
||||
Total shareholders’ equity
|
632,655
|
656,964
|
||||||
Total liabilities and shareholders’ equity
|
$
|
3,170,284
|
$
|
3,416,975
|
Three months
ended
Mar. 31, 2016
(Unaudited)
|
Three months
ended
Mar. 31, 2015
(Restated &
Unaudited)
|
|||||||
Cash Flows from Operating Activities
|
||||||||
Net Income
|
$
|
7,100
|
$
|
19,865
|
||||
Adjustments to reconcile net income to net cash flows provided by operating activities:
|
||||||||
Equity in earnings from unconsolidated subsidiary
|
(133
|
)
|
(340
|
)
|
||||
Direct finance lease income
|
(892
|
)
|
―
|
|||||
Gain on sale of aircraft
|
(5,143
|
)
|
(2,637
|
)
|
||||
Depreciation
|
28,839
|
47,203
|
||||||
Amortization of debt discounts and issuance costs
|
2,360
|
3,110
|
||||||
Amortization of lease incentives
|
2,773
|
4,036
|
||||||
Amortization of lease discounts, premiums and other items
|
113
|
719
|
||||||
Amortization of fair market value adjustments associated with the GAAM acquisition
|
672
|
1,237
|
||||||
Debt modification and extinguishment costs
|
3,679
|
4,050
|
||||||
Share-based compensation
|
―
|
152
|
||||||
Unrealized foreign exchange (gain) loss
|
1,001
|
(1,670
|
)
|
|||||
Maintenance rights cash receipts
|
6,150
|
―
|
||||||
Provision for deferred income taxes
|
94
|
3,038
|
||||||
Unrealized (gain) loss on derivative instruments
|
216
|
(264
|
)
|
|||||
Security deposits and maintenance payment liability recognized into earnings
|
(400
|
)
|
(21,936
|
)
|
||||
Security deposits and maintenance payment claims applied towards operating lease revenues
|
(805
|
)
|
―
|
|||||
Changes in operating assets and liabilities:
|
||||||||
Rent receivables
|
(751
|
)
|
(1,685
|
)
|
||||
Other assets
|
(141
|
)
|
2,375
|
|||||
Payable to related parties
|
(7,239
|
)
|
(3,632
|
)
|
||||
Accounts payable, accrued and other liabilities
|
18,065
|
8,134
|
||||||
Net cash flows provided by operating activities
|
55,558
|
61,755
|
||||||
Cash Flows from Investing Activities
|
||||||||
Rent received from direct finance lease
|
1,230
|
―
|
||||||
Purchase of flight equipment
|
―
|
(137,113
|
)
|
|||||
Proceeds from sale of aircraft, net
|
155,359
|
126,503
|
||||||
Payment for aircraft improvement
|
(3,034
|
)
|
(4,403
|
)
|
||||
Payments for maintenance
|
(514
|
)
|
(7,730
|
)
|
||||
Net cash flows provided by (used in) investing activities
|
153,041
|
(22,743
|
)
|
Three months
ended
Mar. 31, 2016
(Unaudited)
|
Three months
ended
Mar. 31, 2015
(Restated &
Unaudited)
|
|||||||
Cash Flows from Financing Activities
|
||||||||
Restricted cash and cash equivalents
|
76,058
|
2,803
|
||||||
Security deposits received
|
―
|
845
|
||||||
Security deposits returned
|
―
|
(2,868
|
)
|
|||||
Maintenance payment liability receipts
|
17,968
|
17,514
|
||||||
Maintenance payment liability disbursements
|
(662
|
)
|
(8,332
|
)
|
||||
Net swap termination payments
|
(538
|
)
|
23
|
|||||
Debt issuance costs
|
(349
|
)
|
(343
|
)
|
||||
Proceeds from secured borrowings
|
16,756
|
67,802
|
||||||
Repayment of secured borrowings
|
(239,645
|
)
|
(162,852
|
)
|
||||
Shares repurchased
|
(25,191
|
)
|
―
|
|||||
Dividends
|
―
|
(10,358
|
)
|
|||||
Dividend equivalents
|
―
|
(191
|
)
|
|||||
Net cash flows used in financing activities
|
(155,603
|
)
|
(95,957
|
)
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
279
|
(330
|
)
|
|||||
Net decrease in cash
|
53,275
|
(57,275
|
)
|
|||||
Cash at beginning of period
|
275,998
|
337,560
|
||||||
Cash at end of period
|
$
|
329,273
|
$
|
280,285
|
||||
Supplemental Disclosure:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
$
|
16,573
|
$
|
24,059
|
||||
Income taxes
|
18
|
110
|
||||||
Supplemental disclosure of noncash activities:
|
||||||||
Security deposits applied to maintenance payment liability and rent receivables
|
―
|
2,542
|
||||||
Maintenance payment liability applied to rent receivables
|
―
|
2,108
|
||||||
Other liabilities applied to maintenance payment liability and rent receivables
|
―
|
240
|
||||||
Noncash investing activities:
|
||||||||
Aircraft improvement
|
2,338
|
2,510
|
||||||
Noncash activities in connection with purchase of aircraft
|
―
|
8,468
|
||||||
Noncash activities in connection with sale of aircraft
|
27,432
|
9,061
|
Three months
ended
Mar. 31, 2016
(Unaudited)
|
Three months
ended
Mar. 31, 2015
(Restated &
Unaudited)
|
|||||||
Net income
|
$
|
7,100
|
$
|
19,865
|
||||
Amortization of debt discounts and loan issuance costs
|
2,360
|
3,110
|
||||||
Amortization of lease discounts, premiums and other items
|
113
|
719
|
||||||
Amortization of GAAM acquisition date fair market value adjustments
|
672
|
1,237
|
||||||
Debt modification and extinguishment costs
|
4,527
|
4,050
|
||||||
Share-based compensation
|
―
|
152
|
||||||
Unrealized foreign exchange (gain) loss
|
1,001
|
(1,670
|
)
|
|||||
Deferred income taxes
|
94
|
3,038
|
||||||
Ineffective, dedesignated and terminated derivatives
|
286
|
(264
|
)
|
|||||
Adjusted Net Income
|
$
|
16,153
|
$
|
30,237
|
||||
Average Shareholders’ Equity
|
$
|
644,810
|
$
|
757,960
|
||||
Adjusted Return on Equity
|
10.0
|
%
|
16.0
|
%
|
||||
Weighted average diluted shares outstanding
|
34,288,608
|
41,545,287
|
||||||
Adjusted Net Income per diluted share
|
$
|
0.47
|
$
|
0.73
|