Fly Leasing reported net income of $2.9 million in Q2/17, down from the $4.7 million in Q2/16. Net income for the six months ended June 30, 2017 was also down, reaching $7.9 million after a total of $11.8 million in the same time period in 2016.

Other highlights from the report include:

• Adjusted net income of $9.7 million, 31 cents per share
• Repurchased nearly two million shares at an average price of $13.07 per share
• Acquired five aircraft, four of which were new deliveries from manufacturers
• Upsized term loan by $50 million
• Repriced term loan, saving approximately $2 million in annual interest

At June 30, 2017, FLY’s total assets were $3.5 billion, including investment in flight equipment totaling $3.0 billion. Total cash at June 30, 2017 was $455.2 million, of which $335.5 was unrestricted.

At June 30, 2017, FLY’s 81 aircraft were on lease to 45 airlines in 29 countries.  The average age of the portfolio, weighted by net book value of each aircraft, was 6.1 years. The average remaining lease term was 6.8 years. The 81 aircraft in the portfolio were generating annualized rental revenue of approximately $352 million. FLY’s Q2/17 lease utilization factor was 100%.

“We grew our fleet by investing $290 million in five aircraft in the second quarter, including four new aircraft purchased from the manufacturers,” said Colm Barrington, CEO of FLY. “The five aircraft are on leases with an average term of 11 years, further enhancing the overall quality of our fleet. We expect to see improved earnings from these aircraft, and others in our pipeline, as the year progresses.

“We are focused on growth and have a strong pipeline of attractive aircraft investments that we expect to announce in the coming months,” said Barrington. “We expect to meet our $750 million acquisition target in 2017 – and we have the financial resources to acquire an additional $2 billion of aircraft.”