FLY Leasing reported net income of $7.2 million for Q4/17 compared to a net loss of $63.8 million for the same period in 2016. Net income for the year ended 12/31/17 was $2.6 million compared to a net loss of $29.1 million a year earlier.

“We continue to take initiatives at FLY that are producing solid core earnings and enhancing shareholder value,” said Colm Barrington, CEO of FLY. “In 2017 we increased our fleet size, fleet value and operating lease revenue, each by more than 10%. The quality and youth of our fleet now rank us an industry leader. We repurchased more than 13% of our shares at a significant discount to book value, raised a new $332 million secured facility at a very attractive margin, and refinanced and extended $375 million of unsecured notes at a significantly reduced interest rate. This was a good investment in our future earnings despite the debt extinguishment charge in the fourth quarter.”

“Last week we announced an exciting deal with AirAsia in which FLY will acquire a total of 55 aircraft, seven engines and options to acquire 20 new A320neo family aircraft,” added Barrington. “This landmark acquisition grows FLY’s fleet with the most attractive and newest generation of narrowbody aircraft and will drive high levels of stable, long-term profitability and cash flows for the benefit of our stakeholders.”