Fly Leasing announced its financial results for Q3/15 along with a $100 million share repurchase program.

The aircraft lessor reported adjusted net income of $32.3 million and net income of $19.9 million. During the quarter, FLY invested $214 million in new aircraft and completed sales of 15 aircraft. In addition, it executed an agreement to sell 12 older aircraft.

Included in the tender offer and share repurchase program are a $75 million modified Dutch auction tender offer, a $25 million open market repurchase program and $10 million in additional open market purcahses by BBAM shareholders.

“Our third quarter results demonstrate our progress in selling older and underperforming assets, enhancing our fleet metrics and reducing costs,” said Colm Barrington, FLY’s CEO. “Today we announced the next step in FLY’s transformation: a $100 million share repurchase program that will replace our dividend. The tender offer and open market share repurchase announced today will accelerate the return of capital to shareholders and will drive improved return on equity and earnings per share for FLY.”

“We have entered into agreements to sell a total of 57 aircraft with an average age of 13 years,” added Barrington. “Aircraft sales, combined with our purchase of seven newer aircraft, have reduced our average fleet age to seven years at quarter end, a decrease of one year over the prior quarter. We have also improved our cost structure by driving lower annual SG&A and interest expense.

“Our aircraft sales have generated significant levels of investible cash, enabling us to simultaneously invest in newer, higher yielding aircraft and accelerate the return of capital to our shareholders,” added Barrington. “With our younger fleet, the financial firepower to carry out our growth strategy and our new initiatives, FLY will continue to grow the value of the business for our shareholders.”