FLY Leasing, a global aircraft lessor, reported Q1/16 net income of $7.1 million was down from $19.9 million a year earlier. Fly said Q1/15 results included $21.9 million of end-of-lease revenue, whereas there was only $3.2 million of end-of-lease revenue in Q1/16.

The following highlights were excerpted from the news release:

• Closed $385 million aircraft acquisition facility.
• Sold 10 aircraft generating gross proceeds of $60 million after debt repayment.
• $445 million of aircraft acquisitions scheduled to close in Q2/16.
• At March 31, 2016, FLY’s total assets were $3.2 billion, including an investment in flight equipment totaling $2.7 billion.
• FLY’s aircraft portfolio of 79 aircraft were on lease to 43 airlines in 28 countries.

“FLY moves into the second quarter having accomplished several strategic objectives: completing the sale of 45% of our fleet – primarily older aircraft – at gains to book value, repurchasing 19% of our shares at a discount to book value, reducing core SG&A, and completing a new, attractively priced $385 million aircraft acquisition facility,” said Colm Barrington, CEO of FLY.  “The company is in a strong position to deliver increased return on equity going forward.”