FLY Leasing Limited announced Q3/14 net income of $15.4 million, up from $0.3 million for the same quarter in 2013. FLY said revenues of $105.5 million were up 33% from $79.1 million a year earlier.

FLY noted that operating lease rental revenue for Q3/14 was $105.1 million compared to $78.4 million for the same period in the previous year, an increase of 34%.

The aircraft lessor said the increase was driven by the larger portfolio and improved utilization. The third quarter 2014 results include $14.2 million in end of lease income, compared to $17,000 in the third quarter of 2013.

“FLY had another strong quarter, with fleet utilization of 100% and revenue growth of more than 30%,” said Colm Barrington, FLY’s CEO. “We have grown our fleet to 121 aircraft with the acquisition of five aircraft in the third quarter, maintaining our average fleet age at just over eight years and increasing our average lease term to approximately five years.”

To view the full FLY Leasing news release, click here.