FLY Leasing reported a net loss for the third quarter of 2012 of $29.4 million, which compares to net income of $3.4 million for the same period of 2011. Fly said the loss is attributable to pre-tax, one-time, refinancing related expenses of $33.9 million, including a pre-tax charge of $32.3 million to terminate interest rate swaps associated with a credit facility that was fully repaid during the quarter.

Operating lease revenue increased to $84.4 million for the third quarter of 2012 from $47.4 million for the same period in 2011, primarily due to growth in the aircraft portfolio following the aircraft acquisitions completed in late 2011.

“FLY is reporting a net loss of $29 million for the third quarter due to one-time charges including the termination of interest rate swaps associated with the debt refinancing completed in August,” said Colm Barrington, CEO of FLY. “The refinancing achieved several important objectives including providing long-term financing with an attractive free cash profile, reducing leverage and future interest costs, and eliminating significant refinancing requirements through 2018.”

“Our fleet generated strong revenue in the quarter,” added Barrington. “The portfolio of 49 aircraft acquired last year is now contributing significantly to our bottom line, helping to grow our Adjusted Net Income as compared to the same period of last year and demonstrating the true value of the strategic acquisition.”

To read the FLY Leasing news release click here.