FLY Leasing Limited (FLY) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $63.83 million, or $ 1.98 a share in the quarter, against a net profit of $19.14 million, or $0.47 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $30.55 million, or $0.95 a share compared with $48.31 million or $1.19 a share, a year ago. Revenue during the quarter dropped 18.63 percent to $100.60 million from $123.63 million in the previous year period. Operating margin for the quarter stood at negative 28.84 percent as compared to a positive 53.93 percent for the previous year period.
Operating loss for the quarter was $29.02 million, compared with an operating income of $66.68 million in the previous year period.
"In 2016 we continued to transform FLY’s fleet, which is now the youngest in the company’s history and among the youngest in the industry, at an average age of 6.2 years," said Colm Barrington, chief executive officer of FLY. "We sold 27 aircraft during the year ��" primarily mid-life models ��" at a premium to book value. We invested in newer equipment, acquiring ten aircraft during the year. In addition, we continued to repurchase shares, buying back a total of 3.4 million shares or approximately ten percent of outstanding shares at the beginning of the year."
Operating cash flow drops significantly
FLY Leasing Limited has generated cash of $149.61 million from operating activities during the year, down 30.39 percent or $65.31 million, when compared with the last year. The company has spent $123.27 million cash to meet investing activities during the year as against cash inflow of $480.54 million in the last year.
Cash flow from financing activities was $215.73 million for the year as against cash outgo of $756.60 million in the last year period.
Cash and cash equivalents stood at $517.96 million as on Dec. 31, 2016, up 87.67 percent or $241.97 million from $276 million on Dec. 31, 2015.
Debt moves up
FLY Leasing Limited has witnessed an increase in total debt over the last one year. It stood at $2,523.38 million as on Dec. 31, 2016, up 5.80 percent or $138.26 million from $2,385.12 million on Dec. 31, 2015.
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