DUBLIN, June 12, 2014 /PRNewswire/ -- FLY Leasing Limited (NYSE: FLY), a global lessor of modern commercial jet aircraft, today announced it has sold four aircraft from its portfolio. The four aircraft have an average age of 14 years and the sales will further reduce the age of FLY's fleet. The sales generated a gain over FLY's net book value.
"Selling four older aircraft at premiums to net book value again underscores the value in our portfolio and demonstrates our ability to monetize a range of aircraft types and ages," said Colm Barrington, CEO of FLY. "Divesting older assets and investing in young and popular models is an integral part of our business strategy. We intend to reinvest the proceeds of these sales in attractive aircraft to achieve our growth targets."
FLY has now sold five aircraft in the second quarter.
FLY acquires and leases modern, high-demand and fuel-efficient commercial jet aircraft under multi-year operating lease contracts to a diverse group of airlines throughout the world. FLY is managed and serviced by BBAM LP, one of the world's leading aircraft lease managers with more than 20 years of experience. For more information, please visit www.flyleasing.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expects," "intends," "anticipates," "plans," "believes," "seeks," "estimates," "will," or words of similar meaning and include, but are not limited to, statements regarding the FLY's plans, objectives, expectations and intentions. Forward-looking statements are based on management's current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially due to global political, economic, business, competitive, market, regulatory and other factors and risks. Further information on the factors and risks that may affect our business is included in filings we make with the Securities and Exchange Commission from time to time, including our Annual Report on Form 20-F and our Reports on Form 6-K. FLY expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in its views or expectations, or otherwise.
Matt Dallas FLY Leasing Limited +1 203-769-5916 firstname.lastname@example.org
SOURCE FLY Leasing Limited