FLY Leasing Repurchases Over One Million Shares and Maintains Share Repurchase Program

Mar 28, 2011, 08:30 ET from FLY Leasing Limited

DUBLIN, March 28, 2011 /PRNewswire/ -- FLY Leasing Limited (NYSE: FLY) ("FLY"), a global lessor of modern, fuel-efficient commercial jet aircraft, today confirmed that on March 8, 2011 it repurchased 1,035,438 shares of its stock for $11.925 per share in a privately negotiated transaction.

FLY repurchased the shares utilizing its unrestricted cash.  The shares were repurchased outside of the existing share repurchase program which had $12.4 million remaining as of December 31, 2010. Under there purchase program, FLY may make share repurchases from time to time in the open market or in privately negotiated transactions.

"We have now repurchased 24% of our outstanding shares and we continue to see strong value in our stock, which trades at a discount to net book value," said Colm Barrington, Chief Executive Officer of FLY Leasing. "Our level of unrestricted cash remains strong, enabling us to continue to take advantage of opportunities to enhance shareholder value and to grow the fleet."

Since June 2008, FLY has repurchased over eight million of its shares at an average price of less than $8.00 per share.  After the latest repurchase, FLY had a total of 25.7 million shares outstanding.

About FLY

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 about FLY, please visit our website at  

Contact: Matt Dallas FLY Leasing Limited +1 203-769-5916

SOURCE FLY Leasing Limited