FLY release states reason for the bump in profits the latest qtr.
Financial Results
FLY's net income and basic and diluted earnings per share for the first quarter of 2012 were $20.4 million and $0.78, respectively, compared to net income of $2.8 million and earnings per share of $0.10 for the same period in 2011. Contributing to the increase in earnings was $15.9 million of end of lease revenue.
Total revenues for the first quarter of 2012 were $104.5 million and include $86.5 million of rental revenue. This 115% increase in revenue reflects the increased size of the fleet and end of lease revenue. Likewise, operating expenses for the first quarter of 2012 were $81.5 million, a 76% increase over the same period in the previous year.
Adjusted Net Income
Adjusted Net Income was $26.8 million for the first quarter of 2012 compared to $3.7 million in the same period in the previous year. On a per share basis, Adjusted Net Income was $1.04 in the first quarter of 2012 compared to $0.14 for the same period in the previous year.
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