Looks like a good quarter: Consensus est. .72 per share
Adjusted net income of $38.5 million, $1.37 per share
Net income of $32.8 million, $1.15 per share
Sold one A320, six B717s and two B737 Classics for a pre-tax gain of $6.5 million
Reduced financial leverage to 3.2x at quarter end
Declared our 22nd consecutive quarterly dividend on April 15th ($0.22 per share)
In April purchased a new B737-800 on a long lease to an Asian airline
New Share buyback: On May 1, 2013, the Company's board of directors approved a $30 million share repurchase program expiring in May 2014 to replace the previous program.
Reduced debt: FLY's net leverage, defined as the ratio of net debt to total shareholders' equity was 3.2x at March 31, 2013 compared to 3.6x at December 31, 2012. FLY has surpassed its stated goal of returning net leverage to less than 3.5x.
Not just a good quarter - great quarter. They overperformed on all counts. Add back in the depreciation and the cash flow is amazing. Their leverage reduced after the big expansion below their targets. Cash balances growing. Sales of aircraft prove again that they value of the portfolio is very understated even on their least desireable aircraft. I expect another deal in the next 3 to 6 months with their cash and improved leverage. My congrats to those who have held this. Those shares bought in the 5 dollar range are looking pretty good right now.