Fly Leasing (FLY) Tops Q4 EPS by 72c; Approves $30M Buyback; In Talks with SEC Over Certain Accounting Practices

Fly Leasing (NYSE: FLY) reported Q4 EPS of $1.54, $0.72 better than the analyst estimate of $0.82. Revenue for the quarter came in at $139 million versus the consensus estimate of $123.7 million.

The Board of Directors has now approved a new $30 million share repurchase program. Under this program, FLY may make share repurchases from time to time in the open market or in privately negotiated transactions. The timing of repurchases under this program will depend upon a variety of factors, including market conditions, and the program may be suspended or discontinued at any time.

Accounting for Maintenance Rights and Liabilities

As part of its review of FLY's public filings, the staff ("Staff") of the U.S. Securities and Exchange Commission's Division of Corporation Finance has issued comments related to the filing of FLY's Annual Report on Form 20-F for the year ended December 31, 2014. We and the Staff are currently discussing FLY's accounting policy for business combinations, including FLY's accounting policy for intangible assets and liabilities for aircraft acquired with in-place leases. FLY has provided information to the Staff supporting FLY's accounting policy, and has discussed its accounting policy with members of the Staff.

Discussions with the Staff are ongoing as of the date of this press release. While we currently have not concluded on the potential impact on our financial statements of the Staff's comments, if any, if it is determined after the conclusion of the Staff's review that FLY should separately recognize other intangible assets or liabilities from what has been previously recorded, the impact could be material to FLY's previously issued consolidated financial statements and require modification to its accounting for the current and prior year results reported herein. In addition, as a result of the ongoing discussions with the Staff, FLY may not be able to timely file its Annual Report on Form 20-F for the year ended December 31, 2015.

For earnings history and earnings-related data on Fly Leasing (FLY) click here.

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