Fly Leasing Limited (NYSE:FLY)

"2011 was a transformational year for FLY as we grew our fleet from 59 to 109 aircraft, an 85% year-on-year increase," said Colm Barrington, CEO of FLY Leasing. "This significant growth was achieved without raising any additional equity capital, and we expect that our larger fleet will have a positive impact on adjusted net income and EPS in future reporting periods."

"In the fourth quarter, we incurred a $7.5 million impairment charge in respect of two twenty-year old aircraft," said Barrington. "We expect to recover approximately $6 million later this year from end of lease compensation payments from our lessee, retained maintenance reserves and disposition proceeds, reducing our net economic loss to approximately $750,000 per aircraft."

"We have recently extended a $600 million financing facility from 2012 until 2018 on attractive terms," noted Barrington. "FLY has enjoyed continued access to financing through BBAM's worldwide banking relationships. Also, our 15% interest in BBAM generated pre-tax income of $5.4 million in 2011, proving it to be an excellent investment for shareholders."

"With a larger fleet, a strong balance sheet and BBAM's experienced management team, FLY is well-positioned to execute on its strategy of taking advantage of attractive opportunities for growth and shareholder value enhancement, including rewarding our shareholders with an attractive dividend," added Barrington.