FLY Leasing Limited, a global lessor of modern commercial jet aircraft, reported third-quarter adjusted net income of $14.1m, or 52 cents per share, compared to $14.4m and $0.48 in the same period of 2009. Net income was $12.2m, or 45 cents per share. Cash flow was $40.4m, or $1.48 per share, compared to 96 cents in the same quarter last year, an increase of more than 50%. Total revenues for the third quarter of 2010 were $62.6m compared to $67.8m in the same period of the previous year.

“In the third quarter, FLY continued to implement its strategy of enhancing shareholder value while producing another strong financial result. In the quarter we spent $17.6m on repurchasing a further 1.6m shares at an average price of $10.70 per share and paid a quarterly dividend of 20 cents per share,” said Colm Barrington, FLY’s CEO. “FLY will continue to focus on sensible growth such as this, while actively managing our fleet in order to keep it young, diversified and in high demand. With the airline industry strengthening, we expect to see more attractive opportunities for FLY to grow.”

Operating lease revenue for the third quarter was $51.7m compared to $54.3m in the same period of the previous year, a decrease of 5%. This was primarily due to the three aircraft that were off-lease, one lessee being placed on a non-accrual basis and the loss of revenues from the Mexicana lease.

Total expenses in the third quarter of 2010 were $48m compared to $50.2m in the same period of the previous year, a decrease of 4%. The decrease was primarily due to lower interest expense and the absence of amortization related to the debt purchase option.