Exhibit 99.1

 

 

NEWS RELEASE

 

CONTACT:

 

Scott B. Flaherty

 

 

Chief Financial Officer

 

 

(415) 408-4700

 

Willis Lease Finance Reports Second Quarter Pretax Profit Grew 76% to $10.2 Million

 

NOVATO, CA —August 8, 2017 —

Willis Lease Finance Corporation (NASDAQ: WLFC) today reported that pretax income grew 76% to $10.2 million in the second quarter of 2017, compared to $5.8 million in the second quarter of 2016, on revenues of $67.8 million. The Company’s second quarter 2017 results were bolstered by continued strength in its core leasing business with 90% utilization at quarter end and $19.4 million of spare parts and equipment sales revenue, of which $12.9 million was generated by the sale of equipment. Net income attributable to common shareholders for the second quarter increased 68% to $5.7 million, or $0.92 per diluted share, from $3.4 million, or $0.49 per diluted share, in the second quarter 2016.  Earnings in the second quarter included a $2.3 million non-cash write down of equipment and parts.

 

“We continue to drive strong pre-tax financial growth in 2017, and build the business for the future,” said Charles F. Willis, Chairman and CEO.  “Our leasing business is delivering support and value for our customers at a time when engine shop visit activity is extremely high.”

 

“We believe we have a unique service offering and our customers are just beginning to see the value of our total platform,” said Brian R. Hole, President. “While leasing remains strong with utilization of 90% at quarter end and our trading business continues to become more efficient, we will focus on growth and delivering additional value worldwide through our subsidiaries, Willis Aeronautical Services and Willis Asset Management.”

 

Second Quarter 2017 Highlights:

 

·                  Total revenue grew 36.7% to $67.8 million in the second quarter of 2017, from $49.6 million in the year ago period.

·                  Average utilization in the second quarter of 2017 was 88% as compared to 89% in the preceding quarter. Utilization was 90% at the end of Q2 2017.

·                  Second quarter lease rent revenue was $31.3 million, up 7.4% year-over-year.

·                  Maintenance reserve revenue for the six months ended June 30, 2017 increased 40% to $43.8 million compared to $31.3 million in the year ago period.

·                  The Company purchased $81.5 million and sold $21.2 million of assets in the second quarter of 2017.

·                  The equipment portfolio grew 2.1% to $1.161 billion, from $1.137 billion at year end 2016, net of asset sales and depreciation expense.

·                  Tangible book value per share increased 7% to $32.52 at June 30, 2017, as compared to $30.66 per share at December 31, 2016.

·                  Under the Company’s five-year repurchase plan, the Company purchased a total of 114,833 shares of common stock in the quarter for $2.7 million.

·                  The Company maintained $250 million of undrawn revolver capacity at June 30, 2017.

 


The following information was filed by Willis Lease Finance Corp (WLFC) on Tuesday, August 8, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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