Willis Lease Finance Corporation reports second best year in 2009

Willis Lease Finance Corporation revenue up 3.7% - financial highlights:

• Three months ended 31-Dec-2009:
  • Total revenue: USD38.8 million, +3.7% year-on-year;
    • Lease rent revenue: USD25.4 million, +0.1%;
    • Maintenance revenue: USD13.0 million, +34.8%;
  • Total cost: USD33.9 million, +9.8%;
  • Operating profit: USD5.0 million, -24.5%;
  • Profit before tax: USD5.2 million, -23.4%;
  • Net profit: USD1.0 million, -76.4%;
• 12 months ended 31-Dec-2009:
  • Total revenue: USD150.4 million, -1.5%;
    • Lease rent revenue: USD102.4 million, stable;
    • Maintenance revenue: USD46.0 million, +36.6%;
  • Total cost: USD1189.0 million, +6.6%;
  • Operating profit: USD31.4 million, -23.7%;
  • Profit before tax: USD32.4 million, -22.9%;
  • Net profit: USD22.4 million, -15.9%. [more]

Willis Lease: "We posted the second best year in our history, with 2009 results closely behind those reported in 2008, which was a record year in terms of revenue, profits and earnings per share…last year was a tough year for many participants in the aviation industry, Revenues were down. Aircraft were parked. Companies went bankrupt. Financing was hard to come by. Shop visits were deferred. What is it about Willis Lease that has allowed it to not only survive but prosper during these times? It's because we have the types of engines our customers need, and our leases enable them to conserve cash in this difficult environment when 'cash is king' - it's that simple…I can't predict when industry conditions will return to 'normal,' but I have confidence that Willis Lease will continue to be a leading performer in the engine leasing business," Charles Willis, President & CEO. Source: Willis Lease Finance Corporation, 08-Mar-2010.