Willis Lease Finance Corporation reports USD2.2 mn loss

Willis Lease Finance Corporation revenue up 1% - financial highlights for three months ended 30-Sep-2013:

• Total revenue: USD38.0 million, +1.2% year-on-year;
• • Lease rent: USD25.8 million, +12.0%;
  • Maintenance reserve: USD8.9 million, -16.5%;
• Operating profit (loss): (USD3.3 million), compared to a loss of USD11.0 million in p-c-p;
• Net profit (loss): (USD2.2 million), compared to a loss of USD8.0 million in p-c-p;
• Total assets: USD1139 million;
• Cash and cash equivalents: USD4.0 million;
• Total liabilities: USD932.9 million. [more - original PR]

Willis Lease Finance Corp: "We remain well positioned to benefit from opportunities in the growing aviation leasing industry and are pleased to announce the completion of two significant strategic investments. In the third quarter, we invested USD1.0 million to purchase the remaining 50% interest in our WOLF joint venture, with the purchase price representing a USD12.7 million discount from the JV partner's equity interest. We have decided to lease these engines, as we expect our total return will be greater than if we immediately sold them," Donald Nunemaker, President. Source: Company statement, 07-Nov-2013.