WILLIS LEASE FINANCE CORPORATION REPORTS 50% GROWTH IN ANNUAL PRE-TAX PROFIT TO $36.0 MILLION

NOVATO, Calif., March 14 (Bernama-GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ:WLFC) today reported 50.4% growth in annual pre-tax income to $36.0 million, from $23.9 million in 2016, and recorded total revenues of $274.8 million. The Company’s 2017 pretax results were driven by solid revenue growth in the core leasing business and a significant increase in spare parts and equipment sales. Aggregate lease rent and maintenance reserve revenues of $210.6 million were driven by a 90% average utilization of a lease portfolio that grew 18.1% to $1.34 billion at year-end. Spare parts and equipment sales grew 189% on a year over year basis. Net income attributable to common shareholders grew 338% to $60.3 million for the year or to $9.69 of diluted weighted average earnings per common share. The positive tax effects of the Tax Cuts and Jobs Act of 2017 contributed $43.6 million to our 2017 after tax income.

“2017 was our most profitable year on a pre-tax basis since 2008, with record revenues,” said Charles F. Willis, Chairman and CEO. “Utilization of our lease portfolio remains high due in part to robust maintenance activity on engine types we support, including some older engine types many thought would have been retired long ago. Last year was also important for us from a capital perspective as we were successful in closing our WEST III asset backed securitization and a second round of preferred equity.”

“As we have said before, we believe our Platform differentiates us and our varied business areas delivered for our customers and, consequently, for us in 2017,” said Brian R. Hole, President. “In addition to our core leasing business, our trading, asset management and spare parts businesses performed well and continue to become more useful for our customers. We will continue to actively manage and grow our leasing portfolio and find new ways to create value for our growing customer base.”

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