Willis Lease Finance Corp. reported consolidated unaudited earnings results for the fourth quarter and year ended December 31, 2009. For the quarter, the company said that partly due to the inclusion of tax adjustments of $2.3 million, it earned $0.2 million, or $0.03 per diluted common share, on revenues of $38.8 million in the fourth quarter, compared to $3.6 million, or $0.41 per diluted share, on revenues of $37.4 million, in the like quarter a year ago. Total revenue for the quarter was $38.829 million compared to $37.429 million in the same quarter last year. Earnings from operations for the quarter of 2009 were $4.97 million against $6.58 million for the same quarter previous year. Income before income taxes for the quarter of 2009 was $5.22 million against $6.813 million for the same quarter previous year. For the year, net income available to common shareholders totaled $19.2 million, or $2.14 per diluted common share, compared to the record results posted in 2008 of $23.5 million, or $2.68 per diluted share, which was bolstered by a significant gain on the sale of a portfolio of engines. Book value per common share increased 16% to $20.57 compared to $17.66 a year ago. Total revenue for the year was $150.44 million compared to $152.81 million in the last year. Earnings from operations for the year 2009 were $31.445 million against $41.202 million for the previous year. Income before income taxes for the year 2009 was $32.4 million against $42 million for the previous year. Operating cash flows increased 71% to $88.5 million.

Willis Lease Finance Corporation announced that it has closed a new revolving credit facility. The $240 million credit facility, with an interest rate equal to LIBOR plus 3.5%, is available to Willis Lease on a revolving basis for three years through November 2012. The credit facility is provided by a syndicate of banks led by Union Bank, N.A., as Administrative Agent and Lead Arranger, and Wells Fargo Bank, N.A. as Co-Lead Arranger. This credit facility and other credit facilities support the company and its subsidiaries in financing its lease portfolio which stood at $921.0 million as of September 30, 2009. The $240 million revolving credit facility has the ability to be expanded to $300 million, through increased commitments from current lenders or the addition of new lenders to the facility. With the closing of this facility, revolving and warehouse credit facilities total $440 million, with $103 million in funds available to the company.

Willis Lease Finance Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company's net income available to common shareholders totaled $8.5 million, or $0.94 per diluted common share compared to $9.9 million, or $1.14 per diluted common share, in the like quarter a year ago. Total revenue was $43.6 million against $45.9 million a year ago. Earnings from operations were $10.7 million against $16.5 million a year ago. Income before income taxes was $10.99 million against $16.7 million a year ago. Net income was $9.3 million against $10.7 million a year ago. Net income attributable to common shareholders was $8.5 million or $0.94 diluted per share against $9.9 million or $1.14 diluted per share a year ago. For the nine months, the company's net income available to common shareholders totaled $19.0 million, or $2.13 per diluted common share, compared to $19.9 million, or $2.28 per diluted common share, in the first nine months of 2008. Operating cash flows increased 87% to $70.7 million. Total revenue was $111.6 million against $115.4 million a year ago. Total revenue was down 3.3% primarily due to lower gains from sale of equipment in the current period and a $1.0 million settlement that boosted other income a year ago. Book value per common share was $20.15 compared to $18.68 a year ago. Earnings from operations were $26.5 million against $34.6 million a year ago. Income before income taxes was $27.2 million against $35.2 million a year ago. Net income was $21.3 million against $22.3 million a year ago. Net income attributable to common shareholders was $18.9 million or $2.13 diluted per share against $19.9 million or $2.28 diluted per share a year ago.