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.

Willis Lease Finance Corp. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2009. For the quarter, the company reported net income available to common shareholders totaled $4.2 million or $0.47 per diluted common share on total revenue of $33.4 million compared to $5.6 million or $0.65 per diluted common share on total revenue of $37.2 million in the like quarter a year ago. Earnings from operations were $7.7 million compared to $9.9 million for the same period of last year. Income before income taxes were $7.9 million compared to $10.1 million for the same period of last year. For the six months, the company reported net income available to common shareholders increased 5.2% to $10.5 million or $1.18 per diluted common share on total revenue of $68 million compared to $10.0 million or $1.14 per diluted common share on total revenue of $69.5 million in the first six months of 2008. Earnings from operations were $15.7 million compared to $18.1 million for the same period of last year. Income before income taxes were $16.2 million compared to $18.5 million for the same period of last year.

Willis Lease Finance Corp. announced that Jesse V. Crews will join the company as Chief Operating Officer on July 29, 2009. Crews spent 26 years with GATX Corporation where he served as President and CEO of GATX Capital Corporation. Over the past five years, he served as a managing director for Fortress Investment Group.