Willis Lease Finance reports net income of $10.7 million in 3rd quarter

Willis Lease Finance reported that in the third quarter of 2008, income from operations increased to $16.5 million from $5.9 million in the year ago period. Year-to-date, income from operations grew to $34.6 million from $19.5 million in the first nine months of 2007. Willis Lease generated net income of $10.7 million in the third quarter and $22.3 million in the first nine months of 2008, up from $3.8 million in the third quarter and $12.6 million in the first nine months of 2007. After payment of preferred dividends, net income available to common stockholders grew to $9.9 million, or $1.13 per diluted share, compared to $3.0 million, or $0.34 per diluted share in the third quarter of 2007. In the first nine months of 2008, net income available to common stockholders grew to $19.9 million, or $2.27 per diluted share, compared to $10.2 million, or $1.18 per diluted share in the year ago period.