Willis Lease Finance Corporation reported record revenues, net income and earnings per share in 2008, reflecting continued growth in the lease portfolio, high utilization of lease assets and historically low interest rates. Willis Lease’s net income available to common stockholders increased 61% to $23.5 million, or $2.68 per diluted share in 2008, compared to $14.5 million or $1.66 per diluted share a year ago.
At December 31, 2008, the company had 160 commercial aircraft engines, 3 aircraft parts packages and 4 aircraft and other engine-related equipment in its lease portfolio, with a net book value of $829.7 million, compared to 144 commercial aircraft engines, 3 aircraft parts packages, 6 aircraft and other engine-related equipment in its lease portfolio with a net book value of $744.8 million at December 31, 2007. Capital expenditures on equipment (including capitalized costs) totaled $229 million in 2008 of which $92 million was deployed in the fourth quarter.
With the establishment of the new WEST $200 million warehouse facility in December 2007 and the placement of $212 million of WEST long term notes in March 2008, the company had $242 million of availability under its revolving credit and warehouse facilities at December 31, 2008, compared to $300 million a year earlier. The company’s funded debt-to-equity ratio was 3.34 to 1 at December 31, 2008, compared to 3.25 to 1 at December 31, 2007.