Willis Lease Finance reports 2009 net income of $22.4 million

Willis Lease Finance Corporation reported strong revenues, net income and earnings per share in 2009, reflecting continued growth in its lease portfolio, higher maintenance reserve revenues and lower borrowing costs. For the full year, net income available to common shareholders totaled $19.2 million compared to the record results posted in 2008 of $23.5 million which was bolstered by a significant gain on the sale of a portfolio of engines. Partly due to the inclusion of tax adjustments of $2.3 million, Willis Lease earned $0.2 million on revenues of $38.8 million in the fourth quarter, compared to $3.6 million on revenues of $37.4 million, in the like quarter a year ago.