Willis Lease Finance reported year-over-year growth in its lease portfolio offset lower overall portfolio utilization, contributing to profitability in the first quarter ended March 31, 2010. Net income totaled $3.1 million in the first quarter of 2010 compared to $7.0 million in the first quarter of 2009. After payment of preferred dividends, net income available to common shareholders totaled $2.3 million, or $0.24 per diluted common share, in the first quarter of 2010, compared to $6.2 million, or $0.71 per diluted share, in the first quarter a year ago, which included a one-time positive tax adjustment of $1.8 million.
The lease portfolio increased 13% from the year ago quarter to $968.2 million, with one engine purchased and two engines sold or consigned during the quarter. Average utilization was 87% compared to 92% a year ago. Lease rent revenues were relatively flat as the expansion of the engine portfolio helped offset lower portfolio utilization and pressure on lease rates. Lease rent revenues increased to $26.1 million, compared to $25.4 million in the fourth quarter of 2009 and $25.9 million in the first quarter of 2009.
