Willis Lease Finance earns $2.4m in second quarter of 2012

Willis Lease Finance Corporation (WLFC), a leading lessor of commercial jet engines, reported that net income was $2.4m in the second quarter of 2012, compared to $2.7m in the year ago quarter, due to lower lease rent and maintenance reserve revenue and differences in gains from sale of leased equipment, partially offset by lower net finance costs. Lease portfolio decreased 4% to $970.0m from a year ago, with no engines purchased and 4 engines and 1 aircraft sold in the current quarter. Average utilization for the second quarter was 82% compared to 83% in the second quarter a year ago and 84% in the first quarter of 2012. Quarter-end utilization was 82%, compared to 83% a year ago and 85% at March 31, 2012. Total revenues fell 9% to $35.2m from $38.7m a year ago, reflecting lower average portfolio utilization, decreased portfolio size and lower gains from sale of equipment. Lease rent revenues decreased 7% to $23.8m compared to $25.7m a year ago. Maintenance reserve revenues decreased 7% to $9.4m, compared to $10.1m a year ago.