Willis Lease Finance earns net income of $2. 2m in fourth quarter of 2012

Willis Lease Finance Corporation reported that following a $15.5m pre-tax charge for extinguishment of debt and derivatives termination and a $2.8m charge related to the redemption of its preferred stock at par value, it lost $3.8m in 2012, compared to earnings of $11.4m in 2011. In the fourth quarter of 2012, net income was $2.2m and the net loss available to common shareholders was $0.8m, reflecting the final preferred dividend and the $2.8m charge for the issuance costs incurred in a prior period. In the fourth quarter of 2011, Willis Lease earned $2.9m.