Willis Lease Finance Reports YTD net income of $9.1m

Willis Lease Finance Corporation (WLFC) reported net income attributable to common shareholders was $9.1m for the first nine months of 2013, compared to a loss of $3.0m in the first nine months of 2012. A significant improvement in portfolio utilization in the current quarter was overshadowed by asset write-downs and engine repair expenses. In the current quarter, a loss of $2.2m was recorded compared to a loss of $8.0m in the third quarter a year ago. A year ago, the same quarter’s results were impacted by a $15.4m charge for extinguishment of debt and derivatives termination related to the successful closing of the WEST II ABS financing.