WILLIS LEASE FINANCE Q1 EARNINGS PER SHARE ALMOST DOUBLES

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By TESTCustomwebLP TESTCustomwebLP May 10, 2011 10:46

WILLIS LEASE FINANCE Q1 EARNINGS PER SHARE ALMOST DOUBLES

Willis Lease Finance Corporation has reported a 66% year-over- year increase in first quarter net income and an 89% increase in net earnings applicable to common shareholders. Net income increased to $5.1 million in the first quarter of 2011, up from $4.0 million in the fourth quarter of 2010 and $3.1 million in the first quarter a year ago. After payment of preferred dividends, net income available to common shareholders was $4.3 million or $0.47 per diluted common share, up from $3.2 million or $0.35 per diluted common share in the fourth quarter of 2010, and $2.3 million or $0.24 per diluted share in the first quarter a year ago.

“Despite competitive pressures in our niche in the aviation industry, we produced a solidly profitable quarter to start the year,” said Charles F Willis, president and CEO. “During the first quarter, we also made progress on several strategic initiatives that will contribute to our business for years to come,” said Willis. “We are very pleased to have recently brought on board Dave Johnson, formerly with International Lease Finance Corporation, as our Senior Vice President-Sales and Marketing. Dave brings a unique combination of experience as a sales, marketing and legal executive with one of the largest aircraft lessors in the world, plus commercial aviation experience as a former pilot with American Airlines. We expect Dave to be a great addition to our management team.”

“Our recently signed agreement with BAE Systems Asset Management is another strategic initiative that will provide aircraft acquisition and trading services that will allow us to tap the pre-owned commercial aircraft market to broaden and enhance our access to engines. We believe there are some great opportunities to build our engine portfolio with their support and expertise,” added Willis.

“We are also working to expand our global reach through new pooling arrangements and with strategic alliances in growing markets,” Willis continued. “Russia, in particular, is a very attractive and fast-growing market right now and we have several initiatives in place that are helping us to build new relationships with aircraft operators in Russia, Eastern Europe and the countries of the former Soviet Union.”

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By TESTCustomwebLP TESTCustomwebLP May 10, 2011 10:46
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