Willis Lease Finance Earns $2.4 Million, or $0.28 Per Share, in ...
NOVATO, Calif., Aug. 6, 2012 (GLOBE NEWSWIRE) ? Willis Lease Finance Corporation (WLFC), a heading lessor of blurb jet engines, reported a net income accessible to common shareholders in a second entertain of 2012 was $2.4 million, or $0.28 per share. Willis Lease warranted $2.5 million, or $0.29 per share, in a initial entertain of 2012, and $2.7 million, or $0.31 per share, in a second entertain of 2011. In a initial 6 months of 2012, Willis Lease generated net income accessible to common shareholders of $5.0 million, or $0.56 per share, compared to $7.0 million, or $0.78 per share, in a initial 6 months of 2011.
Second Quarter 2012 Highlights (at or for a durations finished Jun 30, 2012, compared to Jun 30, 2011):
- Net income was $2.4 million in a second entertain of 2012, compared to $2.7 million in a year ago quarter, due to reduce franchise franchise and upkeep haven income and differences in gains from sale of leased equipment, partially equivalent by reduce net financial costs.
- Lease portfolio decreased 4% to $970.0 million from a year ago, with no engines purchased and 4 engines and 1 aircraft sole in a stream quarter.
- Average function for a second entertain was 82% compared to 83% in a second entertain a year ago and 84% in a initial entertain of 2012.
- Quarter-end function was 82%, compared to 83% a year ago and 85% during Mar 31, 2012.
- Total revenues fell 9% to $35.2 million from $38.7 million a year ago, reflecting reduce normal portfolio utilization, decreased portfolio distance and reduce gains from sale of equipment.
- Lease franchise revenues decreased 7% to $23.8 million compared to $25.7 million a year ago.
- Maintenance haven revenues decreased 7% to $9.4 million, compared to $10.1 million a year ago.
- Total net financial costs decreased 19% to $7.1 million, compared to $8.7 million in a year ago quarter, reflecting a majority of aloft cost seductiveness rate swaps and reduce levels of debt.
- Liquidity accessible from a revolving credit trickery was $122.0 million during entertain end, adult from $90.0 million a year ago.
- Tangible book value per common share was $22.62 compared to $22.24 a year ago.
- Willis Lease was sum to a U.S. Small-Cap Russell 2000(R) Index, a subset of a Russell 3000 Index, in Jun 2012. Both indices are widely used by veteran income managers as benchmarks for investment strategies.
?We had a pretty good initial half opening in 2012,? pronounced Charles F. Willis, Chairman and CEO. ?While a franchise rates and portfolio function continue to be challenged, we?re saying signs that medium improvements in these pivotal opening metrics can be approaching over a subsequent integrate of quarters.?
?I am gratified to news that during a initial 6 months of this year we have done Willis Mitsui Co Engine Support, Ltd., a corner try with Mitsui Co., Ltd. formed in Dublin, entirely operational. we trust this corner try has good potential, and we am really tender with a mild and understanding suggestion we have seen in a partners. Although a strange vigilant of a corner try was to combine on appropriation and leasing V2500-A5 and CF34-10 engines, we are already deliberating others ways to gain on a particular strengths. Also during a initial half of 2012, we have spent a substantial volume of time with a bankers reviewing several options to raise a debt appropriation and collateral position in sequence to take full advantage of a ancestral low seductiveness rate environment. As we have pronounced many times before, collateral government is a full-time pursuit for us.?
?We finished a second entertain with a function rate of 82% that is down somewhat from 83% a year ago,? pronounced Donald A. Nunemaker, President. ?Contrary to what a stream portfolio function rate competence indicate, we continue to see good direct for many engine types, nonetheless there stays a stability oversupply of certain engine forms in a market. While a function rate hasn?t altered that much, we now have a aloft thoroughness of aviation resources that are unserviceable and not accessible for lease. Roughly one third of a off-lease resources are possibly undergoing repair, available correct initiation slots during correct comforts or tentative a integrity of repair, sell or consign. This is aloft than common especially due to 4 widebody engines undergoing normal maintenance, as good as a package of aviation resources acquired in unserviceable condition late final year that sojourn underneath repair. The sum net book value of these resources totals $49.0 million or 5% of a sum portfolio. We design by a finish of a year to have almost reduced a volume of unserviceable assets, that will lead to their chain on franchise or undisguised sale. As a result, we design function to urge between now and year-end, though a alleviation is expected to be medium rather than dramatic.?
?Our net financial costs continue to decrease due to low seductiveness rates, reduction debt superb and maturities of seductiveness rate swaps,? pronounced Brad Forsyth, Chief Financial Officer. Total seductiveness losses were down 19% in a second entertain and down 16% in a initial half of 2012 compared to a before durations in 2011. ?We had $60.0 million of high cost swaps mature on Mar 15, 2012, with a sum barter position dwindling to $315.0 million or 47% of floating rate debt.?
Balance Sheet
At Jun 30, 2012, Willis Lease had 191 blurb aircraft engines, 3 aircraft tools packages and 11 aircraft and other engine-related apparatus in a franchise portfolio, with a net book value of $970.0 million, compared to 186 blurb aircraft engines, 3 aircraft tools packages and 3 aircraft and other engine-related apparatus in a franchise portfolio, with a net book value of $1.0 billion a year ago. The Company?s saved debt-to-equity ratio continues to dump and was 2.82 to 1 during entertain end, compared to 3.03 to 1 during Dec 31, 2011, and 3.09 to 1 a year ago.
About Willis Lease Finance
Willis Lease Finance Corporation leases gangling blurb aircraft engines and aircraft to blurb airlines, aircraft engine manufacturers, atmosphere load carriers and maintenance, correct and renovate comforts worldwide. These leasing activities are integrated with a squeeze and resale of used and refurbished blurb aircraft engines.
Except for chronological information, a matters discussed in this press recover enclose forward-looking statements that engage risks and uncertainties. Do not unduly rest on forward-looking statements, that give usually expectations about a destiny and are not guarantees. Forward-looking statements pronounce usually as of a date they are made; and we commence no requirement to refurbish them. Our tangible formula competence differ materially from a formula discussed in forward-looking statements. Factors that competence means such a disproportion include, though are not singular to, a effects on a airline attention and a tellurian economy of events such as militant activity, changes in oil prices and other disruptions to a universe markets; trends in a airline attention and a ability to gain on those trends, including expansion rates of markets and other mercantile factors; risks compared with owning and leasing jet engines and aircraft; a ability to successfully negotiate apparatus purchases, sales and leases, to collect superb amounts due and to control costs and expenses; changes in seductiveness rates and accessibility of capital, both to us and a customers; a ability to continue to accommodate a changing patron demands; regulatory changes inspiring airline operations, aircraft maintenance, accounting standards and taxes; a marketplace value of engines and other resources in a portfolio; and risks minute in a Company?s Annual Report on Form 10-K and other stability reports filed with a Securities and Exchange Commission.
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