{"id":521790,"date":"2021-08-03T06:03:18","date_gmt":"2021-08-03T10:03:18","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/willis-lease-finance-corporation-reports-second-quarter-pre-tax-loss-of-1-9-million\/"},"modified":"2021-08-03T06:03:18","modified_gmt":"2021-08-03T10:03:18","slug":"willis-lease-finance-corporation-reports-second-quarter-pre-tax-loss-of-1-9-million","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/willis-lease-finance-corporation-reports-second-quarter-pre-tax-loss-of-1-9-million\/","title":{"rendered":"Willis Lease Finance Corporation Reports Second Quarter Pre-tax Loss of $1.9 million"},"content":{"rendered":"
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COCONUT CREEK, Fla., Aug. 03, 2021 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (NASDAQ: WLFC) today reported second quarter total revenues of $66.5 million and pre-tax loss of $1.9 million. For the three months ended June 30, 2021, aggregate lease rent and maintenance reserve revenues were $49.7 million and spare parts and equipment sales were $3.6 million. The Company reported lower revenue in the second quarter when compared to the prior year period, primarily due to the pandemic\u2019s impact on global travel and, consequently, worldwide fleet utilization.<\/p>\n

\u201cThe industry continues to feel the effects of the global pandemic despite significant progress in the development and roll-out of COVID-19 vaccines,\u201d said Charles F. Willis, Chairman and CEO. \u201cWhile we are disappointed with our current financial results, we continue to position the Company for future performance by partnering with key customers on a variety of opportunities and building the Company\u2019s long term capital base with the successful completion of our WEST VI asset backed securitization.\u201d<\/p>\n

\u201cUnlike COVID\u2019s initial impact on the aviation industry, which was severe and immediate, the recovery is happening much more slowly,\u201d said Brian R. Hole, President. \u201cBut the recovery is underway and we are focused on what we can control: helping our customers rebuild with long term capital solutions; spare engine programs that allow airlines to defer maintenance spend; a wide variety of asset management services; and technical support for aircraft and engines.\u201d<\/p>\n

\n Second Quarter 2021 Highlights<\/strong> (at or for the periods ended June 30, 2021, as compared to June 30, 2020, and December 31, 2020):<\/p>\n