NOVATO, Calif., July 10, 2009 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (Nasdaq:WLFC), a leading lessor of commercial jet engines, today announced Fortune Small Business Magazine (FSB) has named it one of America's fastest-growing small public companies. Willis Lease was ranked 19th in 2009, up from 73rd in 2008.
"We are delighted to be recognized by one of the nation's premier business publications as one of the companies that continue to perform well in a difficult economic environment," said Charles F. Willis, President and CEO. "This prestigious honor is a testament to our aircraft engine leasing business model and the hard work and dedication of our entire team."
On May 11, 2009, the company reported its first quarter financial results with total assets surpassing $1 billion as continued growth in the lease portfolio and high utilization of lease assets contributed to a 7% increase in total revenue. Net income increased 38% to $7.0 million for the quarter ended March 31, 2009, compared to $5.1 million in the first quarter a year ago. Net income available to common shareholders increased 44% to $6.2 million, or $0.72 per diluted share, in the first quarter of 2009, compared to $4.3 million, or $0.49 per diluted share, in the same quarter a year ago.
The FSB 100 ranking of the 100 fastest-growing small companies in America is compiled by the financial research firm Zacks. Zacks looks at public companies with annual revenue of less than $200 million and a stock price of more than $1. Companies were ranked based on earnings growth, revenue growth and stock performance over the past three years.
About Willis Lease Finance
Willis Lease Finance Corporation leases spare commercial aircraft engines, rotable parts and aircraft to commercial airlines, aircraft engine manufacturers and overhaul/repair facilities worldwide. These leasing activities are integrated with the purchase and resale of used and refurbished commercial aircraft engines.
Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to, the effects on the airline industry and the global economy of events such as terrorist activity, changes in oil prices and other disruptions to the world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet the changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company's Annual Report on Form 10-K and other continuing reports filed with the Securities and Exchange Commission.