<SEC-DOCUMENT>0001171843-18-005754.txt : 20180806
<SEC-HEADER>0001171843-18-005754.hdr.sgml : 20180806
<ACCEPTANCE-DATETIME>20180806114811
ACCESSION NUMBER:		0001171843-18-005754
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20180806
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180806
DATE AS OF CHANGE:		20180806

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WILLIS LEASE FINANCE CORP
		CENTRAL INDEX KEY:			0001018164
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-MACHINERY, EQUIPMENT & SUPPLIES [5080]
		IRS NUMBER:				680070656
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15369
		FILM NUMBER:		18993987

	BUSINESS ADDRESS:	
		STREET 1:		773 SAN MARIN DRIVE
		STREET 2:		SUITE 2215
		CITY:			NOVATO
		STATE:			CA
		ZIP:			94998
		BUSINESS PHONE:		4154084700

	MAIL ADDRESS:	
		STREET 1:		773 SAN MARIN DRIVE
		STREET 2:		SUITE 2215
		CITY:			NOVATO
		STATE:			CA
		ZIP:			94998
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_080618.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html><head><title></title></head><body><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div></div><p style="text-align: center;"><font style="font-size: 14pt;"><strong>UNITED STATES</strong><br /><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br /><strong>Washington, D.C. 20549</strong><br />_____________________</font></p><p style="text-transform: uppercase; text-align: center;"><font style="font-size: 14pt;"><strong>Form 8-K</strong><br />_____________________</font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>CURRENT REPORT</strong></font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</strong></font></p><p align="center"><font style="font-size: 10pt;">Date of Report (Date of earliest event Reported): <!--August 6, 2018-->August 6, 2018 &#160;</font></p><p align="center"><font style="font-size: 12pt;"><strong>Willis Lease Finance Corp.</strong></font><br /><font style="font-size: 10pt;">(Exact Name of Registrant as Specified in Charter)</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;"><strong>DELAWARE </strong></font></td><td align="center" width="34%"><font style="font-size: 10pt;"><strong>001-15369</strong></font></td><td align="center" width="33%"><font style="font-size: 10pt;"><strong>68-0070656</strong></font></td></tr><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;">(State or Other Jurisdiction of Incorporation)</font></td><td align="center" width="34%"><font style="font-size: 10pt;">(Commission File Number)</font></td><td align="center" width="33%"><font style="font-size: 10pt;">(I.R.S. 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[&#160;&#160; ]</p><div style="margin-top: 12pt; margin-bottom: 3pt;"><div style="font-size: 1pt; border-top: Black 1.1pt solid; border-bottom: Black 2.5pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div>&#160;</div><hr style="page-break-after: always;" noshade="noshade" /><p><font style="font-size: 10pt;">  <strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 2.02. (a) Results of Operations and Financial Condition.</strong></font></p><p><font style="font-size: 10pt;"><p>&#160;</p></font></p><p><font style="font-size: 10pt;"><strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 7.01. Regulation FD Disclosure.</strong></font></p><p><font style="font-size: 10pt;"><p>The following information and exhibit are furnished pursuant to Item 2.02(a), &#8220;Results of Operations and Financial Condition&#8221; and Item 7.01, &#8220;Regulation FD Disclosure&#8221;. 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Financial Statements and Exhibits.</strong></font></p><p><font style="font-size: 10pt;"><p>The Company hereby furnishes the following exhibit pursuant to Item 2.02(a), &#8220;Results of Operations and Financial Condition&#8221; and Item 7.01, &#8220;Regulation FD Disclosure&#8221;.</p><table style="font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" class="mce-item-table"><tr><td style="text-decoration: underline;" valign="bottom"><font style="font-size: 10pt;"><strong>Exhibit No.</strong></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td style="text-decoration: underline; text-align: center;" valign="bottom"><font style="font-size: 10pt;"><strong>Description</strong></font></td></tr><tr><td>&#160;</td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;">&#160;</font></td></tr><tr><td><font style="font-size: 10pt;"><a href="exh_991.htm">99.1</a></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;"><a href="exh_991.htm">News Release issued by Willis Lease Finance Corporation dated August 6, 2018.</a> </font></td></tr></table></font></p><p><font style="font-size: 10pt;"></font></p><p><font style="font-size: 10pt;"></font></p><hr style="page-break-after: always;" noshade="noshade" /><p align="center"><font style="font-size: 10pt;"><strong>SIGNATURE</strong></font></p><p><font style="font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td valign="top" width="49%"><font style="font-size: 10pt;">&#160;</font></td><td style="font-size: 12pt;" colspan="2" valign="top"><font style="font-size: 10pt;"><strong>Willis Lease Finance Corp.</strong></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">Date: August 6, 2018</font></td><td width="2%"><font style="font-size: 10pt;">By:&#160;</font></td><td style="text-decoration: underline;" width="49%"><font style="font-size: 10pt;">/s/ Scott B. 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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252" ><meta name="GENERATOR" content="MSHTML 8.00.7601.18094" ></head><body bgcolor="#ffffff"><p style="text-align: left;"><strong><img src='exh991small_1.jpg' ></strong></p><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><strong>Willis Lease Finance Corporation Reports Second Quarter Pre-tax Profit of $11.6 Million</strong></p><p style="text-align: center;" ></p><p>
     <p> NOVATO, Calif., Aug.  06, 2018  (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) today reported a pre-tax profit of $11.6 million in the second quarter of 2018, driven by strong sales in each of our leasing, spare parts and asset management businesses. The Company achieved record quarterly lease rent revenue of $43.1 million in the period driven by continued high utilization and 14.9% growth of our portfolio to $1.542 billion at quarter-end compared to $1.343 billion at December 31, 2017. Aggregate lease rent and maintenance reserve revenues were $65.1 million for the second quarter 2018, up 37.5% and 85.5% respectively.<br ></p>      <p align="justify">&#8220;We continue to deliver strong cash flow and profits during a significant growth period for the Company,&#8221; said Charles F. 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Hole, President. &#8220;We believe we are leading a fundamental industry change as airlines realize it is more efficient to access our Platform of assets and services on demand than to acquire a large number of perpetually under-utilized spare engines.&#8221;</p>      <p align="justify"><strong><strong>Second Quarter 2018 Highlights </strong></strong>(at or for the periods ended June 30, 2018, as compared to June 30, 2017, and December 31, 2017):</p>      <ul><li>Total revenue grew by 9.5% to $74.3 million in the second quarter of 2018, compared to $67.8 million in the prior year period.<br ><br ></li><li>Lease rent revenue achieved a record quarterly high of $43.1 million in the second quarter of 2018; 37.5% growth from $31.3 million in the same quarter of 2017.<br ><br ></li><li>Quarterly maintenance reserve revenue increased by $10.2 million over the prior year period due to an increase in long-term lease transition relative to the prior year period.<br ><br ></li><li>Spare parts and equipment sales decreased $12.3 million versus the second quarter of 2017 as there were no equipment sales in the current period.<br ><br ></li><li>General and administrative expenses increased, primarily due to costs associated with relocating and transitioning employees in our various offices and hiring to support our broadening Platform.<br ><br ></li><li>Utilization at the end of the second quarter of 2018 was 88% compared to 89% at 2017 year-end.&#160; Utilization was negatively impacted by delivery of new, off lease engines over the period.<br ><br ></li><li>Our equipment lease portfolio grew 14.9% to $1.542 billion, from $1.343 billion at December 31, 2017, net of asset sales and depreciation expense.&#160; The book value of lease assets we own directly or through our joint ventures was $1.9 billion at June 30, 2018.<br ><br ></li><li>The Company purchased $104.5 million of equipment in the second quarter of 2018, compared to $76.9 million in the second quarter of 2017.<br ><br ></li><li>The Company maintained $224 million of undrawn revolver capacity at June 30, 2018.<br ><br ></li><li>Tangible book value per diluted weighted average common share outstanding increased to $43.33 at June 30, 2018, compared to $41.63 at December 31, 2017.</li></ul>      <p align="justify"><strong><strong>Balance Sheet</strong></strong></p>      <p align="justify">As of June 30, 2018, the Company had a total lease portfolio consisting of 246 engines and related equipment, 15 aircraft and 10 other leased parts and equipment with a net book value of $1.542 billion. As of December 31, 2017, the Company had a total lease portfolio consisting of 225 engines and related equipment, 16 aircraft and 7 other leased parts and equipment, with a net book value of $1.343 billion.</p>      <p align="justify"><strong><strong>Willis Lease Finance Corporation</strong></strong></p>      <p align="justify">Willis Lease Finance Corporation leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers in 120 countries. 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">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">11,312</td><td style="vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">33.8</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">%</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">28,732</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">22,178</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; 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">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: right ; 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Flaherty<br >Chief Financial Officer<br >(415) 408-4700</p> </p><p ></p></body></html>
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