<SEC-DOCUMENT>0001171843-18-007544.txt : 20181105
<SEC-HEADER>0001171843-18-007544.hdr.sgml : 20181105
<ACCEPTANCE-DATETIME>20181105060307
ACCESSION NUMBER:		0001171843-18-007544
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20181105
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20181105
DATE AS OF CHANGE:		20181105

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:		181158602

	BUSINESS ADDRESS:	
		STREET 1:		4700 LYONS TECHNOLOGY PARKWAY
		CITY:			COCONUT CREEK
		STATE:			FL
		ZIP:			33073
		BUSINESS PHONE:		4154084700

	MAIL ADDRESS:	
		STREET 1:		4700 LYONS TECHNOLOGY PARKWAY
		CITY:			COCONUT CREEK
		STATE:			FL
		ZIP:			33073
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_110218.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): <!--November 5, 2018-->November 5, 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 align="justify" style="margin-left:0in; margin-right:0in;"><font><font style="font-size:10pt;">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;. This information shall not be deemed &#8220;filed&#8221; for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.</font></font></p>  <p align="justify" style="margin-left:0in; margin-right:0in;"><font><font style="font-size:10pt;">On November 5, 2018, the Company issued a news release setting forth the Company&#8217;s results from operations for the three and nine months ended September 30, 2018 and financial condition as of September 30, 2018. A copy of the news release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</font></font></p> </font></p><p><font style="font-size: 10pt;"><strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 9.01. Financial Statements and Exhibits.</strong></font></p><p><font style="font-size: 10pt;">
 <p align="justify" style="margin-left:0in; margin-right:0in;"><font><font style="font-size:10pt;">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;.</font></font></p>     <table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td style="vertical-align: bottom ; "> <font><font style="font-size:1pt;">&#160;</font></font> </td><td style="vertical-align: bottom ; "> <font><font style="font-size:1pt;">&#160;</font></font> </td><td style="vertical-align: bottom ; "> <font><font style="font-size:1pt;">&#160;</font></font> </td></tr><tr><td style="border-bottom: solid black 1pt ; text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "> <b><font style="font-size:10pt;"><font style="font-size:10pt;"><b>Exhibit No.</b></font></font></b> </td><td style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "> <b><font style="font-size:10pt;"><font style="font-size:10pt;"><b>&#160;</b></font></font></b> </td><td style="border-bottom: solid black 1pt ; text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "> <b><font style="font-size:10pt;"><font style="font-size:10pt;"><b>Description</b></font></font></b> </td></tr><tr><td style="vertical-align: bottom ; "> <font style="font-size:10pt;"><font style="font-size:10pt;">&#160;</font></font> </td><td style="vertical-align: bottom ; "> <font style="font-size:10pt;"><font style="font-size:10pt;">&#160;</font></font> </td><td style="vertical-align: bottom ; "> <font style="font-size:10pt;"><font style="font-size:10pt;">&#160;</font></font> </td></tr><tr><td style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "><font style="font-size:10pt;"><a href="exh_991.htm" rel="nofollow">99.1</a></font></td><td style="vertical-align: bottom ; "> <font style="font-size:10pt;"><font style="font-size:10pt;">&#160;</font></font> </td><td style="vertical-align: bottom ; "><font style="font-size:10pt;"><a href="exh_991.htm" rel="nofollow">News Release issued by Willis Lease Finance Corporation dated November 5, 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: November 5, 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. Flaherty&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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;">Scott B. Flaherty</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;">Senior Vice President and Chief Financial Officer</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></table><p /></body></html>
</TEXT>
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<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 Third Quarter Pre-tax Profit of $13.3 Million</strong></p><p style="text-align: center;" ></p><p>
 <p>COCONUT CREEK, Fla., Nov.  05, 2018  (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) today reported a pre-tax profit of $13.3 million in the third quarter of 2018, including record quarterly lease rent revenue of $47.0 million. Leasing results were driven by continued high utilization and 18.5% growth of our portfolio to $1.590 billion at quarter-end compared to $1.343 billion at December 31, 2017. Aggregate lease rent and maintenance reserve revenues were $66.4 million for the third quarter 2018, up 23.2% from the comparable period in 2017.<br ></p>  <p align="justify">&#8220;We continue to deliver positive profits and cash flow during a significant period of expansion for the Company,&#8221; said Charles F. Willis, Chairman and CEO.&#160; &#8220;We are very excited about our growth and capabilities in our asset management business, which we believe will be what helps us re-shape the industry and especially the way airlines utilize and manage engines.&#8221;</p>  <p align="justify">&#8220;Demand for engines, parts and technical services grew in the third quarter and our financial results reflect that our Platform is uniquely situated to deliver value for our customers across the spectrum,&#8221; said Brian R. Hole, President. &#8220;While our priority is to deliver for customers today, we are always looking for ways to grow the Platform with new and innovative products and programs for tomorrow.&#8221;&#160;</p>  <p align="justify"><strong><strong>Third Quarter 2018 Highlights </strong></strong>(at or for the periods ended September 30, 2018, as compared to September 30, 2017, and December 31, 2017):</p>  <ul><li>Total revenue grew by 18.4% to $78.0 million in the third quarter of 2018, compared to $65.9 million in the comparable prior year period.<br ><br ></li><li>Lease rent revenue achieved a record quarterly high of $47.0 million in the third quarter of 2018; 40.4% growth from $33.5 million in the comparable quarter of 2017.<br ><br ></li><li>Earnings before tax was $13.3 million in the third quarter of 2018, up 60.7% when compared to the comparable quarter of 2017.<br ><br ></li><li>We closed our $373.4 million WEST IV ABS transaction during the third quarter of 2018, which helps us lock in attractive long-term fixed rate debt and de-lever our revolving credit facility.<br ><br ></li><li>General and administrative expenses increased, primarily due to one-time costs associated with facility relocations and employee transitions, increased headcount to support our broadening Platform and increased compensation accruals due to operating performance.<br ><br ></li><li>Utilization at the end of the third quarter of 2018 was 92% compared to 89% at 2017 year-end.<br ><br ></li><li>Our equipment lease portfolio grew 18.5% to $1.590 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 September 30, 2018. 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As of December 31, 2017, the Company had a total lease portfolio consisting of 225 engines, 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><br >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. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services supported by cutting edge technology through its subsidiary Willis Asset Management, as well as various end-of-life solutions for aircraft, engines and aviation materials provided through its subsidiary, Willis Aeronautical Services, Inc.</p>  <p align="justify">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.&#160; Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them.&#160; Our actual results may differ materially from the results discussed in forward-looking statements.&#160; 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&#8217;s Annual Report on Form 10-K and other continuing reports filed with the Securities and Exchange Commission.</p>  <p align="justify"><strong>CONTACT:&#160;&#160;&#160;</strong><br >Scott B. 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">&#160;</td><td style="width:8.5%;;text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">4,684</td><td style="width:1.9%;;vertical-align: bottom ; ">&#160;</td><td style="width:0.94%;;vertical-align: bottom ; ">&#160;</td><td style="width:6.1%;;padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(54.3)%</td><td style="width:1%;;padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="width:35.5%;;vertical-align: bottom ; ">Other revenue</td><td style="width:1.88%;;vertical-align: bottom ; ">&#160;</td><td style="width:1.24%;;border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="width:7.26%;;border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">2,010</td><td style="width:1.9%;;vertical-align: bottom ; ">&#160;</td><td style="width:1.24%;;border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="width:7.26%;;border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">2,549</td><td style="width:1.9%;;vertical-align: bottom ; ">&#160;</td><td style="width:6.4%;;padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(21.1)%</td><td style="width:3.22%;;vertical-align: bottom ; ">&#160;</td><td style="width:1.24%;;border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="width:8.5%;;border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">5,762</td><td style="width:1.9%;;vertical-align: bottom ; ">&#160;</td><td style="width:1.24%;;border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="width:8.5%;;border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">6,439</td><td style="width:1.9%;;vertical-align: bottom ; ">&#160;</td><td style="width:0.94%;;vertical-align: bottom ; 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vertical-align: bottom ; ">19,668</td><td style="width:1.9%;;vertical-align: bottom ; ">&#160;</td><td style="width:0.94%;;vertical-align: bottom ; ">&#160;</td><td style="width:6.1%;;padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(75.6)%</td><td style="width:1%;;padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="width:35.5%;;vertical-align: bottom ; ">General and administrative</td><td style="width:1.88%;;vertical-align: bottom ; ">&#160;</td><td style="width:1.24%;;vertical-align: bottom ; ">&#160;</td><td style="width:7.26%;;text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">18,124</td><td style="width:1.9%;;vertical-align: bottom ; ">&#160;</td><td style="width:1.24%;;vertical-align: bottom ; ">&#160;</td><td style="width:7.26%;;text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">14,308</td><td style="width:1.9%;;vertical-align: bottom ; 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">&#160;</td><td style="width:1.24%;;vertical-align: bottom ; ">&#160;</td><td style="width:8.5%;;text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="width:1.9%;;vertical-align: bottom ; ">&#160;</td><td style="width:0.94%;;vertical-align: bottom ; ">&#160;</td><td colspan="2" style="width:6.1%;;text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="width:35.5%;;vertical-align: bottom ; ">Earnings from operations</td><td style="width:1.88%;;vertical-align: bottom ; ">&#160;</td><td style="width:1.24%;;vertical-align: bottom ; ">&#160;</td><td style="width:7.26%;;text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">12,751</td><td style="width:1.9%;;vertical-align: bottom ; ">&#160;</td><td style="width:1.24%;;vertical-align: bottom ; ">&#160;</td><td style="width:7.26%;;text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">5,212</td><td style="width:1.9%;;vertical-align: bottom ; 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