$WLFC
WILLIS LEASE FINANCE CORP

2012 Q2 Form 10-Q Financial Statement

#000110465912055277 Filed on August 07, 2012

View on sec.gov

Income Statement

Concept 2012 Q2 2011 Q2
Revenue $35.15M $38.69M
YoY Change -9.15% 18.04%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $10.70M $11.40M
YoY Change -6.14% 34.12%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.49M $13.07M
YoY Change -4.44% 14.66%
% of Gross Profit
Operating Expenses $23.20M $24.40M
YoY Change -4.92% 23.23%
Operating Profit $4.835M $5.502M
YoY Change -12.12%
Interest Expense $7.119M $8.788M
YoY Change -18.99% -187.01%
% of Operating Profit 147.24% 159.72%
Other Income/Expense, Net
YoY Change
Pretax Income $5.034M $5.822M
YoY Change -13.53% 100.76%
Income Tax $1.805M $2.340M
% Of Pretax Income 35.86% 40.19%
Net Earnings $3.229M $3.481M
YoY Change -7.24% 82.54%
Net Earnings / Revenue 9.19% 9.0%
Basic Earnings Per Share $0.29 $0.33
Diluted Earnings Per Share $0.28 $0.31
COMMON SHARES
Basic Shares Outstanding 8.585M shares 8.322M shares
Diluted Shares Outstanding 8.848M shares 8.796M shares

Balance Sheet

Concept 2012 Q2 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.600M $8.300M
YoY Change -44.58% 388.24%
Cash & Equivalents $4.574M $8.252M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $8.600M $7.700M
Other Receivables $0.00 $0.00
Total Short-Term Assets $13.20M $16.00M
YoY Change -17.5% 90.48%
LONG-TERM ASSETS
Property, Plant & Equipment $976.9M $1.020B
YoY Change -4.24% 4.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $18.40M $17.60M
YoY Change 4.55% 62.96%
Other Assets $92.50M $113.7M
YoY Change -18.65% 39.51%
Total Long-Term Assets $1.104B $1.175B
YoY Change -6.04% 8.08%
TOTAL ASSETS
Total Short-Term Assets $13.20M $16.00M
Total Long-Term Assets $1.104B $1.175B
Total Assets $1.117B $1.191B
YoY Change -6.2% 8.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.90M $17.90M
YoY Change -11.17% 58.41%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $22.50M $23.80M
YoY Change -5.46% 38.37%
LONG-TERM LIABILITIES
Long-Term Debt $686.0M $783.6M
YoY Change -12.46% 9.32%
Other Long-Term Liabilities $76.70M $71.10M
YoY Change 7.88% 0.0%
Total Long-Term Liabilities $762.7M $854.7M
YoY Change -10.76% 8.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.50M $23.80M
Total Long-Term Liabilities $762.7M $854.7M
Total Liabilities $873.3M $959.5M
YoY Change -8.98% 9.76%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $243.5M $231.1M
YoY Change
Total Liabilities & Shareholders Equity $1.117B $1.191B
YoY Change -6.2% 8.71%

Cashflow Statement

Concept 2012 Q2 2011 Q2
OPERATING ACTIVITIES
Net Income $3.229M $3.481M
YoY Change -7.24% 82.54%
Depreciation, Depletion And Amortization $12.49M $13.07M
YoY Change -4.44% 14.66%
Cash From Operating Activities $26.00M $26.60M
YoY Change -2.26% 103.05%
INVESTING ACTIVITIES
Capital Expenditures -$10.60M -$35.10M
YoY Change -69.8% -12.9%
Acquisitions
YoY Change
Other Investing Activities $3.000M -$22.20M
YoY Change -113.51% -183.77%
Cash From Investing Activities -$7.700M -$57.40M
YoY Change -86.59% 315.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -19.30M 36.30M
YoY Change -153.17% 8975.0%
NET CHANGE
Cash From Operating Activities 26.00M 26.60M
Cash From Investing Activities -7.700M -57.40M
Cash From Financing Activities -19.30M 36.30M
Net Change In Cash -1.000M 5.500M
YoY Change -118.18% -1933.33%
FREE CASH FLOW
Cash From Operating Activities $26.00M $26.60M
Capital Expenditures -$10.60M -$35.10M
Free Cash Flow $36.60M $61.70M
YoY Change -40.68% 15.54%

Facts In Submission

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dei Entity Registrant Name
EntityRegistrantName
WILLIS LEASE FINANCE CORP
dei Entity Central Index Key
EntityCentralIndexKey
0001018164
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2012-06-30
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2012Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
9354620 shares
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
538000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
65409000 USD
us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
-23000 USD
us-gaap Amortization Of Deferred Hedge Gains
AmortizationOfDeferredHedgeGains
-111000 USD
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
243000 USD
us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
1888000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1603000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
642000 USD
us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
-17246000 USD
us-gaap Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
31836000 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-280000 USD
wlfc Increase Decrease In Maintenance Reserves
IncreaseDecreaseInMaintenanceReserves
4047000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-2792000 USD
us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
-94000 USD
us-gaap Amortization Of Deferred Hedge Gains
AmortizationOfDeferredHedgeGains
460000 USD
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
274000 USD
us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
2304000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1477000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
65000 USD
us-gaap Interest Paid Net
InterestPaidNet
9376000 USD
CY2012Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4574000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
685000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
1227000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
20000000 USD
us-gaap Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
29051000 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
160000 USD
wlfc Increase Decrease In Maintenance Reserves
IncreaseDecreaseInMaintenanceReserves
7253000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1698000 USD
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
5296000 USD
wlfc Employee Service Share Based Compensation Equity Effect Cash Used To Settle Awards
EmployeeServiceShareBasedCompensationEquityEffectCashUsedToSettleAwards
175000 USD
wlfc Shares Issued During Period Value Stock Compensation Plans
SharesIssuedDuringPeriodValueStockCompensationPlans
538000 USD
wlfc Cancellation Of Restricted Stock Units In Satisfaction Of Withholding Tax
CancellationOfRestrictedStockUnitsInSatisfactionOfWithholdingTax
468000 USD
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1477000 USD
wlfc Adjustments To Additional Paid In Capital Tax Benefit On Disqualified Dispositions Of Shares
AdjustmentsToAdditionalPaidInCapitalTaxBenefitOnDisqualifiedDispositionsOfShares
425000 USD
CY2011Q2 us-gaap Stockholders Equity
StockholdersEquity
231094000 USD
us-gaap Payments To Acquire Equipment On Lease
PaymentsToAcquireEquipmentOnLease
70690000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1030000 USD
us-gaap Payments To Acquire Equipment On Lease
PaymentsToAcquireEquipmentOnLease
24913000 USD
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
1564000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
443000 USD
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
1564000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
553000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
468000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
603000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
5296000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1793000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
83415000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
52402000 USD
us-gaap Transfer Of Portfolio Loans And Leases To Held For Sale1
TransferOfPortfolioLoansAndLeasesToHeldForSale1
3208000 USD
us-gaap Interest Paid Net
InterestPaidNet
9901000 USD
CY2011Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
8252000 USD
CY2010Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2225000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
425000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
737000 USD
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
1793000 USD
wlfc Shares Issued During Period Value Stock Compensation Plans
SharesIssuedDuringPeriodValueStockCompensationPlans
1227000 USD
CY2012Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
642000 USD

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