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Willis Lease Finance Corporation Power to Spare - Worldwide® NEWS RELEASE CONTACT : Exhibit 99.1 Scott B. Flaherty Chief Financial Officer ( 561 ) 349-9989 Willis Lease Finance Corporation Reports First Quarter Pre - tax Loss of $ 1.7 million COCONUT CREEK , FL — May 4 , 2021 — Willis Lease Finance Corporation ( NASDAQ : WLFC ) today reported first quarter total revenues of $ 61.1 million and pre - tax loss of $ 1.7 million . The Company reported lower revenue in the first quarter when compared to the prior year period , primarily due to the impact of the COVID - 19 pandemic . The slowdown in global travel continues to impact aircraft and engine utilization as well as demand for aircraft and engine spare parts . For the three months ended March 31 , 2021 , aggregate lease rent and maintenance reserve revenues were $ 51.3 million and spare parts and equipment sales were $ 4.6 million . " Despite significant progress in the development and roll - out of COVID - 19 vaccines , the pandemic continues to weigh on global travel and that , obviously , has had a negative impact on our business and the industry as a whole , " said Charles F. Willis , Chairman and CEO . " We are not satisfied with our quarterly results , but we continue to focus on the long - term and our Platform is well- positioned , whether in providing capital , assets or services , to support our customers ' slow recovery from a nearly complete and worldwide shutdown of air travel . " " Our results this quarter are disappointing , but not surprising given the lack of flying worldwide , ” said Brian R. Hole , President . " Those things are out of our control so instead we are focused on what we can control . We are delivering liquidity to our customers , continuing to innovate , including closing our first transaction with our brand new revolving credit lease engine financing product , and developing programmatic solutions that will help our customers conserve capital while transitioning out of aircraft and engines or returning them to service without being forced to invest in costly maintenance . ” First Quarter 2021 Highlights ( at or for the periods ended March 31 , 2021 , as compared to March 31 , 2020 , and December 31 , 2020 ) : • • • . • • • Total revenue was $ 61.1 million in the first quarter of 2021 , a 25.1 % decrease when compared to $ 81.6 million in the same quarter of 2020 . Lease rent revenue was $ 31.5 million in the first quarter of 2021 . Maintenance reserve revenue was $ 19.8 million in the first quarter of 2021 , a decrease of 3.5 % compared to $ 20.5 million in the same quarter of 2020. Long term maintenance reserve revenue , which is influenced by end of lease compensation , increased to $ 17.2 million in the first quarter of 2021 , compared to $ 8.6 million in the comparable prior period . Short term maintenance reserve revenue , which is influenced by our customers ' usage of assets we lease to them , was $ 2.7 million in the first quarter of 2021 compared to $ 11.9 million in the comparable prior period . Spare parts and equipment sales were $ 4.6 million in the first quarter of 2021 , compared to $ 9.1 million in the first quarter of 2020 . Other revenue increased to $ 5.2 million , or 48.7 % , in the first quarter of 2021 , compared to $ 3.5 million in the first quarter of 2020 , primarily reflecting interest income from our Notes receivable . ( Loss ) income before income taxes was $ ( 1.7 ) million in the first quarter of 2021 , compared to $ 8.5 million in the first quarter of 2020 . Our aggregate lease assets , inclusive of our equipment held for operating lease and notes receivable , at March 31 , 2021 and 2020 was $ 2,085.4 million and $ 1,813.6 million , respectively , a 15.0 % year - over - year increase .