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Willis Lease Finance Corporation Power to Spare - Worldwide® NEWS RELEASE CONTACT : Scott B. Flaherty Exhibit 99.1 Chief Financial Officer ( 561 ) 349-9989 Willis Lease Finance Corporation Reports Second Quarter Pre - tax Loss of $ 1.9 million COCONUT CREEK , FL — August 3 , 2021 Willis Lease Finance Corporation ( NASDAQ : WLFC ) today reported second quarter total revenues of $ 66.5 million and pre - tax loss of $ 1.9 million . For the three months ended June 30 , 2021 , aggregate lease rent and maintenance reserve revenues were $ 49.7 million and spare parts and equipment sales were $ 3.6 million . The Company reported lower revenue in the second quarter when compared to the prior year period , primarily due to the pandemic's impact on global travel and , consequently , worldwide fleet utilization . " The industry continues to feel the effects of the global pandemic despite significant progress in the development and roll - out of COVID - 19 vaccines , ” said Charles F. Willis , Chairman and CEO . “ While we are disappointed with our current financial results , we continue to position the Company for future performance by partnering with key customers on a variety of opportunities and building the Company's long term capital base with the successful completion of our WEST VI asset backed securitization . ” “ Unlike COVID's initial impact on the aviation industry , which was severe and immediate , the recovery is happening much more slowly , " said Brian R. Hole , President . “ But the recovery is underway and we are focused on what we can control : helping our customers rebuild with long term capital solutions ; spare engine programs that allow airlines to defer maintenance spend ; a wide variety of asset management services ; and technical support for aircraft and engines . " Second Quarter 2021 Highlights ( at or for the periods ended June 30 , 2021 , as compared to June 30 , 2020 , and December 31 , 2020 ) : • • • • • • • • • The Company successfully completed a $ 336.7 million WEST VI notes offering secured by , among other things , the interests in 29 aircraft engines and one airframe . This financing was the Company's seventh financing from its WEST platform , has an expected maturity of 8 years and a blended yield of 3.55 % . The Company entered into definitive agreements with Scandinavian Airlines for the purchase and long - term lease back of 20 V2500 aircraft engines , which is expected to fully close by September of 2021 . Total revenue was $ 66.5 million in the second quarter of 2021 , an 11.4 % decrease when compared to $ 75.0 million in the same quarter of 2020 . Lease rent revenue was $ 32.4 million in the second quarter of 2021 , compared to $ 38.5 million in the second quarter of 2020 . Maintenance reserve revenue was $ 17.3 million in the second quarter of 2021 , a decrease of 42.4 % compared to $ 30.0 million in the same quarter of 2020. The decline in maintenance revenue was primarily influenced by lower long - term maintenance revenue , which is associated with engines returning from long - term lease . Long - term maintenance reserve revenue was $ 14.8 million in the second quarter of 2021 , compared to $ 27.2 million in the comparable prior period . The Company recognized a $ 6.3 million asset transition fee in the second quarter of 2021 as a result of the close out of an engine transition program . Other revenue increased to $ 6.9 million , or 58.1 % , in the second quarter of 2021 , compared to $ 4.4 million in the second quarter of 2020 , primarily reflecting interest income from our notes receivable and other service related fees . Losses before income taxes were $ 1.9 million in the second quarter of 2021 , compared to income before income taxes of $ 9.7 million in the second quarter of 2020 . Our aggregate lease assets , inclusive of our equipment held for operating lease and notes receivable , at June 30 , 2021 and 2020 was $ 2,085.6 million and $ 1,824.1 million , respectively , a 14.3 % year - over - year increase .