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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 COCONUT CREEK , FL _ Willis Lease Finance Corporation Reports Third Quarter Pre - tax Profit of $ 6.1 million ― November 2 , 2021 Willis Lease Finance Corporation ( NASDAQ : WLFC ) today reported third quarter total revenues of $ 70.8 million and pre - tax profit of $ 6.1 million . For the three months ended September 30 , 2021 , aggregate lease rent and maintenance reserve revenues were $ 56.6 million and spare parts and equipment sales were $ 5.1 million . The Company reported increased total revenues in the third quarter when compared to the prior year period , primarily due to an increase in lease rent revenue and gain on sale of leased equipment partially offset by a reduction in long - term maintenance revenue . " We are encouraged to see some of the early stages of a recovery reflected in our improved quarterly performance , ” said Charles F. Willis , Chairman and CEO . “ While we are still a long way from a pre - COVID environment , and many hurdles still exist on that path , we are pleased to see our customers beginning to use the equipment they have more and increasingly requesting additional support . The aviation industry is important to the global recovery , and we are proud to be part of it . ” " “ The continuing recovery of our airline and MRO customers , and the industry in general , has had a direct impact on our own success , ' said Brian R. Hole , President . “ And we believe our airline customers will continue to benefit from leveraging our scale and diversity of product and service offerings , whether in the form of capital , lease assets or technical and asset management services , as they focus on the huge task of repaying government loans while working feverishly to return whole fleets from storage . " Third Quarter 2021 Highlights ( at or for the periods ended September 30 , 2021 , as compared to September 30 , 2020 , and December 31 , 2020 ) : • • • • • • • Lease rent revenue increased to $ 32.9 million in the third quarter of 2021 , compared to $ 30.0 million in the third quarter of 2020 primarily reflecting an increase in the number of engines acquired and placed on lease . Maintenance reserve revenue was $ 23.7 million in the third quarter of 2021 , a decrease of 26.8 % compared to $ 32.3 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 , and increase in short - term maintenance revenue , which results from usage of the assets we have on short - term lease . Long - term maintenance reserve revenue was $ 18.6 million in the third quarter of 2021 , compared to $ 30.6 million in the comparable prior period , and short - term maintenance reserve revenue was $ 5.0 million in the third quarter of 2021 , compared to $ 1.7 million in the prior year period . Spare parts and equipment sales increased to $ 5.1 million in the third quarter of 2021 , compared to $ 2.9 million in the third quarter of 2020. The increase in spare parts sales was driven by improved industry wide demand compared to the prior year period . Gain on sale of leased equipment was $ 2.4 million in the third quarter of 2021 reflecting the sale of six engines , one airframe and other parts and equipment . There was no gain on sale of leased equipment in the third quarter of 2020 . Other revenue increased by $ 1.3 million to $ 6.7 million in the third quarter of 2021 , compared to $ 5.4 million in the third quarter of 2020 , primarily reflecting interest income from our notes receivable and other service - related fees . Income before income taxes was $ 6.1 million in the third quarter of 2021 , compared to $ 6.0 million in the third quarter of 2020 . Our aggregate lease assets , inclusive of our equipment held for operating lease and notes receivable , at September 30 , 2021 and 2020 was $ 2,167.4 million and $ 1,776.1 million , respectively , a 22.0 % year - over - year increase .