Oct 8, 2012
Willis Lease Finance Authorizes $100 Million Five-Year Share Repurchase Program
Willis Lease Finance Corporation(Nasdaq:WLFC) announced today that its Board of Directors has authorized a plan to repurchase up to $100 million of its common stock over the next five years. Willis Lease had 9.4 million shares of common stock outstanding as of June 30, 2012. This plan extends the previous plan authorized on December 8, 2009, and increases the number of shares authorized for repurchase to up to $100 million.
The timing of the purchases and the exact number of shares to be purchased will depend on market conditions and be subject to all regulatory requirements. The share repurchase?program?does not include specific price targets or timetables and may be suspended at any time. Depending on financial and market conditions, the program could be terminated prior to completion.?Purchases may be made from time to time in the open market, in privately negotiated transactions, or otherwise.
?Strong capital availability, excellent customer relationships, orders with major manufacturers, customer-driven engine pooling, and a solid management is our recipe for a solidly profitable business organization. ?Our success in the past few years further expands our ability to pursue investments in our business while returning capital to shareholders through?share?repurchases,? commented Charles F. Willis, President and Chief Executive Officer.
In the first six months of 2012, Willis Lease generated net income available to common shareholders of $5.0 million, or $0.56 per share, compared to $7.0 million, or $0.78 per share, in the first six months of 2011. Tangible book value per common share was $22.62 at June 30, 2012, compared to $22.24 a year ago.
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