Willis Lease Finance Corporation (WLFC), reported earnings of $1.6m in the first quarter ended March 31, 2013, compared to $2.5m in the like quarter a year ago, with the drop in earnings primarily due to reduced gains on the sale of leased equipment. In the fourth quarter of 2012, Willis Lease recorded a loss of $0.8m after absorbing a $2.8m charge related to preferred share issuance costs incurred in a prior period resulting from the redemption of its Series A Preferred shares. The lease portfolio increased 4.6% to $1.02bn, largely due to the purchase-leaseback transaction with Scandinavian Airlines that was completed late in the quarter. Average utilization for the first quarter was 84%, consistent with the first quarter a year ago and down slightly from 85% in the fourth quarter of 2012. Quarter-end utilization was 82% compared to 85% a year ago and 86% at December 31, 2012. Total revenues fell slightly to $35.3m from $35.7m a year ago, with all revenue line items increasing in the period except for gains from sale of equipment which decreased $1.9m. Lease rent revenues increased 1.7% to $24.5m compared to $24.1m a year ago. Maintenance reserve revenues increased 7.6% to $9.2m, compared to $8.6m a year ago. Total net finance costs increased 17% to $9.2m, compared to $7.9m in the year ago quarter, reflecting higher debt levels and higher average financing costs.