Why potassium iodide pills are suddenly in high demand

Why potassium iodide pills are suddenly in high demand

In this sort of an celebration, you can find the horrifying possibility of huge quantities of radioactive iodine (or radioiodine) being unveiled into the atmosphere which can be breathed into lungs as perfectly as contaminate h2o, soil, crops and animals, in accordance to the Facilities for Condition Command and Prevention.

Although potassium iodide by itself is not damaging and is an important chemical that’s necessary by the human human body, the CDC suggests radioactive iodide can damage the thyroid, a butterfly-formed gland in the entrance of the neck that generates lots of of the hormones that regulate the overall body.

The danger is that if radiation exposure takes place, the thyroid gland can not distinguish in between frequent iodine and radioiodine and will take in the two. Far too substantially exposure can direct to thyroid cancer.

When made use of as directed, potassium iodide in liquid or capsule kind can swiftly saturate the thyroid gland and reduce it from absorbing radioactive iodine.

Price gouging sets in

Significant suppliers of potassium iodide approved for sale in the United Sates have found their inventories promptly depleted in latest months, coinciding with Russia’s invasion of Ukraine.

As supplies in the industry dry up, price gouging has set in.

On eBay (EBAY), four bins of Thyrosafe potassium iodide tablets had been shown for $132.50 on Monday. An additional listing for a box of IOSAT 130 mg supplements was offering for $89.95 each individual. The 14-pack box of the IOSAT tablets, produced by Anbex, offer for $13.99 on the manufacturer’s internet site.
Anbex is hoping to restock its inventory of IOSAT potassium Iodide tablets in the coming weeks.

It’s also important to know that potassium iodide products aren’t a remedy-all and really don’t give 100{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} safety from radioactive iodine. The CDC warns that a single dose guards the thyroid gland for just 24 hrs.

The agency mentioned having a bigger dose, or having it extra usually than advised, does not give a lot more protection and can result in extreme illness or demise.

The CDC also cautions that potassium iodide capsules only defend the thyroid and function ideal for specific age groups.

Out of inventory

Anbex, Inc., centered in New York, is a main supplier and provides 65 mg and 130 mg IOSAT potassium iodide tablets. Its web site now shows a information indicating, “We are at this time out of inventory of IOSAT potassium iodide 130mg and 65mg tablets.”

“We hope to be again in stock in early April but we’re pushing for late March,” stated Troy Jones, vice president of revenue and advertising and marketing for Anbex. Jones also operates a web-site www.nukepills.com that sells Anbex’s potassium iodide products.

Jones claimed the corporation observed a rush of orders commencing in mid February of up to 15 million tablets from a variety of prospective buyers, which include people, resellers, hospitals, municipalities and governments worldwide.

“The significant operate began on February 23 by February 28. We sold out of all the inventory we had,” Jones mentioned. Though provides are staying replenished weekly, they are selling out just as rapid. “In the earlier five days we’ve likely offered as a lot as what commonly would just take us fifty percent a yr to promote,” he included.

The timeline, Jones claimed, matched studies past month that Russian forces had seized manage of Ukraine’s Chernobyl nuclear electrical power plant. The plant’s electrical technique was reportedly harmed during the assault and expected mend get the job done.

Historically, demand from customers for potassium iodide spikes when there is certainly a genuine or perceived threat of nuclear fallout, Jones claimed.

Need soared when previous President Donald Trump tweeted in 2018 that he had a “a great deal bigger & additional highly effective” button than North Korea’s Kim Jong-un, igniting anxiety about an escalating threat of nuclear war. It also happened in the very same year when the Hawaii Emergency Administration Agency sent out a false ballistic missile inform.
And just past thirty day period, Russian president Vladimir Putin explained he had requested his country’s deterrence forces — which involve nuclear arms — to be at their maximum state of alert. The White Dwelling responded to the shift, calling it section of a broader pattern of unprovoked escalations and “created threats” from the Kremlin.

The escalating rhetoric from Russia only assisted fuel panic — and the purchase of potassium iodide, producers claimed.

Anbex, which sells its tablets in a 14- working day or 20-working day foil-sealed pack relying on the dosage, has ramped up creation, mentioned Jones.

He claimed customers ought to observe the CDC’s suggestions and only consider potassium iodide supplements on the suggestions of health and fitness officers.
BTG Specialty Pharmaceuticals said demand for its Thyrosafe pills took off in February coinciding with Russia's invasion of Ukraine.

London-based mostly BTG Specialty Pharmaceuticals stated it is also experiencing heightened desire for the firm’s potassium iodide solutions across Europe and the US.

“This has coincided with the conflict in Ukraine,” mentioned Chris Sampson, spokesperson for London-based BTG, which also has US functions. BTG can make Thyrosafe, an Food and drug administration-appoved 65 mg over-the-counter potassium iodide pill. A box of 20 tablets is priced at $12.95 on the company’s web site.

Sampson stated BTG has not been completely out of inventory, “nevertheless we have temporarily stopped accepting orders via our personal internet site and some of our partners/distributors have been out of inventory.”

“Most of our product is sold to governments, general public health businesses and the army who handle stockpiles,” he explained. “All of all those orders are becoming met.”

The White Property could not quickly be arrived at for remark on this story.

— CNN’s Brenda Goodman contributed to this report

Regions Financial Co. (NYSE:RF) Receives Consensus Rating of “Hold” from Analysts

Regions Financial Co. (NYSE:RF) Receives Consensus Rating of “Hold” from Analysts

Regions Financial Co. (NYSE:RF – Get Rating) has been assigned an average recommendation of “Hold” from the fifteen brokerages that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation and six have assigned a buy recommendation to the company. The average 12 month price target among brokers that have covered the stock in the last year is $25.75.

RF has been the subject of a number of analyst reports. Morgan Stanley upped their price target on Regions Financial from $30.00 to $31.00 and gave the company an “overweight” rating in a research report on Tuesday, February 22nd. Barclays upgraded Regions Financial from an “underweight” rating to an “equal weight” rating and set a $26.00 price target on the stock in a report on Monday, January 3rd. UBS Group assumed coverage on Regions Financial in a research note on Wednesday, January 12th. They set a “buy” rating and a $32.00 target price for the company. Citigroup lowered their price target on Regions Financial from $30.00 to $27.00 in a report on Tuesday, January 25th. Finally, JPMorgan Chase & Co. upped their target price on shares of Regions Financial from $26.50 to $27.00 in a research report on Thursday, February 3rd.

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Shares of NYSE:RF opened at $22.72 on Tuesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.84 and a quick ratio of 0.83. Regions Financial has a 1 year low of $18.02 and a 1 year high of $25.57. The firm has a market capitalization of $21.29 billion, a P/E ratio of 9.16, a P/E/G ratio of 0.68 and a beta of 1.32. The business’s 50-day moving average is $23.73 and its 200 day moving average is $22.68.

Regions Financial (NYSE:RF – Get Rating) last released its quarterly earnings results on Thursday, January 20th. The bank reported $0.43 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by ($0.06). Regions Financial had a net margin of 38.17{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and a return on equity of 15.33{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the prior year, the business posted $0.62 EPS. The firm’s quarterly revenue was down 3.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} compared to the same quarter last year. On average, analysts expect that Regions Financial will post 2.08 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 1st. Stockholders of record on Friday, March 11th will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 2.99{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The ex-dividend date is Thursday, March 10th. Regions Financial’s payout ratio is presently 27.42{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Regions Financial by 9.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} during the fourth quarter. BlackRock Inc. now owns 96,711,569 shares of the bank’s stock worth $2,108,312,000 after purchasing an additional 8,239,657 shares during the period. Geode Capital Management LLC increased its position in shares of Regions Financial by 1.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the fourth quarter. Geode Capital Management LLC now owns 20,182,959 shares of the bank’s stock valued at $439,159,000 after acquiring an additional 311,615 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Regions Financial by 5.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the 3rd quarter. Invesco Ltd. now owns 16,659,139 shares of the bank’s stock valued at $355,006,000 after buying an additional 805,591 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Regions Financial by 3.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the 4th quarter. Charles Schwab Investment Management Inc. now owns 15,734,876 shares of the bank’s stock valued at $343,021,000 after acquiring an additional 472,102 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in Regions Financial by 1.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} during the fourth quarter. Dimensional Fund Advisors LP now owns 13,185,015 shares of the bank’s stock worth $287,433,000 after buying an additional 137,074 shares during the last quarter. 74.88{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the stock is currently owned by institutional investors and hedge funds.

About Regions Financial (Get Rating)

Regions Financial Corp. operates as a bank holding company. It provides traditional commercial, retail and mortgage banking services, as well as other financial services in the fields of investment banking, asset management, trust, mutual funds, securities brokerage, insurance and other financing. The firm operates through the following segments: Corporate Bank, Consumer Bank, and Wealth Management.

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Analyst Recommendations for Regions Financial (NYSE:RF)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to [email protected]

Should you invest $1,000 in Regions Financial right now?

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What a Russia debt default would mean for financial markets as Ukraine invasion continues

What a Russia debt default would mean for financial markets as Ukraine invasion continues

The threat of a Russian default on sovereign financial debt is noticed in close proximity to, but investors so far aren’t panicking more than any possible strike to world economic markets.

“While a default would be symbolic, it seems not likely that it will have significant ramifications, the two in Russia and somewhere else,” said William Jackson, chief emerging marketplaces economist at Cash Economics, in a Monday take note.

Discuss of a Russian default, nonetheless, stirs reminiscences of earlier turmoil. In August 1998, Russia devalued the ruble, defaulted on domestic credit card debt and declared a moratorium on payment to international lenders. The resulting crisis despatched tremors by fiscal markets, resulting in the collapse and subsequent rescue of hedge fund Extended Expression Cash Current market.

Intercontinental Monetary Fund Taking care of Director Kristalina Georgieva on Sunday stated Western sanctions in reaction to the country’s Feb. 24 invasion of Ukraine would hit Russia really hard, shrinking Russians’ genuine incomes and paying for energy. She warned that a Russian default can no for a longer time be thought of as an “improbable event.”

Georgieva, in an interview with CBS News’ Confront the Nation, mentioned that although Russia has the money to services its credit card debt, sweeping sanctions versus the nation’s economical establishments and central lender suggests it can no extended obtain it. Ratings corporations have sharply downgraded Russian financial debt, with Fitch past week warning of an imminent default as a final result of sanctions.

But Georgieva mentioned that although international exposure to Russia’s banking sector at $120 billion wasn’t negligible, it was “definitely not systemically relevant.”

Moscow is scheduled to make all around $117 million in mixed fascination payments on two greenback-denominated bonds on Wednesday, in accordance to news experiences. Russia’s finance ministry on Monday stated that it was well prepared to make the payments, but might do so in rubles if unable to accessibility the currency of challenge, in accordance to Reuters. Studies noted that neither bond allows for payments in a different currency.

Failure to make payment in bucks could see Russia in complex default following a 30-working day grace time period, analysts reported.

The biggest probable cost to Russia from a default is becoming locked out of international funds markets, or at the very least facing greater borrowing prices for extended time period, Jackson said, but noted that “sanctions have accomplished that anyway.”

For international investors, “a default is mostly priced in,” the economist wrote, noting that Russia’s sovereign dollar bonds are already trading at close to 20 cents on the dollar (see chart beneath).


Money Economics

News reviews also suggest that collectors have currently marked down their holdings, he explained. And to Georgieva’s assertion that Russian financial debt is not systemically relevant, Jackson pointed out that the in general sizing of Russian international currency sovereign credit card debt held by nonresidents is “relatively modest,” at about $20 billion.

“Even if the authorities halts payments to overseas traders on all their holdings of sovereign personal debt (neighborhood and foreign), the full of about $70 [billion] is no larger sized than the credit card debt Argentina defaulted on in 2020 without the need of resulting in tremors in worldwide marketplaces (whilst in Argentina’s scenario, bond prices did not slide fairly as significantly),” Jackson claimed.

Fairness markets have been volatile in the wake of the invasion, but the threat of a default hasn’t been flagged as a main resource of be concerned for buyers. U.S. stocks have been mainly decreased Monday, extending the past week’s drop. The Dow Jones Industrial Ordinary
DJIA,
+.00{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
rose 1 position, or a lot less than .1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, even though the massive-cap benchmark S&P 500
SPX,
-.74{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
was down .7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

So nothing to see here? Not very.

Jackson flagged two risks.

1st, there’s the possibility that beneath the aggregate numbers, a systemically vital institution is heavily exposed to Russian sovereign financial debt and is perhaps able of sending tremors by way of the monetary technique.

Second, a sovereign default could be a prelude to defaults by Russia’s corporates, he warned, whose exterior money owed are a lot greater than those people of the authorities (see chart below).


Capital Economics

“So much, Russian corporates feel to have ongoing servicing their debts considering the fact that sanctions were being tightened. But with trade disrupted, sanctions probably becoming widened and the economy set for a deep economic downturn, the likelihood of corporate defaults is rising,” Jackson stated.

Truist Financial Analysts Lower Earnings Estimates for Lazydays Holdings, Inc. (NASDAQ:LAZY)

Truist Financial Analysts Lower Earnings Estimates for Lazydays Holdings, Inc. (NASDAQ:LAZY)

Lazydays Holdings, Inc. (NASDAQ:LAZY – Get Score) – Equities scientists at Truist Money cut their Q2 2022 earnings per share estimates for shares of Lazydays in a research note issued to traders on Thursday, March 10th. Truist Financial analyst M. Swartz now expects that the organization will submit earnings of $.94 per share for the quarter, down from their earlier estimate of $.95. Truist Money has a “Hold” rating and a $24.00 price tag objective on the inventory. Truist Economical also issued estimates for Lazydays’ FY2022 earnings at $3.29 EPS and FY2023 earnings at $2.79 EPS.

A quantity of other equities analysis analysts also not too long ago weighed in on LAZY. Zacks Expenditure Investigate downgraded shares of Lazydays from a “hold” rating to a “provide” rating in a report on Saturday, March 5th. Craig Hallum reduce their cost goal on shares of Lazydays from $33.00 to $25.00 and set a “buy” ranking for the company in a report on Friday.

Shares of NASDAQ LAZY opened at $21.46 on Monday. Lazydays has a twelve thirty day period reduced of $15.45 and a twelve month substantial of $25.74. The company has a existing ratio of 1.42, a swift ratio of .60 and a personal debt-to-fairness ratio of .58. The organization has a industry capitalization of $253.79 million, a value-to-earnings ratio of 6.60 and a beta of 1.87. The agency has a 50-working day transferring ordinary of $17.75 and a two-hundred working day transferring normal of $20.18.

Institutional traders and hedge resources have lately modified their holdings of the firm. Compagnie Lombard Odier SCmA acquired a new situation in shares of Lazydays in the 4th quarter valued at about $26,000. Citigroup Inc. improved its holdings in shares of Lazydays by 138.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the 4th quarter. Citigroup Inc. now owns 2,008 shares of the company’s stock valued at $43,000 just after paying for an supplemental 1,167 shares for the duration of the time period. BNP Paribas Arbitrage SA enhanced its holdings in shares of Lazydays by 158.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the 3rd quarter. BNP Paribas Arbitrage SA now owns 2,475 shares of the firm’s stock valued at $53,000 just after getting an supplemental 1,516 shares during the period of time. Bank of The us Corp DE acquired a new posture in shares of Lazydays in the 2nd quarter valued at about $78,000. Finally, SG Americas Securities LLC acquired a new placement in Lazydays in the third quarter worthy of roughly $130,000.

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In other information, Director Coliseum Cash Administration, L obtained 3,573 shares of Lazydays inventory in a transaction on Wednesday, December 15th. The inventory was bought at an ordinary charge of $19.83 per share, with a overall benefit of $70,852.59. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible at this connection. 24.80{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the stock is at present owned by corporate insiders.

Lazydays Corporation Profile (Get Score)

Lazydays Holdings, Inc retails leisure automobiles, motorcycles, jet skis and relevant extras. The business operates recreation motor vehicle dealerships generating earnings by delivering RV owners a full spectrum of merchandise: RV gross sales, RV companies, funding and insurance plan solutions, RV components and extras, RV rentals, third-celebration defense strategies, and RV camping.

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This prompt news notify was generated by narrative science engineering and money information from MarketBeat in order to offer audience with the fastest and most correct reporting. This story was reviewed by MarketBeat’s editorial group prior to publication. Remember to deliver any queries or responses about this story to [email protected]

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Barron’s Top 1200 Advisors Ranking: How RBC Wealth Management’s Ann Marie Etergino Helps Women Achieve Financial Independence Amid Market Volatility

Barron’s Top 1200 Advisors Ranking: How RBC Wealth Management’s Ann Marie Etergino Helps Women Achieve Financial Independence Amid Market Volatility

Ann Marie Etergino, RBC Prosperity Administration


Photography by Greg Kahn

Textual content measurement

Willis Lease Finance Corporation Reports Annual Pre-tax

Willis Lease Finance Corporation Reports Annual Pre-tax

COCONUT CREEK, Fla., March 14, 2022 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (NASDAQ: WLFC) today reported annual total revenues of $274.2 million and pre-tax profit of $9.1 million. For the year ended December 31, 2021, aggregate lease rent and maintenance reserve revenues were $208.8 million and spare parts and equipment sales were $17.4 million. The Company reported increased total revenues in the fourth quarter when compared to the prior year period, primarily due to both an increase in lease rent revenue and gain on sale of leased equipment and financial assets, partially offset by a reduction in long-term maintenance revenue.

“We continued to see a slow recovery during the second half of 2021 as travel began to open on a global basis only to be dampened again near year-end by COVID-19 variants,” said Charles F. Willis, Chairman and CEO. “COVID-related travel prohibitions have been relaxed more recently, but now the industry faces new stresses associated with geo-political issues that are tragic on every level. As always, we continue to focus on the things we can control, and we believe the Company is well positioned to help our customers provide an essential product: air travel.”

“The world has been, and continues to be, an unsettled place, but the dedication of our employees is constant,” said Brian R. Hole, President. “Their efforts allow us to deliver the novel programs, financing products and services our customers need more and more as they realize that ‘same again’ will not be an adequate strategy in the current times”

2021 Highlights (at or for the quarter and year ended December 31, 2021, as compared to at or for the quarter and year ended December 31, 2020):

  • Total revenue was $274.2 million in 2021, a 5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} decrease when compared to $288.7 million in the prior year. Revenue for the three months ended December 31, 2021 was $75.8 million, up 23.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} from the comparative period in 2020.
  • Lease rent revenue was $134.8 million in 2021, off 5.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} from 2020.
  • Maintenance reserve revenue was $74.0 million in 2021, a decrease of 29.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} compared to $105.4 million in the prior year.
    • The decline in maintenance revenue was primarily influenced by lower long-term maintenance revenue associated with engines returning from long-term lease.
    • Short-term maintenance revenue, driven by engine usage, was flat at $17.7 million year over year.
  • Spare parts and equipment sales decreased to $17.4 million in 2021, compared to $18.6 million in 2020, primarily due to no equipment sales during 2021 compared to $0.9 million for the sale of one engine in 2020.
  • Gain on sale of leased equipment increased 76.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to $6.0 million in 2021 reflecting the sale of 12 engines and one airframe, compared to $3.4 million in 2020 reflecting the sale of 11 engines and two airframes.
  • Gain on sale of financial assets, effectively the sale of leased equipment, was $10.9 million in 2021 reflecting the sale of two notes receivable.
  • The Company recognized a $6.3 million asset transition fee in 2021 as a result of the close out of an engine transition program. This fee was part of a program the Company provided to a large operator as it transitions its fleet to next generation technologies.
  • Other revenue increased by $6.5 million to $24.9 million in 2021, compared to $18.4 million in 2020, primarily reflecting interest income from our notes receivable and other service-related fees.
  • Income before income taxes was $9.1 million in 2021, compared to $17.3 million in 2020.
  • Our aggregate lease assets, inclusive of our equipment held for operating lease and notes receivable, at December 31, 2021 and 2020 was $2,106.8 million and $2,045.3 million, respectively, a 3.0{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} year-over-year increase.
  • The book value of lease assets we own directly or through our joint ventures, inclusive of our notes receivable, was $2,448.4 million at December 31, 2021. As of December 31, 2021, the Company also managed 475 engines, aircraft and related equipment on behalf of other parties.
  • The Company maintained $410 million of undrawn revolver capacity at December 31, 2021.
  • During 2021, the Company repurchased 268,408 shares of common stock for approximately $10.1 million at a weighted average price of $37.57 per share.
  • Diluted weighted average earnings per common share were $0.00 for 2021, compared to $1.05 in 2020.
  • Book value per diluted weighted average common share outstanding decreased to $59.23 at December 31, 2021, compared to $59.40 at December 31, 2020.

Balance Sheet

As of December 31, 2021, the Company’s $1.991 billion equipment held for operating lease portfolio and $115.5 million notes receivable represented 304 engines, 12 aircraft, one marine vessel and other leased parts and equipment. As of December 31, 2020, the Company’s $1.887 billion equipment held for operating lease portfolio and $158.7 million notes receivable represented 291 engines, eight aircraft, one marine vessel and other leased parts and equipment.

Willis Lease Finance Corporation

Willis Lease Finance Corporation leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers in 120 countries. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services supported by cutting edge technology through its subsidiary, Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through its subsidiary, Willis Aeronautical Services, Inc.

Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as terrorist activity and the COVID-19 pandemic; changes in oil prices and other disruptions to the world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing reports filed with the Securities and Exchange Commission. 

CONTACT: Scott B. Flaherty
  Chief Financial Officer
  (561) 349-9989

Unaudited Consolidated Statements of Income
(In thousands, except per share data) 

  Three Months Ended December 31,       Years Ended December 31,    
    2021     2020     {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} Change     2021     2020   {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} Change
REVENUE                      
Lease rent revenue $ 37,972   $ 28,021     35.5 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}   $ 134,831   $ 142,895   (5.6) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Maintenance reserve revenue   13,212     22,549     (41.4) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     73,961     105,365   (29.8) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Spare parts and equipment sales   4,191     3,777     11.0 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     17,417     18,625   (6.5) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Gain on sale of leased equipment   3,535     2,024     74.7 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     5,975     3,391   76.2 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Gain on sale of financial assets   10,874     —     100.0 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     10,874     —   100.0 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Asset transition fee   —     —     — {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     6,256     —   100.0 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Other revenue   6,030     5,116     17.9 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     24,888     18,416   35.1 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Total revenue   75,814     61,487     23.3 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     274,202     288,692   (5.0) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
                       
EXPENSES                      
Depreciation and amortization expense   21,749     23,365     (6.9) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     90,504     94,541   (4.3) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Cost of spare parts and equipment sales   3,919     3,301     18.7 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     14,927     16,762   (10.9) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Write-down of equipment   3,602     6,169     (41.6) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     7,715     20,540   (62.4) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
General and administrative   21,038     16,654     26.3 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     75,350     67,910   11.0 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Technical expense   3,251     3,111     4.5 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     9,381     6,533   43.6 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Net finance costs:                      
Interest expense   17,654     15,888     11.1 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     67,985     63,024   7.9 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Loss on debt extinguishment   —     —     — {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     —     4,688   (100.0) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Total net finance costs   17,654     15,888     11.1 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     67,985     67,712   0.4 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Total expenses   71,213     68,488     4.0 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     265,862     273,998   (3.0) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
                       
Earnings (loss) from operations   4,601     (7,001 )   (165.7) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     8,340     14,694   (43.2) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Earnings from joint ventures   1,983     30     6,510.0 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     800     2,642   (69.7) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Income (loss) before income taxes   6,584     (6,971 )   (194.4) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     9,140     17,336   (47.3) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Income tax expense (benefit)   4,842     (4,077 )   (218.8) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     5,788     7,588   (23.7) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Net income (loss)   1,742     (2,894 )   (160.2) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     3,352     9,748   (65.6) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Preferred stock dividends   821     819     0.2 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     3,251     3,259   (0.2) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Accretion of preferred stock issuance costs   20     21     (4.8) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     83     84   (1.2) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Net income (loss) attributable to common shareholders $ 901   $ (3,734 )   (124.1) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}   $ 18   $ 6,405   (99.7) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
                       
Basic weighted average earnings (loss) per common share $ 0.15   $ (0.62 )       $ —   $ 1.07    
Diluted weighted average earnings (loss) per common share $ 0.14   $ (0.62 )       $ —   $ 1.05    
                       
Basic weighted average common shares outstanding   6,044     5,988           6,112     5,963    
Diluted weighted average common shares outstanding   6,304     5,988           6,346     6,128    

Unaudited Consolidated Balance Sheets
(In thousands, except per share data)

    December 31, 2021   December 31, 2020
ASSETS        
Cash and cash equivalents   $ 14,329   $ 42,540  
Restricted cash     81,312     36,385  
Equipment held for operating lease, less accumulated depreciation     1,991,368     1,886,613  
Maintenance rights     22,511     20,097  
Equipment held for sale     6,952     2,850  
Receivables, net of allowances     39,623     28,269  
Spare parts inventory     50,959     59,434  
Investments     55,927     53,275  
Property, equipment & furnishings, less accumulated depreciation     31,327     31,753  
Intangible assets, net     1,188     1,246  
Notes receivable     115,456     158,708  
Other assets     51,975     43,778  
Total assets   $ 2,462,927   $ 2,364,948  
         
LIABILITIES, REDEEMABLE PREFERRED STOCK AND SHAREHOLDERS’ EQUITY        
Liabilities:        
Accounts payable and accrued expenses   $ 26,858   $ 26,977  
Deferred income taxes     124,332     116,838  
Debt obligations     1,790,264     1,693,753  
Maintenance reserves     65,976     82,484  
Security deposits     19,349     19,522  
Unearned revenue     10,458     11,637  
Total liabilities     2,037,237     1,951,211  
         
Redeemable preferred stock ($0.01 par value)     49,805     49,722  
         
Shareholders’ equity:        
Common stock ($0.01 par value)     65     66  
Paid-in capital in excess of par     15,401     13,696  
Retained earnings     355,388     355,370  
Accumulated other comprehensive income (loss), net of tax     5,031     (5,117 )
Total shareholders’ equity     375,885     364,015  
Total liabilities, redeemable preferred stock and shareholders’ equity   $ 2,462,927   $ 2,364,948