Jet engine lessor Willis Lease Finance reported Q2/13 earnings of $9.7 million compared to $2.4 million in the second quarter a year ago. Willis said a tax recovery of $8.6 million reduced its deferred tax liability and resulted in a current period income

For the first six months of 2013 net income was $11.3 million compared to $5.0 million in the first six months of 2012.

Charles F. Willis, chairman and CEO said, “The largest contributor to the bottom line was the $8.6 million reduction to our deferred tax liability, which was booked following a recent tax court case that upheld tax benefits for domestic corporations deploying assets overseas. The result of this court decision is that we are able to recover the tax basis in certain assets that had been reduced over the past ten years, resulting in a larger tax provision than is now required.”

Highlights from the Willis Lease Finance news release follows:

. Lease portfolio increased 4.7% to $1.02 billion from $0.97 billion a year ago, largely due to a purchase-leaseback transaction with Scandinavian Airlines that was completed in the first quarter of 2013.

. At June 30, 2013, Willis Lease had 194 commercial aircraft engines, 3 aircraft parts packages and 7 aircraft and other engine-related equipment in its lease portfolio compared to 191 commercial aircraft engines, 3 aircraft parts packages and 11 aircraft and other engine-related equipment in its lease portfolio a year ago

. Total revenues grew 8.0% to $38.0 million from $35.2 million a year ago, reflecting portfolio growth and increased maintenance reserve revenues.

. Lease rent revenues increased 3.9% to $24.8 million compared to $23.8 million a year ago.

To read the full Willis Lease Finance news release click here.