Avantair Soars in Difficult Fractional Aircraft Market
Fractional provider Avantair reported revenues of $35.8 million for its fiscal year 2010 second quarter, which ended December 31. It recorded operating income of $1.4 million, versus an operating loss of $628,000 in the year-ago period, and earnings before interest, income taxes, depreciation and amortization stood at $2.8 million. Company CEO Steven Santo was pleased with the results, especially in light of 89-percent growth in flight-hour cards sold compared with the figures on Dec. 31, 2008, and a 4.4-percent increase of quarter-over-quarter flight activity to 9,770 hours. Avantair also took delivery of four new Piaggio Avanti IIs in the quarter, bringing its fleet to 55 Avantis. “Despite a difficult economic environment, Avantair continues to thrive, making considerable market share gains,” Santo said. “We are currently the leading private aircraft provider in the light jet cabin category in terms of number of owners, with approximately 28-percent market share as of November. In addition, we are delighted with the high volume of customers who are new to private air travel,” which accounted for a fifth of Avantair’s new clientele during the quarter.