Fractional Share Sales Take Off at Flight Options
Cleveland-based Flight Options said it saw renewed interest in fractional share and jet card (JetPass) sales during the first quarter, noting that net share sales doubled from a year ago while JetPass sales climbed by 46 percent. Flight Options officials declined to specify the exact number of net fractional shares sold, but did say that first-quarter gross share hour sales grew significantly from 225 hours last year to 1,275 hours this year. In addition, fractional utilization in the quarter climbed by 8 percent year-over-year, while JetPass flight revenue hours rose 35 percent. “We are pleased with the steady progress we have seen in bookings, fractional jet and jet card sales, and other key measures of our business during the past two years, and that momentum is carrying over into 2011,” said Flight Options CEO Michael Silvestro. Company chairman Kenn Ricci added, “The improvements helped us achieve our second consecutive year of profitability on an operating basis last year.” The fractional provider also announced a second recall of furloughed pilots to help meet growing demand. It will recall up to 24 furloughed pilots in phases, with eight pilots initially reentering active service this month. Flight Options also recalled eight pilots last month. Additionally, the company plans to reopen its Sacramento, Calif. maintenance service center to expand its operating capacity on the West Coast.