Avantair Revenues Climb, Losses Narrow

 - February 26, 2009, 11:06 AM

Clearwater, Fla.-based fractional provider Avantair saw its year-over-year revenues climb nearly 24 percent, to $35.4 million, in its second fiscal quarter, which ended December 31. It also narrowed its quarterly loss to $600,000, an improvement of
87 percent over the same period a year earlier, and had its first quarter of positive EBITDA of $690,360. “These results demonstrate the leverage in our business model,” Avantair CEO Steven Santo said, “and were driven by the consistent growth in our sales pipeline, recent fleet-utilization improvements and a disciplined focus on reducing costs.” The company also reported a 96-percent jump in charter card sales, “testament to our continued ability to attract those customers focused on affordability, comfort and safety.” Avantair, which operates nothing but Piaggio Avanti turboprop twins, plans to take delivery of nine more airplanes this year and a total of 57 more before 2013.