Avantair Revenues Up Significantly

 - February 19, 2009, 11:18 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, down 87 percent from the same period a year earlier. “We are pleased to report an excellent second quarter with record high revenues of $35.4 million, a significant decrease in our loss from operations and our first quarter of positive EBITDA of $690,360,” Avantair CEO Steven Santo said. “These results demonstrate the leverage in our business model, 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, despite the bite that the recession has had on other charter and fractional providers. Santo said this feat “is a testament to our continued ability to attract those customers focused on affordability, comfort and safety,” adding that “the majority of cards sold were to customers choosing Avantair over more expensive, competing fractional programs.”