Avantair, the Clearwater, Fla.-based fractional that operates Piaggio Avantis exclusively, reported an 85-percent increase in Q2 revenue over the same period a year earlier. Sluggish deliveries from Piaggio contributed to an overall loss, though the company does expect to break even upon reaching 40 aircraft in service. If current estimates hold, that will happen by the end of this year.
A “much improved situation is emerging at NetJets,” according to Warren Buffett, chairman of parent company Berkshire Hathaway. In his annual letter to stockholders, published February 28, Buffett said NetJets has “never had a problem growing. But profits had been erratic.”
EMS provider Air Evac Lifeteam, founded in West Plains, Mo., in 1985, has new owners, including two private-equity firms. “The decision to sell was not an easy one,” said board chairman Bill Chritton. “Initially, we had no desire to sell. The company is strong, healthy and presents a bright and expanding future.”
The Canadian Cabinet has approved a $250 million loan from the so-called Canada Account for a past transaction involving 10 Bombardier CRJs to Cincinnati-based Comair. The move marked the first application of a new $1.2 billion credit facility established by the Canadian government specifically to fund regional jet sales. It also relieved Bombardier of its exposure to an interim private loan issued at the point of sale.
World banking giant Bank of America (Booth No. 700), a long-time player in fixed-wing financing, announced yesterday its entrance into the rotorcraft market. Although the bank has financed helicopters on an individual basis in the past, this marks the company’s first attempt at luring a broad spectrum of new clients.
Want to know what your aviation state taxes are being used for, how to apply for refunds and other tax details? Then you might want to check out the 2004 State Tax Guide for General Aviation from costing analysts Conklin & de Decker. The guide, which comes on a CD-ROM, also shows how sales and use taxes apply to aircraft sales, ownership, leases, parts, labor, fuel purchases and maintenance.
The “Safety Bucks” program from insurer USAIG (United States Aircraft Insurance Group) has contributed more than $4.3 million over the last nine years to defray the training costs or participants in its Preferred Policyholder Program, according to figures released here at Heli-Expo.
California has amended its aircraft sales and use tax law, essentially closing a loophole that allowed buyers of aircraft and other big-ticket items to escape paying sales taxes.
NBAA, the National Air Transportation Association and General Aviation Manufacturers Association recently urged the Department of Treasury to suspend the changes to jet fuel taxation provisions that were contained in H.R.3, the Highway Bill.
Business aviation lobbyists yesterday applauded recent action taken by Republican lawmakers to shelve new tax rules in the 2005 Highway Bill designed to discourage truckers from using jet fuel to avoid higher taxes on diesel fuel. At the request of NBAA, NATA and GAMA, Sen. Ted Stevens (R-Ark.), Sen. Conrad Burns (R-Mont.) and Rep. Robin Hayes (R-N.C.) sent letters to U.S.