Air ambulance outfitter Spectrum Aeromed (Booth No. 3628) will be distributing approximately $100,000 in profit sharing funds to 21 employees at its Fargo, N.D. headquarters, based on its continuing trend of revenue increase, the company announced. “We’ve experienced exponential growth for three consecutive years and we’re fortunate to have the opportunity to reward our team of dedicated employees with profit sharing as a result of their hard work,” noted company owner Dean Atchison.
Generally Accepted Accounting Principles
Year-end 2013 financial results from the newly reconstituted American Airlines Group have quickly established that the long-awaited merger of AMR Corporation with US Airways has resulted in a carrier more viable than the sum of its previously separate parts.
Offshore-energy and medevac operator PHI reported substantially higher earnings for the first quarter, posting a net revenue gain of $40.9 million (to $178.9 million) compared with the same quarter last year. The company credits the gain to more deepwater oil exploration support work and an uptick in its air medical segment. Net earnings quadrupled from the same period in 2012, increasing to $8.8 million from $2.2 million.
Macquarie Infrastructure, the parent company of Atlantic Aviation, announced its first-quarter financial results last week, posting a 3.2-percent increase in Atlantic’s GA jet fuel sales on a same-store basis, over the opening quarter of last year. The chain’s earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 6.9 percent year-over-year. Macquarie expects to complete refinancing of Atlantic’s long-term debt this month, a move the company expects will give it more resiliency in case of another downturn in GA activity.
Though its parent company Finmeccanica yesterday reported €786 million in losses last year, subsidiary AgustaWestland posted strong 2012 results that included revenues of €4.2 billion, new orders of €4 billion and an accumulated backlog of €11.87 billion, as well as earnings before interest, taxes and depreciation of €473 million. The helicopter manufacturer’s results reflected marginally improved results over its 2011 performance and also reflected a slight increase in research and development spending, to €506 million.
Offshore-energy helicopter service operator Bristow Group reported increases in revenue and net income for the fourth quarter of last year. Compared with the same period in 2011, operating revenue increased by 17 percent, to $346.7 million, and adjusted net income grew to $42.6 million, a $14.8 million jump from the comparable 2011 period.
If I had to sum up the benefits of business jets in just one word, I might pick “convenience.” According to Wikipedia, “convenient procedures, products and services are those intended to increase ease in accessibility, save resources (such as time, effort and energy) and decrease frustration.”
Comments by President Obama’s press secretary that tax depreciation schedules constitute “loopholes” for corporate jets ignited a blitzkrieg of return fire from general aviation on Tuesday. Pete Bunce, chairman and CEO of the General Aviation Manufacturers Association, declared that politics in Washington continues to demonstrate that facts can be conveniently overlooked when one is trying to point fingers and score sound bites.
NBAA has joined other organizations in urging Congressional leaders to continue stimulating business capital expenditures by extending the accelerated, or “bonus,” depreciation that is set to expire at the end of this year. In a letter sent to both houses of Congress yesterday, the groups said, “It is imperative that we continue the 50-percent bonus depreciation…for 2013 and beyond. This will provide some certainty to U.S.
After five years in proposed form, the IRS issued its final rule today disallowing tax deductions for “entertainment” (non-business) use of business aircraft. The rules apply whether the company owns, leases or charters the aircraft.
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