Avantair Lowers Operating Loss, Logs EBITDA Profit

Fractional-share operator Avantair released its fiscal fourth-quarter financial results yesterday, which included growing revenues, declining operating losses and an EBITDA profit. Avantair operates a fleet of 52 Piaggio Avanti twin turboprops. The company added one more Avanti to the fleet during the fiscal quarter that ended June 30 and sold one core aircraft. For the quarter, total revenues were $34.1 million, up 8.6 percent for the same period last year. EBITDA profit (earnings before interest, taxes, depreciation and amortization) was $908,000, compared with a $1.3 million EBITDA loss in the fourth fiscal quarter last year. For the full fiscal year, Avantair’s total revenues climbed 18.3 percent, to $136.8 million, while the company flew a record number of flight hours. EBITDA profit for the full year was $5.3 million, up from a loss of $12.9 million in Fiscal Year 2008. According to Avantair CEO Steve Santo, “Overall growth in each strategic category of unit sales coupled with new seasonal record numbers of revenue-generating flight hours flown is driving significant economies of scale and maintenance efficiencies.”