Avantair Soars in Frax Market

Fractional provider Avantair reported revenues of $35.8 million for its Fiscal Year 2010 second quarter ending December 31. It recorded operating income of $1.4 million versus an operating loss of $628,000 in the year-ago period, and earnings before interest, income taxes, depreciation and amortization stood at $2.8 million. The company said it saw 89-percent year-over-year growth in flight-hour cards and a 4.4-percent increase of quarter-over-quarter flight activity, to 9,770 hours. Avantair also took delivery of four new Piaggio Avanti IIs during the quarter.