Avantair Finds Smooth Air in Turbulent Frax Market
Piaggio Avanti fractional provider Avantair’s revenue increased 4 percent, to $36 million, in its fiscal third quarter (which ended March 31) compared with the year-ago period. Its earnings before interest, income taxes, depreciation and amortization also rose to $1.8 million, up from the $1.5 million reported in the same period last year. During what is typically the company’s slowest sales quarter, flight-hour cards sold increased to 82 versus 29 in the same period last year. Additionally, revenue-generating flight hours reached a new third-quarter record, climbing to 9,623 hours versus 8,627 hours a year ago. “Our third-quarter results demonstrate our ability to drive greater owner value through an industry-leading single-aircraft fleet, while continuing to improve our operating efficiencies within our existing infrastructure,” said Avantair CEO Steven Santo. “We achieved record quarterly sales despite the seasonally slow sales cycle typically associated with our third quarter and the continued weak market conditions.” Meanwhile, to help sustain growth Avantair this week unveiled two new incentives: a loyalty program that rewards fractional customers for program renewals, and an ambassador program to compensate existing owners for customer referrals.