Avantair Sees Revenue, Net Loss Increase
In its first-quarter FY2008 report issued in mid-November, Clearwater, Fla.-based fractional provider Avantair said revenues increased 52.9 percent, to $25.7 million, year-over-year, but its quarterly net loss increased to $4.8 million from $3.8 million the previous year. The company sold more quarter shares in the Piaggio Avanti twin turboprop–the total standing at 552 versus 382.5 a year earlier–and revenue from maintenance and management jumped 61.6 percent to $13 million period-over-period. According to Avantair CEO Steven Santo, the “upsurge in new owners and card holders put some strains on our system.” The company has acquired two core aircraft to help lower its positioning costs and expects to take delivery of 15 Avantis in FY08, which would bring its fleet to 51 aircraft. Santo believes that the company will break even on a quarterly basis during FY08.