Avantair Profits During Downturn
Clearwater, Fla.-based fractional provider Avantair reported another quarter of positive EBITA profits in a difficult economic environment, putting the Piaggio Avanti fleet operator on the path to health after years of losses. In its fiscal third quarter, which ended March 31, the company saw year-over-year revenues climb 15.7 percent to $34.7 million. It also saw operating income of $300,000 (not including a $2.95 million nonrecurring credit resulting from a vendor contract termination) in the quarter, versus a $5.2 million loss in the same period last year. Not including the nonrecurring credit, Avantair’s EBITA profit was $1.5 million, compared with a $690,360 profit in the preceding quarter and a $4 million loss in the same time frame last year.