| Avantair, Inc. Reports Fiscal Third Quarter 2009 Financial Results |
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Company Reports First Quarterly Operating Profit, Record EBITDA; Revenues up 16% Year-over-Year CLEARWATER, Fla. -- May 12, 2009 -- Avantair, Inc. (OTCBB: AAIR), the only publicly traded stand-alone private aircraft operator and the sole North American provider of fractional shares and flight hour time cards in the Piaggio Avanti aircraft, today announced financial results for its fiscal third quarter ended March 31, 2009. Third Quarter Fiscal 2009 Highlights:
Steven Santo, Chief Executive Officer of Avantair, stated, “Business was strong during the third quarter, exceeding our internal expectations and accelerating our profitability timeline. Our growth was driven by market share gains as awareness of Avantair’s value proposition continued to build among consumers of private travel and resulted in our first quarterly operating profit in the company’s history. The economic downturn has created compelling reasons for consumers of private travel to turn to Avantair given our historical position as the lowest-cost provider in the marketplace. This influx of new customers has quickly come to realize that Avantair is also a leader in quality, comfort, safety and fuel efficiency. This is driving greater acceptance of our brand in the light jet category, which coupled with a highly successful charter card program, is further accelerating sales and is best evidenced by an 81% increase in charter card sales yearover-year.” Mr. Santo continued, “Our milestone achievement of operating profitability clearly demonstrates the leverage inherent in our business model, which together with our revenue catalysts, positions us well for sustained profitability. With our brand now driving growth, supported by the right infrastructure and led by the right management team, we are well positioned to secure Avantair’s success for the long-term.” Conference Call Avantair will host a conference call to discuss financial results for its third quarter of fiscal 2009 and provide an update on business developments at 5:00 p.m. Eastern Time today. Investors may participate in the conference call by dialing 877-941-4774 (480-629-9760 for international callers). When prompted, ask for the "Avantair Inc. Fiscal Third Quarter 2009 Earnings Conference Call." A telephonic replay of the conference call may be accessed approximately two hours after the call through May 22, 2009, by dialing 800-406-7325 (303-590-3030 for international callers). The replay access code is 4075787#. The conference call will be webcast simultaneously on the Avantair Inc. website at www.avantair.com under Investors. The webcast replay will be archived for 12 months. About Avantair Avantair, the only publicly traded stand-alone private aircraft operator and the sole North American provider of fractional shares and flight hour time cards in the Piaggio Avanti aircraft, is headquartered in Clearwater, FL, with approximately 400 employees. The Company offers private travel solutions for individuals and businesses traveling within its service area, which includes the continental United States, Canada, the Caribbean and Mexico, at a fraction of the cost of whole aircraft ownership. The Company currently manages a fleet of 53 aircraft, with another 56 Piaggio Avanti aircraft on order through 2013. For more information about Avantair, please visit: http://www.avantair.com . Forward Looking Statements This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to Avantair's future financial or business performance, strategies and expectations. Forward-looking statements are typically identified by words or phrases such as "trend," "potential," "opportunity," "pipeline," "believe," "comfortable," "expect," "anticipate," "current," "intention," "estimate," "position," "assume," "outlook," "continue," "remain," "maintain," "sustain," "seek," "achieve," and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "may" and similar expressions. Avantair cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and Avantair assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. In addition to factors previously disclosed in Avantair's filings with the Securities and Exchange Commission (SEC) and those as may be identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: general economic and business conditions in the U.S. and abroad, changing interpretations of generally accepted accounting principles, changes in market acceptance of the company's products, inquiries and investigations and related litigation, fluctuations in customer demand, management of rapid growth, intensity of competition. The information set forth herein should be read in light of such risks. Avantair does not assume any obligation to update the information contained in this press release. Avantair’s filings with the SEC, accessible on the SEC's website at http://www.sec.gov , discuss these factors in more detail and identify additional factors that can affect forward-looking statements. Contact
Complete release with financial tables available here. |
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