Avantair, the industry leader of fractional aircraft ownership and flight hour time cards in the light-jet cabin category and the only publicly traded stand-alone private aircraft operator, is the sole North American provider of fractional shares, flight time cards and Axis Club Membership in the Piaggio Avanti aircraft. With headquarters in Clearwater, Florida, and approximately 450 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 56 aircraft, with another 51 Piaggio Avanti aircraft on order through 2013. Read more about Avantair.
Based on Last Trade Date
Key Growth Strategies
Avantair's primary growth strategy is to continue to increase the number of fractional share owners and aircraft under management as well as increase the number of flight hour cards and Axis Club Memberships sold. Avantair presently sources all of its aircraft from a single manufacturer, Piaggio America, Inc. As of September 30, 2010 Avantair had contractual commitments to purchase 51 additional Piaggio Avanti aircraft through 2013 at wholesale pricing for an aggregate of approximately $330 million from this manufacturer. At September 30, 2010, the Company had 25.5 fractional aircraft shares available for sale. The Company has been able to defer aircraft deliveries to bring them in line with sales expectations based upon existing economic conditions and the contract provides flexibility to defer aircraft deliveries in the future. In addition to the cost of acquiring aircraft, Avantair's primary expenses are related to fuel, aircraft repositioning (i.e., moving an aircraft to another location to accommodate a customer's need and for demonstration flights for sales purposes), maintenance, charters and insurance.