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Avantair, Inc. Reports Second Quarter Fiscal 2012 Financial Results
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Revenue and Adjusted EBITDA Improvement Continue
CLEARWATER, Fla. – February 8, 2012 -- Avantair, Inc. (OTCBB: AAIR), the industry leader of fractional aircraft ownership in the light jet cabin category and the only publicly traded stand-alone private aircraft operator, today announced financial results for its second quarter of fiscal 2012, which ended December 31, 2011.
Second Quarter Fiscal 2012 Performance:- Total revenue grew 4.9% to $38.4 million, compared with $36.6 million in fiscal 2011 second quarter.
- Total number of revenue generating flight hours flown increased by 3.4% to 11,441, compared with 11,061 hours flown in fiscal 2011 second quarter.
- Non-GAAP Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, and stock-based compensation) of $1.6 million, achieving a $3.1 million improvement over fiscal 2011 second quarter. In addition, the Company achieved a $1.7 million improvement over fiscal 2012 first quarter.
- Net loss attributable to common stockholders was ($1.2) million, or ($.05) per share, based on 26.5 million weighted average shares outstanding, compared with a net loss of ($4.4) million, or ($0.17) per share, based on 26.4 million weighted average shares outstanding in fiscal 2011 second quarter.
Steven Santo, Chief Executive Officer of Avantair said, “We are pleased with our second quarter revenue growth and improved operating performance in light of a difficult new fractional share sales environment. The planned improvements, efficiencies and back office cost reductions positively impacted our quarter-over-quarter results. As we have consistently communicated, our focus remains on providing our owners with unparalleled service, while safety remains our number one priority.”
Conference Call Chief Executive Officer Steven Santo and Executive Vice President and Chief Financial Officer Stephen Wagman will hold a conference call with the financial community today, Wednesday, February 8, 2012 at 5:00 PM ET to review the Company’s financial results and provide an update on business developments.
Interested parties may participate in the conference call by dialing: 1 (888) 895-5271 U.S. Toll Free and 1 (847) 619-6547 U.S. Toll. For international callers: 1 (847) 619-6547 Toll. When prompted, give Confirmation Number: 31679482 or ask for “Avantair’s Fiscal 2012 Second Quarter Earnings Conference Call.” The live conference call will also be webcast on the Company’s website at www.avantair.com under the Investors section.
A telephonic replay of the conference call may be accessed approximately two hours after the call through February 22, 2012, by dialing 1 (888) 843-7419 US Toll Free or 1 (630) 652-3042 US Toll. For international callers: 1 (630) 652-3042 Toll. When prompted key in the Passcode: 31679482#.
Use of Non-GAAP Measure of Performance The following table reflects the reconciliation of net loss, prepared in conformity with GAAP to the non-GAAP financial measure of Adjusted EBITDA:
The Company believes that the non-GAAP financial measure of Adjusted EBITDA is useful to investors as it excludes other income and expense items that do not directly reflect the underlying performance of the Company’s business operations. This measure is a supplement to accounting principles generally accepted in the U.S. used to prepare the Company’s financial statements and should not be viewed as a substitute for GAAP measures. In addition, the Company’s non-GAAP measure may not be comparable to non-GAAP measures of other companies.
About AvantairAvantair, the sole North American provider of fractional shares, leases and flight time cards in the Piaggio Avanti aircraft, and the only publicly traded stand-alone private aircraft operator, is headquartered in Clearwater, FL, with more than 500 employees. The Company offers private travel solutions for individuals and businesses traveling within its service area, which includes the continental U.S., parts of Canada, the Caribbean and Mexico, at a fraction of the cost of whole aircraft ownership. The Company currently manages a fleet of 57 aircraft. For more information about Avantair, please visit: www.avantair.com .
Forward Looking StatementsThis 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 accounting principles, generally accepted in the U.S., 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.
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Complete release with financial tables available here.
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