Avantair, Inc. Reports Fiscal Fourth Quarter and Full Year 2009 Financial Results - Yahoo! Finance
Achieves Full Year Operating Profitability and Revenue Growth of 18%
* Press Release
* Source: Avantair Inc.
* On Monday September 28, 2009, 5:00 pm EDT
* Companies:
o Avantair, Inc.
CLEARWATER, Fla., Sept. 28, 2009 (GLOBE NEWSWIRE) -- Avantair, Inc. (OTCBB:AAIR - News), 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 fourth quarter and year ended June 30, 2009.
Fourth Quarter Fiscal 2009 Highlights:
-- Total revenues of $34.1 million, an increase of 8.6%, as
compared to $31.4 million for the three months ended June 30,
2008.
-- Operating loss of $684,000, compared with an operating loss of
$2.1 million in the fourth quarter of 2008.
-- EBITDA profit (profitable results from operations before
depreciation and amortization) of $908,000, compared with an
EBITDA loss of $1.3 million in the fourth fiscal quarter of
2008.
-- Net loss attributable to common stockholders of $1.4 million,
or $0.09 per basic and diluted common share, compared with a
net loss attributable to common stockholders of $3.7 million,
or $0.24 per basic and diluted common share, for the fiscal
fourth quarter of 2008.
-- Closed initial tranches of a PIPE (Private Investment in a
Public Entity) financing on June 30th for gross proceeds of
approximately $1.4 million, and on September 25th (subsequent
event) for $0.6 million.
-- Quarter-over-quarter gains in charter cards sold, new Axis
Club membership, and overall market share in North American
fractional aircraft industry with stronger gains into the first
fiscal quarter 2010.
-- Acquired one new Piaggio Avanti aircraft.
Full Year Fiscal 2009 Highlights:
-- Total revenues of $136.8 million, an increase of 18.3%, as
compared to $115.6 million for the fiscal year ended June 30,
2008.
-- Operating income of $38,000, compared to an operating loss of
$16.6 million for fiscal year 2008.
-- EBITDA profit of $5.3 million, compared with EBITDA loss of
$12.9 million for fiscal year 2008.
-- Net loss attributable to common stockholders of $5.9 million,
or $0.39 per basic and diluted common share, compared with a
net loss attributable to common stockholders of $19.8 million,
or $1.30 per basic and diluted common share for fiscal year
2008.
-- Record number of revenue-generating flight hours flown for
fiscal year 2009.