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Old 09-28-2009, 02:42 PM   #1  
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Default Avantair, Inc. Reports Fiscal Fourth Quarter

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.
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Old 09-28-2009, 03:27 PM   #2  
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Congrats go out to Avantair. Let's hope this glimmer grows into a flame of good news for the industry as a whole.

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Old 09-28-2009, 07:44 PM   #3  
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LOL......do you guys even know how to interpret all that information?

Maybe Geronimo will get a check from "profit sharing" as promised by the company. I hope he keeps us posted.
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Old 09-28-2009, 08:19 PM   #4  
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Quote:
Originally Posted by BeenThereDoneIt View Post
LOL......do you guys even know how to interpret all that information?

Maybe Geronimo will get a check from "profit sharing" as promised by the company. I hope he keeps us posted.
If you're asking me....nope....I hardly read my own banking info!
Would it anger you though if a company actually did well in this economy?

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Old 09-29-2009, 03:56 AM   #5  
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Quote:
Originally Posted by BeenThereDoneIt View Post
LOL......do you guys even know how to interpret all that information?

Maybe Geronimo will get a check from "profit sharing" as promised by the company. I hope he keeps us posted.
-- EBITDA profit of $5.3 million, compared with EBITDA loss of
$12.9 million for fiscal year 2008.

How do you interpret that?

I interpret that as "good."
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Old 09-29-2009, 07:55 AM   #6  
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I have not listened to the conference call yet, but for anyone that is interested:

Live Call: Avantair Earnings Conference Call (Q4 2009) - Yahoo! Finance

Sorry BTDI, you are are my ignore list as I would rather not waste time with your angry underhanded comments. Too bad USMC quoted you.
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Old 09-29-2009, 11:44 AM   #7  
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Congrats to Avantair.....seems logical, in this economic environmet must be easier selling turbo-prop shares than it is selling jet-shares....if people want to leave NJA/CS/FX to save a couple of bucks, no way in hell they're going back to the airlines, that's where Avantair comes in

Looks like Avantair found its niche...good for them
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Old 09-29-2009, 12:22 PM   #8  
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GEO.......I'm not trying to **** in your Wheaties. I'm trying to help you understand something that most people do not. EBITDA is a common bookkeeping scheme that many comapnies use to show earnings that may or may not be real. It is legal for companies to "change" the criteria of this formula every single reporting period. UNless you are extremely good at interpreting this data and you have access to all the past data....then you have no idea if a company is turning a profit using this accounting practice. I got this next bit of info for you to read, from a source better than me. See what you think:

If the EBITDA figure seems to have a good growth rate, then some investors may use this figure instead of the overall net figure. It can show them that the company has a future for potential growth and that they will get a return on their investment. Investors call this looking at the EBITDA margin rather than the net margin.

There are potential problems in using the EDITDA figure. The EBITDA leaves out of lot of expenses in the final figure, so it may not be a realistic view of a company’s profitability. It also does not measure the actual cash that is flowing into the company because of the figures that it leaves out.

There are a few factors that the EBITDA neglects. These include the money required for working capital, fixed expenses and other debt payments and capital expenditures. In every business, capital expenditures are a crucial, ongoing expense. However, this is not factored into the EBITDA figure, so investors need to be wary when using the EBITDA figure as a basis for a profit margin.

So, GEO......did they turn a profit? I certainly hope so, but we won't know until Waco gets his "profit-sharing" check. LIke I said, I hope those guys keep us posted. Good luck to everyone!
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Old 09-29-2009, 12:25 PM   #9  
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Nice job Avantair! Hopefully you're the first of many.
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Old 09-30-2009, 04:23 AM   #10  
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Quote:
Originally Posted by BeenThereDoneIt View Post
GEO.......I'm not trying to **** in your Wheaties. I'm trying to help you understand something that most people do not. EBITDA is a common bookkeeping scheme that many comapnies use to show earnings that may or may not be real. It is legal for companies to "change" the criteria of this formula every single reporting period. UNless you are extremely good at interpreting this data and you have access to all the past data....then you have no idea if a company is turning a profit using this accounting practice. I got this next bit of info for you to read, from a source better than me. See what you think:

If the EBITDA figure seems to have a good growth rate, then some investors may use this figure instead of the overall net figure. It can show them that the company has a future for potential growth and that they will get a return on their investment. Investors call this looking at the EBITDA margin rather than the net margin.



There are potential problems in using the EDITDA figure. The EBITDA leaves out of lot of expenses in the final figure, so it may not be a realistic view of a company’s profitability. It also does not measure the actual cash that is flowing into the company because of the figures that it leaves out.

There are a few factors that the EBITDA neglects. These include the money required for working capital, fixed expenses and other debt payments and capital expenditures. In every business, capital expenditures are a crucial, ongoing expense. However, this is not factored into the EBITDA figure, so investors need to be wary when using the EBITDA figure as a basis for a profit margin.

So, GEO......did they turn a profit? I certainly hope so, but we won't know until Waco gets his "profit-sharing" check. LIke I said, I hope those guys keep us posted. Good luck to everyone!
To be fair, no cash flow or income statement was published here, just a news summary. I understand how EBITDA can be spun to show profits with companies that may have high debt (or fast depreciating assets like bizjets). To be honest, I have no desire to dig in to Avanair's financials either.

However, EBITDA still shows a good example of operating profit. When revenues and EBITDA are compared year over year and they are positive as shown in the press release, it shows financial health. Investors are diligent by being skeptical of EBITDA.

I'm not a CPA, and I didn't stay at a Holiday Inn last night, but increased revenues, increased earnings, and a positive operating income shows "health." Whether it is sustainable, that is up to them...and I hope Geronimo and everyone else at Avantair reaps the rewards of their efforts.

Thanks for pasting the information from Wisegeek. More information can be found at

http://www.investopedia.com/articles/06/ebitda.asp


Take care...

Last edited by geosynchronous; 09-30-2009 at 04:46 AM. Reason: spelling
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