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Avantair, Inc. (OTCBB: AACQ, AACQU, AACQW)
-- Net revenues for the fiscal second quarter 2007 increased 86%
year over year
-- Maintenance and management fees for the quarter increased 85%
year over year
-- Operating expenses as a percent of revenue declines year over
year
Avantair, Inc. (OTCBB: AACQ, AACQU, AACQW) ("Avantair"), a
fractional aircraft operator, today announced financial results for
the fiscal second quarter ended December 31, 2006.
Avantair's total revenues for the fiscal second quarter ended
December 31, 2006 were $18.1 million, an increase of 86% as compared
to $9.7 million for the second quarter of fiscal 2006. This growth
reflects an increase in aircraft shares from 274.5 to 408.5, price
increases on these shares, and higher maintenance and management fees.
"We are very pleased with the progress we made in the second quarter,"
commented Mr. Steven Santo, CEO of Avantair, "our strong sales
performance in the quarter reflects our growth in the fleet and our
focus on growing the maintenance and management fees portion of our
business, as this recurring revenue stream will help cover our fixed
costs going forward. We were also very encouraged by the decline in
operating expense as a percent of revenue as this clearly reflects the
leverage in our model as we increase our fleet. With our new status as
a public company and a strengthened balance sheet, we look forward to
even greater progress in the future. We continue to see a significant
amount of interest in the Piaggio Avanti from both individuals and
corporations. Current delivery schedules indicate that we will end the
June fiscal year with 37 aircraft in the fleet."
Revenues from fractional aircraft shares sold were $7.1 million
for the second quarter of fiscal 2007, an increase of 54% as compared
to $4.6 million for the second quarter of fiscal 2006. This reflects
both an increase in the fractional fleet size to 27 aircraft at the
end of the quarter as compared to 19 at the end of the second quarter
of fiscal 2006 and an increase in the price of aircraft shares to
$405,000 per share during the second quarter of fiscal 2007 from
$390,000 per share in the second quarter of fiscal 2006. Under GAAP
accounting, sales and the associated costs of fractional aircraft
shares are amortized over 60 months.
Revenue from maintenance and management fees was $9.2 million for
the second quarter of fiscal 2007, an increase of 85% compared to $5.0
million for the second quarter of fiscal 2006, primarily reflecting
the increase in aircraft shares from last year and an increase in
monthly management fees, which were raised to $8,400 during the second
quarter of fiscal 2007 from $7,900 at the end of the second quarter of
fiscal 2006.
General and administrative expenses for the second quarter of
fiscal 2007 were $3.3 million, or 18.1% of revenues, compared to $3.4
million, or 35.4% of revenues for the second quarter of fiscal 2006,
primarily as a result of improved absorption of capacity and cost
cutting initiatives. Selling expenses for the second quarter of fiscal
2007 were $1.0 million, or 5.7% of revenues, as compared to $611,000,
or 6.3% of revenues, for the same period last year. Total operating
expenses for the second quarter of fiscal 2007 were $21.4 million, or
118% of sales, as compared to $14.1 million, or 145% of sales, for the
second quarter of fiscal 2006.
Loss from operations for the second quarter of fiscal 2007 was
$3.3 million, an improvement of $1.1 million from the loss of $4.4
million for the second quarter of fiscal 2006. Net loss for the second
quarter of fiscal 2007 was $6.6 million as compared to a net loss of
$4.6 million for the second quarter of fiscal 2006 including expenses
related to the transaction with Ardent
For the six months ended December 31, 2006, revenues were
approximately $34.7 million, an increase of 53% as compared to $22.7
million for the first six months of fiscal 2006. Loss from operations
for the six months ended December 31, 2006 was approximately $6.6
million as compared to a loss of $5.5 million for the first six months
of fiscal 2006. Net loss for the six months ended December 31, 2006
was $10.4 as compared to a loss of $6.2 million for the first six
months of fiscal 2006.
Avantair will host a conference call to discuss financial results
for its second quarter ended December 31, 2006 at 4:30 p.m. Eastern
Time today. This call is being web cast and can be accessed by
visiting the Investor section of our website at www.avantair.com.
Investors may also listen to the call via the phone by dialing (913)
981-4913. In addition, a telephone replay will be available by dialing
(719) 457-0820 (pass code 1029404) through March 27, 2007, at 11:59
p.m. Eastern Time.
About Avantair
Headquartered in Clearwater, FL, Avantair Inc. is the exclusive
North American provider of fractional aircraft shares in the Piaggio
Avanti P.180 aircraft. Avantair is the fifth largest company in the
North American fractional aircraft industry and the only
publicly-traded standalone fractional operator. The company currently
manages a fleet of 32 planes with another 52 Piaggio Avanti IIs on
order. It also recently announced an order of 20 Embraer Phenom 100s.
Avantair, with operations in 5 states and approximately 270 employees,
offers private travel solutions for individuals and companies at a
fraction of the cost of whole aircraft ownership.
Forwarding Looking Statements
This press release includes forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 that involve risks and uncertainties.
Forward-looking statements are statements that are not historical
facts. Such forward-looking statements, based upon the current beliefs
and expectations of Avantair's management, are subject to risks and
uncertainties, which could cause actual results to differ from the
forward-looking statements.
-0-
*T
AVANTAIR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
------------------------
Dec. 31, Dec. 31,
2006 2005
(unaudited)
Revenues
Fractional aircraft shares sold $7,051,298 $4,590,208
Maintenance and management fees 9,218,258 4,977,721
Other 1,782,667 154,137
------------ ----------
Total revenue 18,052,223 9,722,066
------------ ------------
Operating expenses
Cost of fractional aircraft shares sold 6,336,363 3,887,393
Cost of flight operations 10,706,432 6,136,246
General and administrative expenses 3,268,509 3,439,921
Selling expenses 1,033,873 610,791
------------ -----------
Total operating expenses 21,345,177 14,074,351
------------ -----------
Loss from operations (3,292,954) (4,352,285)
------------ -----------
Other income (expense)
Interest income 74,848 123,433
Interest expense (670,202) (461,853)
Other income, net (172,620) 85,750
Without Aircraft Deposit - -
Compensation expense shares to management 2,542,400 -
------------ -----------
Total other income expense (3,310,374) (252,670)
------------ -----------
Net loss (6,603,328) (4,604,955)
============ ===========
Loss per common share:
Basic and diluted $(726) $(4,605)
============ ===========
Weighted-average common shares outstanding:
Basic and diluted $(726) $(4,605)
AVANTAIR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Six Months Ended
---------------------------
Dec. 31, Dec. 31,
2006 2005
(unaudited)
Revenues
Fractional aircraft shares sold $ 14,544,106 $ 12,079,700
Maintenance and management fees 17,247,335 10,036,458
Other 2,886,198 568,818
------------ ------------
Total revenue 34,677,639 22,684,976
------------ ------------
Operating expenses
Cost of fractional aircraft shares sold 11,186,485 9,717,390
Cost of flight operations 20,558,938 11,497,287
General and administrative expenses 7,633,988 5,927,053
Selling expenses 1,858,230 1,012,940
------------ -----------
Total operating expenses 41,237,641 28,154,670
------------ -----------
Loss from operations (6,560,002) (5,469,694)
------------ -----------
Other income (expense)
Interest income 154,096 270,509
Interest expense (1,514,333) (1,115,546)
Other income, net 380,953 123,832
Without Aircraft Deposit (300,000) -
Compensation expense shares to
management 2,542,400 -
------------ -----------
Total other income expense (3,821,684) (721,205)
------------ -----------
Net loss (10,381,686) (6,190,899)
============ ===========
Loss per common share:
Basic and diluted $(1,142) $(6,191)
==========================
Weighted-average common shares outstanding:
Basic and diluted $(1,142) $(6,191)
*T
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