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Avantair, Inc. Reports Second Quarter Fiscal 2012 Financial Results

Dépèche transmise le 8 février 2012 par Business Wire

CLEARWATER, Fla.--(BUSINESS WIRE)--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.

“Avantair’s Fiscal 2012 Second Quarter Earnings Conference Call.”

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:

    Three Months Ended December 31,
2011     2010
Net Loss $ (872,259 ) $ (4,066,365 )
Add:
Depreciation and amortization 1,059,148 1,261,559
Interest expense 1,240,333 1,217,517
Stock-based compensation 181,445 94,116
Subtract:
Interest and other income   (14,478 )   (23,031 )
Adjusted EBITDA $ 1,594,189   $ (1,516,204 )

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 Avantair

Avantair, 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 Statements

This 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.

AVANTAIR, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
   

ASSETS

 
 
December 31, June 30,
2011 2011
(Unaudited)
Current Assets
Cash and cash equivalents $ 12,278,925 $ 5,643,305
Accounts receivable, net of allowance for doubtful accounts of $667,732 and $231,357, respectively 8,678,802 12,202,020
Inventory 380,780 442,634
Current portion of aircraft costs related to fractional share sales 14,631,948 20,770,142
Prepaid expenses and other current assets   7,866,197   7,012,555
 
Total current assets   43,836,652   46,070,656
 
Long-Term Assets
Aircraft costs related to fractional share sales, net of current portion 4,571,640 9,913,793
Property and equipment, at cost, net of accumulated depreciation and amortization of $22,762,834 and $21,235,649 respectively 41,726,678 36,733,929
Cash - restricted 2,363,042 2,361,851
Deposits on aircraft 7,163,906 9,500,988
Deferred maintenance on aircraft engines 369,610 266,087
Goodwill 1,141,159 1,141,159
Other assets   7,055,465   4,950,035
 
Total long-term assets   64,391,500   64,867,842
 
Total assets $ 108,228,152 $ 110,938,498
AVANTAIR, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
     

LIABILITIES AND STOCKHOLDERS' DEFICIT

 
 
December 31, June 30,
2011 2011
(Unaudited)
Current Liabilities
Accounts payable $ 7,341,648 $ 5,908,979
Accrued liabilities 13,018,319 6,181,807
Customer deposits 3,417,956 2,082,160
Short-term debt 12,000,000 13,000,000
Current portion of long-term debt 7,625,004 7,856,117
Current portion of deferred revenue related to fractional aircraft share sales 16,810,335 23,550,037
Unearned management fee, flight hour card and club membership revenue   52,467,748     51,437,316  
 
Total current liabilities   112,681,010     110,016,416  
 
Long-Term Liabilities
Long-term debt, net of current portion 12,689,508 8,198,326
Deferred revenue related to fractional aircraft share sales, net of current portion 11,808,723 18,014,232
Unearned club membership revenue, net of current portion 596,983 1,353,618
Other liabilities   2,684,559     2,658,945  
 
Total long-term liabilities   27,779,773     30,225,121  
 
Total liabilities   140,460,783     140,241,537  
 
COMMITMENTS AND CONTINGENCIES
 
Series A convertible preferred stock, $.0001 par value, authorized 300,000 shares; 152,000 shares issued and outstanding   14,753,729     14,708,088  
 
STOCKHOLDERS' DEFICIT
Preferred stock, $.0001 par value, authorized 700,000 shares; none issued - -
Common stock, Class A, $.0001 par value, 75,000,000 shares authorized, 26,484,585 and 26,418,246 shares issued and outstanding, respectively 2,649 2,642
Additional paid-in capital 57,510,754 57,212,099
Accumulated deficit   (104,499,763 )   (101,225,868 )
 
Total stockholders' deficit   (46,986,360 )   (44,011,127 )
 
Total liabilities and stockholders' deficit $ 108,228,152   $ 110,938,498  
AVANTAIR, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited)
       
Three Months Ended Six Months Ended
December 31, December 31,
2011 2010 2011 2010
 
Revenue
Fractional aircraft shares sold and lease revenue $ 7,410,894 $ 8,778,578 $ 14,669,191 $ 17,976,401
Management and maintenance fees 20,993,680 18,813,477 41,266,770 37,232,183
Flight hour card and club membership revenue 8,767,161 7,257,098 17,762,631 13,414,493
Other revenue   1,205,658     1,735,386     2,890,087     3,743,578  
 
Total revenue   38,377,393     36,584,539     76,588,679     72,366,655  
 
Operating expenses
Cost of fractional aircraft shares sold 5,820,614 7,526,245 12,270,578 15,637,690
Cost of flight operations 17,186,287 17,689,159 34,742,451 35,342,272
Cost of fuel 5,052,842 4,597,316 9,670,354 8,535,888
General and administrative expenses 7,321,781 6,674,368 15,288,451 13,554,219
Selling expenses 1,583,125 1,707,771 3,451,054 3,226,525
Depreciation and amortization 1,059,148 1,261,559 1,962,961 2,518,356
Gain on debt extinguishment   -     -     (438,621 )   -  
Total operating expenses   38,023,797     39,456,418     76,947,228     78,814,950  
 
Income (loss) from operations   353,596     (2,871,879 )   (358,549 )   (6,448,295 )
 
Other income (expenses)
Interest and other income 14,478 23,031 80,476 34,153
Interest expense   (1,240,333 )   (1,217,517 )   (2,296,456 )   (2,466,531 )
Total other expenses   (1,225,855 )   (1,194,486 )   (2,215,980 )   (2,432,378 )
 
Net loss (872,259 ) (4,066,365 ) (2,574,529 ) (8,880,673 )
 
Preferred stock dividend and accretion of expenses   (372,522 )   (372,383 )   (745,007 )   (744,729 )
Net loss attributable to common stockholders $ (1,244,781 ) $ (4,438,748 ) $ (3,319,536 ) $ (9,625,402 )
 
Loss per common share:
Basic and diluted $ (0.05 ) $ (0.17 ) $ (0.13 ) $ (0.37 )
 
Weighted-average common shares outstanding:
Basic and diluted   26,450,305     26,381,664     26,436,770     26,368,084  

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