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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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