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Avantair, Inc. Reports First Quarter Fiscal 2012 Financial Results

Dépèche transmise le 9 novembre 2011 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 first quarter of fiscal 2012, which ended September 30, 2011.

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

First Quarter Fiscal 2012 Performance:

• Total revenue grew 6.8% to $38.2 million, compared with $35.8 million in fiscal 2011 first quarter.
• Total number of revenue generating flight hours flown increased by 9.1% to 11,368, compared with 10,418 hours flown in fiscal 2011 first quarter.
• Non-GAAP Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, stock-based compensation and non-cash gain on debt extinguishment) resulted in a loss of $74,000 compared to a loss of $2.2 million in fiscal 2011 first quarter.
• Net loss attributable to common stockholders was ($2.1) million, or ($.08) per share, based on 26.4 million weighted average shares outstanding, compared with a net loss of ($5.2) million, or ($0.20) per share, based on 26.4 million weighted average shares outstanding in fiscal 2011 first quarter.

Steven Santo, Chief Executive Officer of Avantair said, “This past quarter Avantair continued its focus on our core business of selling fractional shares, either through straight purchases or leases, and selling flight hour cards. We are pleased with our sales performance, particularly with the increasing acceptance of our Axis Lease program, which supports the growth of our recurring revenue stream. As a result, we were able to take delivery of two aircraft during our recent quarter together with a third aircraft in mid-October. Moving forward, we will continue to concentrate on driving sales, with a focus on increasing fractional share sales and leases, and gaining market share. In addition, we are focused on improvements, efficiencies and back office cost reductions with more expected in the coming quarters. As we have consistently communicated, we will continue working directly with our owners to maintain the highest level of 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, November 9, 2011 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 #: 31126259 or ask for “Avantair’s Fiscal 2012 First 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 November 23, 2011, by dialing 1 (888) 843-7419 U.S. Toll Free or 1 (630) 652-3042 U.S. Toll. For international callers: 1 (630) 652-3042 Toll. When prompted key in the Passcode: 31126259#.

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:

The Company believes that the non-GAAP financial measure of Adjusted EBITDA is useful to investors as it excludes the gain on extinguishment of debt and 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 58 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.