CLEARWATER, FL — Avantair, a fractional share company selling the Piaggio Avanti P. 180 said results for its fiscal fourth quarter ended June 30, 2008 were strong.
Fourth Quarter Fiscal 2008 Sales Highlights, reported by the company, include:
* Fractional shares sold increased nearly 10% quarter-over-quarter,to 34.5 in the fiscal fourth quarter, from 31.5 at the end of the fiscal third quarter.
* The Company reiterates its previous guidance for profitable operating results before interest, taxes and depreciation on a GAAP basis upon the sale of its 45th fractional aircraft. As of June 30, 2008, Avantair has sold 41.3 fractional aircraft.
“The increase in fractional shares we sold during the fiscal fourth quarter confirms growing consumer demand for the Piaggio Avanti P. 180, which is the most fuel efficient and cost effective offering in the Light Jet category. This is in-line with our sales and marketing strategy, focused on providing the greatest value to our fractional owners and expanding market share,” said Avantair Chief Executive Officer Steven Santo. “Customer satisfaction levels, according to our recent customer survey, are at all time highs, resulting in nearly half of our sales being referral-driven. As a result of our continued top-line growth, significantly reduced operating expenses and increased consumer receptivity to our value proposition, we remain on track with our previous guidance for profitable operating results before interest, taxes and depreciation on a GAAP basis upon the sale of our 45th fractional aircraft.”
Avantair, with operations in 5 states and approximately 300 employees, offers private travel solutions for individuals and companies at a fraction of the cost of whole aircraft ownership. Headquartered in Clearwater, FL, the Company currently manages a fleet of 49 aircraft, with another 60 Piaggio Avanti IIs on order through 2013.
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