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CLEARWATER -- Avantair Inc. (symbol: AAIR), a company that sells fractional ownership stakes in corporate jets, added another Piaggio Avanti II aircraft to its fleet this month.
The latest addition is the third such expansion by Avantair since July; the move grows Avantair's fleet to 58 aircraft. The Piaggio Avanti II sells for roughly $7 million.
In its most recent fiscal year, which ended June 30, Avantair generated $149 million in revenues, but was not profitable. With more than $155 million in operating expenses, the Clearwater-based company posted $6.26 million in operating losses.
In its last six months of operation, however, Avantair has generated $190,000 in operating income, against roughly $77 million in revenues.
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