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Tampa Bay-Lakeland
Business Observer Thursday, Nov. 10, 2011 11 years ago

Private jet timeshare firm grows

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Clearwater-based Avantair saw revenues increase by nearly 7%.

CLEARWATER -- Avantair Inc. (symbol: AAIR), a company that sells fractional ownership stakes in private aircraft, saw a 6.8% increase in revenues in its most recent quarter, but posted $2.2 million in net losses.

Most of those losses can be attributed to depreciation and amortization, and interest expense, financial records show. Avantair spent $900,000 on the former, and more than $1 million on interest.

The three months ended Sept. 30 represent the first quarter of Avantair's 2012 fiscal year. In the same three-month period a year ago, Avantair lost $5.2 million, despite similar depreciation and interest costs.

Headquartered in Clearwater, Avantair manages a fleet of 58 aircraft, and employs more than 500 workers.

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