Avantair revenues grow

While Avantair Inc. saw a 5% increase in annual revenues in its 2010 fiscal year, which ended June 30, the year was not a profitable one. The aircraft ownership management company lost $5.5 million despite earning $143.9 million in revenue over the last twelve months.

The Clearwater-based company provides its customers with fractional ownership stakes in private jets, as well as flight hour time cards, which saw a 143% increase in fourth quarter sales compared to the previous year.

While the firm did lose money, the past year's successes helped the firm's capital structure, said CEO Steven Santo.