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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.
“We posted strong annual sales,” Santo said in a release, “and considerably improved our cash position to $9.4 million while paying down nearly $12 million in debt.”
Indeed, the firm's increase in cash savings — up from $3.8 million a year ago, representing a $5.6 million difference — exceeded its annual net loss.
Avantair Inc. manages a fleet of 55 aircraft, and has 450 employees.
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