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Avantair, Inc. Reports Fiscal 2013 Second Quarter Financial Results

Stocks in this article: AAIR

CLEARWATER, Fla., Feb. 12, 2013 (GLOBE NEWSWIRE) -- Avantair, Inc. (OTCBB:AAIR), the industry leader of fractional aircraft ownership in the light jet cabin category and the only publicly traded stand-alone private aircraft operator, today announced financial results for its fiscal 2013 second quarter and six month periods which ended December 31, 2012.

Second Quarter Fiscal 2013 Performance:                                                                                                          

  • Non-GAAP Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, stock-based compensation and non-recurring items of revenue or gain and expense or loss) increased by $0.8 million to approximately $2.5 million, compared to Adjusted EBITDA of $1.7 million in the second quarter of fiscal 2012.  
  • Net loss attributable to common stockholders for the second quarter ended December 31, 2012 was ($1.9) million, or ($0.06) per share, based on 32.8 million weighted average shares outstanding. This compared with a net loss attributable to common stockholders of ($1.3) million, or ($0.05) per share, based on 26.5 million weighted average shares outstanding in the second quarter of fiscal 2012.
  • Total revenue for the second quarter of fiscal 2013 of $35.5 million compared to fiscal 2012 second quarter revenue of $42.9 million.
  • Total number of revenue-generating flight hours flown for the second quarter fiscal 2013 decreased by approximately 34% to 7,538, compared with 11,453 hours flown in the fiscal 2012 second quarter.

Year-to-Date Fiscal 2013 Performance:                                                                                                    

  • Non-GAAP Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, stock-based compensation and non-recurring items of revenue or gain and expense or loss) increased by $3.6 million to approximately $4.7 million, compared to Adjusted EBITDA of $1.1 million in the six months ended December 31, 2011.  
  • Net loss attributable to common stockholders for the six months ended December 31, 2012 was ($3.3) million, or ($0.11) per share, based on 29.8 million weighted average shares outstanding. This compared with a net loss attributable to common stockholders of ($3.8) million, or ($0.15) per share, based on 26.4 million weighted average shares outstanding for the six months ended December 31, 2011.
  • Total revenue for the six months ended December 31, 2012 of $78.4 million compared to $85.9 million for the six months ended December 31, 2011.
  • Total number of revenue-generating flight hours flown for the six months ended December 31, 2012 decreased by approximately 17% to 18,881, compared with 22,819 hours flown in the six months ended December 31, 2011.

"The results this quarter were impacted by the voluntary stand down of our fleet," said Steven Santo, Chairman and Chief Executive Officer.  "We were successful in getting our fleet operational following these measures and since then, have offered to recall all of our remaining furloughed pilots.  We also completed the process of outsourcing our maintenance and the sale of our Camarillo, California FBO operations.  We have made changes within management including adding several new members to our management team, comprised of highly experienced industry leaders and operational experts, who we believe will assist in delivering the leadership necessary to take us to the next level.  We closed on over $3.5 million of our capital raise, primarily supported by our Board of Directors and program owners. I am encouraged by these developments, as well as the improvements in our service levels, and am confident the Company will be well positioned to achieve its operating plans."

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