CLEARWATER, Fla., July 15, 2008 (PRIME NEWSWIRE) -- Avantair, Inc. (OTCBB:AAIR) (OTCBB:AAIRU) (OTCBB:AAIRW) ("the Company"), the only publicly traded stand-alone fractional operator and the sole North American provider of fractional shares in the Piaggio Avanti P.180 aircraft, today announced preliminary fractional share sales results for its fiscal fourth quarter ended June 30, 2008.
Fourth Quarter Fiscal 2008 Sales Highlights
* Fractional shares sold increased nearly 10% quarter-over-quarter, to 34.5 in the fiscal fourth quarter, from 31.5 at the end of the fiscal third quarter. * The Company reiterates its previous guidance for profitable operating results before interest, taxes and depreciation on a GAAP basis upon the sale of its 45th fractional aircraft. As of June 30, 2008, Avantair has sold 41.3 fractional aircraft.
"The increase in fractional shares we sold during the fiscal fourth quarter confirms growing consumer demand for the Piaggio Avanti P. 180, which is the most fuel efficient and cost effective offering in the Light Jet category. This is in-line with our sales and marketing strategy, focused on providing the greatest value to our fractional owners and expanding market share," said Avantair Chief Executive Officer Steven Santo. "Customer satisfaction levels, according to our recent customer survey, are at all time highs, resulting in nearly half of our sales being referral-driven. As a result of our continued top-line growth, significantly reduced operating expenses and increased consumer receptivity to our value proposition, we remain on track with our previous guidance for profitable operating results before interest, taxes and depreciation on a GAAP basis upon the sale of our 45th fractional aircraft."
About Avantair
Avantair, with operations in 5 states and approximately 300 employees, offers private travel solutions for individuals and companies at a fraction of the cost of whole aircraft ownership. Headquartered in Clearwater, FL, the Company is the only publicly traded stand-alone fractional operator and the sole North American provider of fractional shares in the Piaggio Avanti P.180 aircraft. The Company currently manages a fleet of 49 aircraft, with another 60 Piaggio Avanti IIs on order through 2013. For more information about Avantair, please visit: http://www.avantair.com.
Forwarding Looking Statements
This press release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of Avantair's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements.