Increase in Fractional Shares Sold During the Fiscal Third Quarter
CLEARWATER, Fla., April 11, 2008 - In a release issued by Avantair, Inc. (OTCBB:AAIR) (OTCBB:AAIRU) (OTCBB:AAIRW) on April 9, 2008, under the same headline, note that additional information has been added for clarity. The corrected release follows
Third Quarter Fiscal 2008 Highlights
* According to Amstat industry data, Avantair was the leading seller
of fractional shares during the three months ended March 31, 2008,
outselling its closest competitor by a margin of two-to-one.
* Fractional shares sold increased 12.5% in the fiscal third quarter
to 31.5, from 28 at the end of the third quarter of fiscal 2007.
* 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
March 31, 2008, Avantair has sold 39.5 fractional aircraft.
"The strong increases in fractional shares sold and demo flights conducted further demonstrate the growing consumer demand for the Avanti P.180," said Avantair Chief Executive Officer Steven Santo. "We believe the current economic environment and rising fuel costs have further increased demand as consumers search for the best value in private jet travel. The Avanti P.180 is the most fuel-efficient and roomiest aircraft in its class, providing customers with a full-size cabin and first class amenities at an average annual operating cost savings of over 40% versus our competitors. The positive momentum in consumer demand has continued into the current quarter, resulting in strong fractional and charter card sales during the first week of April. Due to the continuing top-line growth trends and the significant scalability inherent in our business model which results in lower charter and repositioning costs, 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 the 45th fractional plane."
