Building on Three Straight Record-Breaking Years, Flight Options Plans For Continued Industry Leadership in 2012
Acquires More New Business Jets in 2011 than Any Operator Worldwide
CLEVELAND, OH – February 9, 2012 – Flight Options, LLC, the second-largest private jet company in the U.S., will build on its highly successful 2011 performance, a year in which the company posted its third consecutive year of sales and operating gains, by continuing to expand its leading fractional aircraft ownership, proprietary membership and full range of jet card programs in 2012.
“We are committed to honoring our obligations to our aircraft manufacturer partners, and did so even during the recession. The ability to take delivery of new business jets over the past two years underscores our financial strength, the soundness of our business model and our ability to meet our Owners’ expectations for innovation, service and value," added Ricci.
Flight Options took delivery of more business jets than any operator worldwide in 2011. Deliveries included fourteen Embraer Phenom 300®, Cessna Citation X and Nextant 400XT® aircraft. Of the newly acquired jets that were allocated into the Company’s fractional jet programs during 2011, 100 percent were sold out, generating $108 million in sales revenue.
The company also reported a 53 percent increase in new fractional owners during 2011 compared to 2010. “One of the statistics from 2011 of which we are most proud is that over one-third of all new owners came from referrals…a strong and appreciated endorsement from our current owners,” said Michael J. Silvestro, Flight Options’ Chief Executive Officer.
Flight Options will build on last year’s highly successful performance in the coming months by taking further deliveries of the Phenom 300 and Nextant 400XT, significantly expanding its jet card offerings and adding new aircraft programs. The expanding fleet will help meet continued demand for Flight Options’ fractional ownership, jet club and jet card programs, and will be supported by further growth in its employee count and operations.
The new Embraer Phenom 300s are part of a previously placed 100-aircraft order. In 2011, Flight Options launched a membership program for the Phenom 300 that combines the flexibility of a jet card with the advantages of fractional ownership. The membership program is partly financed through a first-of-its-kind, $167 million credit facility with BNDES.
The new Nextant 400XT aircraft are the first of a 40-aircraft order for the world’s first completely remanufactured business jet. The 400XT delivers an aircraft that is faster, more fuel-efficient and more comfortable than the original at approximately half the cost of competing models.
"We are committed to combining the latest technology and the finest passenger amenities with the smallest carbon footprint possible,” added Silvestro. “In 2011, we continued adding the incomparable Embraer Phenom 300 to our fleet. The first Nextant 400XT entered our fleet in October, providing the comfort, amenities and mission capability of a mid-size jet while offering higher cruise speeds and lower fuel consumption than most light jets. Finally, we made the world’s fastest business jet even faster and greener; our Cessna Citation X with winglets has a faster time-to-climb, a seven percent increase in range and a six percent reduction in fuel consumption…all at 92% of the speed of sound."
Looking to the future, Ricci said the business aviation industry should see a slight and steady improvement for 2012, resulting in another fairly quiet year for business aviation. “The exception, of course, will be Flight Options, where the timing of our current and projected product lines has perfectly aligned with marketplace dynamics, giving us momentum to build on our market leadership and continue outperforming the industry.”
ABOUT FLIGHT OPTIONS
Headquartered in Cleveland, Ohio, Flight Options, LLC is the second-largest private aviation company in the United States, providing more than 1,300 Owners and clients with a full suite of fractional ownership, membership and 25-hour card programs. The company’s fleet consists of more than 100 aircraft including the Hawker 400XP, Nextant 400XT, Embraer Phenom 300®, Hawker 800XP, Citation X and Embraer Legacy 600®, flying clients to most of North America, the Caribbean or Europe with as little as eight hours notice. With five FAA Diamond Award-winning maintenance centers in Las Vegas, Teterboro, West Palm Beach, Sacramento and Cleveland, Flight Options was the first fractional jet operator to receive the ARG/US® Platinum Safety Rating and is the only provider to have received the rating five consecutive times. More information is available at www.flightoptions.com or by calling 877.703.2348. Like us on Facebook http://facebook.com/flightoptions, follow us on Twitter http://twitter.com/flightoptions or download the Flight Options iPhone® Application. Flight Options® and the Flight Options logo are trademarks or registered trademarks of Flight Options, LLC. All other brands and trademarks mentioned in this press release are the property of their respective owners.
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