Avantair Reports Strong Results

Clearwater, Fla.-based Avantair, which sells fractional shares and flight-hour time cards in the Piaggio Avanti II twin-turboprop, has reported that its revenues grew to $143 million in fiscal 2010, up 5 percent from 2009, while operating income grew to $1.7 million, up 20 percent. The company sold 388 flight hour cards in fiscal 2010, up from 160 in the previous year, and that its club memberships increased from 10 to 51 during the period. For the fourth quarter of fiscal 2010, Avantair revenues were up 6 percent from the same period last year while sales of flight hour cards were up 135 percent.