Avantair Results Belie Fractional Market's Troubles

Fractional provider Avantair reported revenues of $35.8 million for its 2010 fiscal year's second quarter, which ended December 31. It recorded operating income of $1.4 million, versus an operating loss of $628,000 in the year-ago period, and earnings before interest, income taxes, depreciation and amortization stood at $2.8 million. Sales of flight-hour cards were up 89 percent from a year earlier. CEO Steven Santo (pictured) said the company is now the leading private aircraft provider in the light-jet-cabin category in terms of number of owners, with approximately 28-percent market share as of last November.