FFLT .34, not bad at all: ....... FIRSTFLIGHT INC
FirstFlight, Inc. Reports Positive Earnings for Three- and Six-Months Ended June 30, 2007
8/21/2007
ELMIRA, N.Y., Aug 21, 2007 (BUSINESS WIRE) --
FirstFlight, Inc. (OTCBB: FFLT), a charter management and aviation services company, recently announced results for the quarter ended June 30, 2007. Earnings and income applicable to common stockholders for the three months ended June 30, 2007 was approximately $128,000, the first quarter that the Company has reported net income. This represented an improvement of approximately $1 million and $1.5 million as compared to net loss and net loss applicable to common stockholders, respectively, in the same three-month period last year.
The performance during the quarter also propelled earnings and income applicable to common stockholders into positive territory for the six months ended June 30, 2007. Earnings and income applicable to common stockholders of approximately $4,000 for this period represented a dramatic improvement versus the approximately $1.2 million in net loss and $3 million in net loss applicable to common stockholders in the six months ended June 30, 2006.
"We are very pleased to have made significant progress this quarter," commented John Dow, president and chief executive officer of FirstFlight. "We anticipate that our fleet of managed aircraft will continue to grow, which should translate to positive developments in coming quarters."
Revenue for the three months ended June 30, 2007 increased 32% to approximately $11.9 million compared to revenue of approximately $8.9 million for the same three-month period last year. For the six months ended June 30, 2007, revenue of approximately $23.1 million is an improvement of 17% versus the six months ended June 30, 2006. As of June 30, 2007, the Company had a portfolio of 14 large- and mid-cabin jet aircraft under full management and available for charter; twelve months ago, our portfolio included only 9 such jet aircraft.
"Earnings and income applicable to common stockholders were positive for the three- and six-months ended June 30, 2007," stated Keith Bleier, senior vice president and chief financial officer of FirstFlight, "as a result of our headcount reductions and other cost-cutting efforts in 2006 plus the impact of a more productive fleet of managed aircraft. We should continue to experience the benefit of the cost reductions in the next couple of quarters and should see continued top-line growth through our concerted management effort to add to our portfolio of large- and mid-cabin management aircraft that we make available for charter."
John Dow, commenting further, said, "With the traction we have now established, we calculate that we have one of the five largest fleets of charter aircraft in the Northeast marketplace and will now begin to focus a bit of our attention to exploring alternative strategies for replicating our business model in the Southeast and West Coast markets."
About FirstFlight, Inc.
FirstFlight is an aviation services company. Our operations are conducted in three core segments: aircraft charter management activities, aircraft maintenance, and fixed base operations. Charter management is the business of providing on-call passenger air transportation. A fixed base operation is the primary provider of services such as fueling and hangaring of private/general aviation aircraft operators. The aircraft maintenance business is conducted at our FAA-certificated facilities.
This release may include projections of future results and "forward-looking statements" as that term is defined in Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. All statements that are included in this release, other than statements of historical fact, are forward-looking statements. Although the management of FirstFlight believes that the expectations reflected in these forward-looking statements are reasonable, there are no assurances that such expectations will prove to have been correct.
SOURCE: FirstFlight, Inc.
FirstFlight, Inc. Ron Ricciardi, 570-457-3400
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