FlexJet is growing.

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Flexjet sees charter business grow during first half of 2010
from AIN: Charter and Fractional by Matt Thurber

Fractional share provider Bombardier Flexjet is celebrating its 15th year in operation. “Over the past 15 years,” said Flexjet president Fred Reid, “the company has progressed immensely.” Last year, he said, “We did lose some money, a small fraction of what our competitors lost. But since the end of last year we’ve been back in the black.” Reid emphasized that this includes full allocation of items such as interest, depreciation and the burden of used aircraft. “Some people think Bombardier is supporting Flexjet,” he said. “I’m measured like any independent business. We’re managing cash flow, equity and paying debt.” Flexjet is also responsible for selling used aircraft when they are no longer needed for the fractional or charter fleet, something that Bombardier used to handle. “Now we’re responsible for the whole life cycle.”

During the first fiscal quarter of this year, Flexjet share sales climbed 11 percent compared with the same period last year, according to Reid. “Our volume of fractional sales doubled over the previous year. It is a recovery, but it’s a slow one. The trends are positive.”

READ MORE: http://www.ainonline.com/news/single-news-page/article/flexjet-sees-charter-business-grow-during-first-half-of-2010-25761/