It was more union bait... Just another "go forward" epiphany from the scholarly "go backward" interim CEO ....
November 08, 2005 03:00 PM US Eastern Timezone
Flight Options Witnesses Significant Progress on Its Go-Forward Business Plan; Fleet Modernization and Other Established Initiatives Yield Success for the Fractional Provider
ORLANDO, Fla.--(BUSINESS WIRE)--Nov. 8, 2005--Flight Options, LLC, a leading provider of fractional shares in business aircraft and an affiliate of Raytheon Company (NYSE:RTN) announced today that the Company's Go-Forward Business Plan has received industry-wide acceptance as evidenced by its Fleet Modernization initiative.
"Since announcing the Go-Forward Business Plan, which promotes safety, service and long-term sustainability, at the beginning of 2005, Flight Options has seen significant enhancements in its operations, maintenance and sales," said S. Michael Scheeringa, chief operating officer, Flight Options, LLC. "One component of this plan that has garnered the most success and attention is the Fleet Modernization initiative, which is allowing us to not only build a robust fleet of new, reliable aircraft, but also affords us the opportunity to deliver on our service promise to our owners and members."
Flight Options is actively selling those aircraft represented in its Future Fleet -- Beechjet 400A/Hawker 400XP, Hawker 800XP, Citation X and Legacy. "We are very pleased with the progress of our plan, which includes sales of new aircraft and those represented in our future fleet," added Cameron Gowans, chief marketing officer, Flight Options, LLC.
The Company's Retiring Fleet is shrinking from approximately 1/2 of its hours under management at the beginning of 2005 to less than a 1/3rd by year-end. The Future Fleet, which is 4.5 years old, is growing at 1.5 times market rates and will make up 2/3 of Flight Options' hours under management at the end of 2005.
In addition to retiring aircraft, Flight Options will actively be adding aircraft to its Future Fleet. The Company will take delivery of its next Legacy in February 2006, which is already more than 1/2 sold, and another Legacy will enter the fleet in May 2006. A new Hawker 800XP will enter the fleet in November 2005, and Flight Options will take delivery of five (5) light jets by December 2005.
Based in Cleveland, Ohio, Flight Options, LLC offers the complete spectrum of programs from fractional ownership to leasing to JetPASS membership and has received the prestigious ARG/US Platinum Safety Rating twice. The Flight Options fleet of approximately 200 aircraft includes the world's largest fleets of Beechjet 400A's and Legacy Executive aircraft. Flight Options' fleet consists of the Beechjet 400A/Hawker 400XP, Hawker 800XP, Citation X and Legacy. More information is available at www.flightoptions.com or by calling 877.703.2348.