Fort Lauderdale-based Gulfstream International Group said second-quarter profits reached $2.2 million, compared with a $3.5 million loss in the year-ago period.
Commenting on Gulfstream's financial results for the June 2009 quarter, David F. Hackett, President and Chief Executive Officer, stated, "We are very pleased with the continued year-over-year improvement in our operating results, particularly considering the impact of the difficult economic environment. The revenue initiatives, dramatic capacity adjustments and structural and capacity-related cost reductions that comprised the aggressive business plan implemented in 2008 continued to drive the significant profit improvements reported for the second quarter and first half of 2009. The commitment and efforts of our 500+ Gulfstream team members has enabled us to continue operating profitably in a very challenging environment for the airline industry."
Gulfstream, one of only a few companies authorized to serve Cuba with charter services, also said the loosening of travel restrictions on Cuban Americans helped results. The carrier said its charter operation business increased 71 percent to $3.3 million compared with the same period a year ago.
Gulfstream operates approximately two daily round trips under charter agreements associated with its Cuba operations and two to three daily round trip flights to Andros Island under an agreement with a government subcontractor. In addition, Gulfstream operates on-demand charters for various customers throughout the year. Its fleet consists of B1900D aircraft. The average age of its B1900D fleet is 13 years. The B1900D aircraft is a 19-seat, twin engine turbo prop that has a pressurized, stand-up cabin, and cruises at 300 miles per hour. It leases 23 B1900Ds under agreements that expire between 2008 and 2010; however, at its option, it can extend 15 of these leases. Gulfstream also has the option to purchase up to 21 of these aircraft.
