NEW YORK, May 14, 2015 /PRNewswire/ -- Priority Aviation, Inc. (OTCPINK:PJET), a full service aviation and charter service company, reported its first quarter financial results for 2015.
For the three months ending March 31, 2015, the Company reported total gross aviation related revenues of $1.75 million, as compared to $1.71 million for the same period in 2014. The Company further reported that gross margins doubled from 12% to 24%.
The Company also reported that it had completed restructuring its model for operating costs including a new advertising and promotional methodology, resulting in such advertising and promotional costs being reduced by over 60% over the first quarter of 2014.
Peter Minikes CEO stated "Over the last year we have improved margins and efficiencies in our operations and as a result we have enjoyed profitability from our core aviation businesses. Our goal now is to sustain these improvements on a permanent basis going forward. This has put us in a good position to grow the business from a financially sound foundation."
As of May 14, 2015, the Company had approximately 82 million common shares issued and outstanding, and is current with OTC Markets. The Company also notes that in April it changed its transfer agent to vStock Transfer LLC, of Woodmere, New York.
About Priority Aviation, Inc.
Priority Aviation through its wholly owned subsidiary Priority One Jets, provides its clients with what it believes to be is premier class private jet charter service worldwide. The Company, acting as brokers, accomplishes this through a screening process that only selects the safest and most reliable private jets available in the industry. By making use of technological innovations our charter department operates 24 hours a day, 7 days a week. With access to thousands of pre-screened aircraft and highly-trained flight crews, flight access can be arranged with as little as four hours' notice. www.priorityonejets.com
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as such, may involve risks and uncertainties. These forward looking statements relate to, amongst other things, current expectation of the business environment in which the company operates, potential future performance, projections of future performance and the perceived opportunities in the market. The company's actual performance, results and achievements may differ materially from the expressed or implied in such forward-looking statements as a result of a wide range of factors.
SOURCE Priority Aviation, Inc.