The company has made the necessary cuts internally in concert with the one-third drop in revenues in recent times. Imaginaire expects to have revenues of some $6 million this year.
Koch and Maxfield both relate that much of the charter market changed overnight, as many of the new users have exited the marketplace.
Says Koch, “It is amazing to me how quickly charter expanded and grew in the past five years. It has a much broader audience. The general flying public would tend to go to Google to find an airplane. They’d find a Learjet to go from Dallas to Las Vegas and what would often pop up is a marketing organization. You don’t know what you’re going to get. What are their standards? Who is flying the airplane?”
Adds Maxfield, “We believe there’s a significant opportunity for traditional Part 91 operators to look for ways to offset their expenses more, maybe where they wouldn’t have in the past. I think we’re in a good position for that. With charter, when the economy goes up or down, charter tends to benefit either way because you tend to get a lot of people who move up from first class to charter when the economy is going up; when it’s going down, you tend to see a lot of flight departments look to charter. We think we’re in a stable position.”
The company also has aircraft based in Ft. Worth and Austin, and Koch expects it to expand its scope as more aircraft are brought on under its aircraft management umbrella. The target: the economic turnaround.