It's Taking Off: FirstFlight Growing

Incorporated in 2004, FBO Air evolved out of another corporation created to develop and operate specialty health care facilities for people afflicted with Alzheimer's disease and other related illnesses, according to documents filed with the Securities and Exchange Commission.

It struggled early on in its development as it sought to raise capital, recruit and hire personnel and identify acquisitions.

Financing for the company has come through a series of stock issues and private placement funding.

From its inception in 2003 to the Sept. 30, 2006, the company reported a net loss of $5.08 million, according to SEC documents.

The company issued a warning advising of the risk investing in it. But Ricciardi said it is on track to grow, having changed its name, streamlined its senior management and moved its corporate offices to the Elmira-Corning Airport in Horseheads.

John Dow, who came to the company after it acquired his FirstFlight Management operation in 2005, serves as president and chief executive officer. He is a licensed pilot.

Keith Bleier, a certified public accountant, is senior vice president and chief financial and accounting officer of FirstFlight.

"We used 2006 as a year to settle in, to get comfortable," Ricciardi said. The company spent the time "learning about ourselves and learning about the industry."

Company facts

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FirstFlight

What: A publicly traded aviation services company providing charter management, aircraft management and fixed base operations

Where: Wilkes-Barre/Scranton International Airport, Garden City, Kan., Niagara Falls, N.Y. and corporate headquarters in Horseheads, N.Y.

Revenue as of the end of Sept. 30, 2006: $29,830,854

Stock symbol: FFLT.OB

52-week range: 70 cents per share on Feb. 7, 2006 to 38 cents per Feb. 6, 2007. (Includes trading as FBO.OB and FFLT.OB)

Web site: []

Jerry Lynott, a Times Leader staff writer, may be reached at 829-7237.

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