May 2008 Financial Problems
On 6 May 2008 DayJet announced a scaling back of its operations and the laying off of 100–160 employees in all segments of the company. The company also sold or leased out 16 of the 28 Eclipse 500s it owned.
DayJet founder and CEO Ed Iacobucci indicated that the company needed an investment of USD$40M at that time to reach profitability, but that the economic climate did not permit the company to raise that amount. Iacobucci stated that the company had proven that the air taxi operational concept is sound, but that the carrier's fleet needed to be quickly expanded to fifty aircraft to reach profitability.
Despite cutting its fleet, the air carrier announced on 21 May 2008 that they were expanding their service by making two more destinations in Florida, Jacksonville and Sarasota, into hub airports DayJet designates as "DayPorts". In July 2008 both Saint Petersburg/Clearwater and Orlando, Florida were added as hub DayPorts.
DayJet was Eclipse Aviation's largest customer with a planned eventual delivery of 1,400 aircraft representing a majority of the estimated 2,500 Eclipse 500s on order.
Read more about this topic: Day Jet
Famous quotes containing the words financial and/or problems:
“Just as men must give up economic control when their wives share the responsibility for the family’s financial well-being, women must give up exclusive parental control when their husbands assume more responsibility for child care.”
—Augustus Y. Napier (20th century)
“I respect guilt. It is a dangerous but sometimes useful beast. The guilt that made me want to solve all my children’s problems meant trouble. The guilt that made me question my role in our mother-daughter squabbles proved helpful. Yes, I care about my kids’ problems, and I long to make suggestions. But these days I wait for children to ask for help, and I give it sparingly. Some things can’t be fixed, and I tell them so.”
—Susan Ferraro (20th century)