Aerodynamics Provides Regulators Its Financials
YOUNGSTOWN, Ohio – Aerodynamics Inc.’s application for the required certification to allow it to provide service to Youngstown-Warren Regional Airport remains under review as federal regulators consider new documents submitted at their request by the airline.
ADI has applied for a Certificate of Public Convenience and necessity, which would permit it to offer daily scheduled service to O’Hare International Airport in Chicago from the Vienna Township airport.
The U.S. Department of Transportation’s Air Carrier Fitness Division informed ADI last Friday that it had granted requests for confidential treatment for seven of the documents it had sought to file under seal and denied confidentiality for two of the documents, according to the online docket.
Further processing of the application would be deferred pending receipt of the requested material, according to the Sept. 25 letter.
In response, on Monday ADI submitted the two docket exhibits for which confidentiality was denied, the balance sheet and income statement for ADI and the balance sheet for ADI Acquisition Inc., which was formed to purchase ADI’s assets from its previous owner, Scott Beale.
The profit and loss statement as of July 31 shows total income of $7.41 million and total cost of goods of $6.74 million, for a gross profit of $668,739.75. Total expenses of $1.09 million plus $116,896.87 in legal fees from the reorganization resulted in a loss of $533,656.47, the company reported.
The federal agency found that the information from ADI and ADI acquisition “was necessary to assess ADI’s current financial condition,” Lauralyn J. Remo, chief of the division’s Office of Aviation Analysis, wrote in the letter to ADI’s legal counsel.
“I can’t imagine the Department of Transportation would need any additional information from the airline” to approve its application, said Dan Dickten, director of aviation at the regional airport.
“The DOT seems to have vetted through the application quite well and hopefully an approval will come sooner than later,” he said.
Copyright 2024 The Business Journal, Youngstown, Ohio.
