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Pet Airways: An Airline for Pets

Pet Airways: An Airline for Pets

Old Dec 14, 2011, 5:47 am
  #46  
 
Join Date: Jul 2001
Location: DTW
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Posts: 5,040
I came across several complaints over at tripadvisor about Pet Airways making last minute cancellations. Looks like they are not doing too well financially - as predicted here. I didn't even realize they were publically traded.

http://www.nasdaq.com/symbol/paws/sec-filings

From their Dec 5, 2011 filing:

We do not currently have sufficient cash on hand to meet our financing needs. We currently do not generate sufficient cash from our operations to cover our monthly operating costs. As at December 1, 2011 have approximately $50,000 of cash on hand. Our current monthly cash burn rate, which is our estimated monthly operating expenses, excluding cash from operations is between $150,000 and $300,000 depending on the number of flights we may operate in any given month. Based upon our current monthly cash burn rate, the cash on hand will last us approximately one to two months. For the nine months ended September 30, 2011, we generated $1,489,450 in revenues and recorded a net loss of $(9,642,316). For the year ended December 31, 2010, we generated $1,348,491 in revenues and recorded a net loss of $(4,055,905). The report of our independent registered accountants issued in connection with the audit of our consolidated financial statements as of and for our year ended December 31, 2010 contained a qualification raising a substantial doubt about our ability to continue as a going concern. In the year ended December 31, 2009, we generated $628,829 in revenues and had a net loss of $(1,218,707). For the nine months ended September 30, 2011 and the year ended December 31, 2010, we had accumulated deficits of $(15,707,324) and $(6,065,008), respectively. We will require approximately $3,000,000 of additional working capital to continue our operations during the next 12 months and to support our long-term growth strategy, so as to enhance our service offerings and benefit from economies of scale.
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Old Dec 15, 2011, 10:28 pm
  #47  
tcl
 
Join Date: Jan 2009
Location: In a hotel somewhere trying to repack everything I brought (and bought) in to a carry-on smaller than my last one.
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Posts: 1,101
I wasn't comfortable with all the taking off and landing and "bunking down" stuff. Although it sounds great for smaller dogs that may need to go potty every 3 hours or so, I think the take off and landing is the most stressful part for them. My medium dog can hold it for a while so a more direct flight would've been better for her. In our particular situation, we rented a car and drove instead, choosing to make the trip part of the vacation.

Also, I would've preferred to be able to accompany my pet, and would pay more for that service.
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