Discovery Air Inc. announces $59.1 million in revenues and $8.9 million in net earnings for its second quarter ended July 31, 2008



    LONDON, ON, Sept. 15 /CNW/ - Discovery Air Inc. ("Discovery Air") today
announced its financial results for the quarter and six months ended July 31,
2008. The table below summarizes selected financial information for the three
month and six month periods.

    
    Selected Financial Information

                                         for the                 for the
                                   three months ended       six months ended
    ------------------------------------------------- -----------------------
    (unaudited)

    ($ thousands, except        July 31     July 31     July 31     July 31
     per share amounts)           2008        2007        2008        2007
    ------------------------------------------------- -----------------------

    Results of operations
      Revenue                 $  59,050   $  44,258   $  89,804    $  60,602
      Operating expenses      $  39,429   $  25,530   $  67,868    $  42,679
      EBITDAR(*)              $  24,422   $  23,271   $  29,079    $  24,353
      EBITDA(*)               $  19,621   $  18,728   $  21,936    $  17,923
      After-tax operating
       cash flow(*)           $  15,502   $  14,259   $  17,213    $  12,298
      Net earnings            $   8,869   $  10,057   $   6,169    $   6,476
      Earnings per
       common share:
        Basic                 $    0.07   $    0.09   $    0.05    $    0.06
        Diluted               $    0.07   $    0.09   $    0.05    $    0.06

      Total assets            $ 409,279   $ 302,320   $ 409,279    $ 302,320
      Total long-term debt    $ 142,121   $  99,669   $ 142,121    $  99,669

    (*) Non-GAAP Measure
    

    The complete interim consolidated financial statements and Managements'
Discussion & Analysis are available on Discovery Air's website at
www.discoveryair.com and on SEDAR at www.sedar.com.
    In the past, Discovery Air has held a conference call to discuss its
quarterly results. On September 12, 2008 Discovery Air announced that
David Jennings was appointed Interim President and Chief Executive Officer of
the Corporation. In light of this recent change, Discovery Air will not be
holding a conference call this quarter.

    Discovery Air's mission is to build shareholder value by creating an
alliance of profitable aviation businesses that can realize synergies,
economies of scale and deliver safe, professional air services to clients in
selected niche markets.
    Discovery Air's Class A common shares trade on the Toronto Stock Exchange
under the symbol DA.A.
    Discovery Air's Debentures trade on the Toronto Stock Exchange under the
symbol DA.DB.





For further information:

For further information: Wade MacBain, Director of Investor Relations,
Phone: (519) 951-3580, Toll-free: (866) 903-3247, ext. 3580, E-mail:
wadem@discoveryair.com


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