# Williams , Rene e (OST) ht m CiST - 1^^7'^'i^l . From : crait i [craiti@srk12.org ] ^ , Sent : Saturday , Augus t 21 , 201 0 9:5 9 AlV l g | ^ ^ •'.„ , To : Williams , Rene e (OST ) ^ „ Q'n'^i/V . Cc : craiti@twcny.rr.co m ^ r.iSir ^ Subject : EA S Ai rServic e Comment s ^ ^ !^-o 3 Attachments : GIA+(3)[1].pd f x r-rSQs : 

# T o Who mit

May Concern ; —og ^ Th e followin g comment s ar e i n regard s t o th e awardin g o f th e EA S selectio n o f

airline s t o servie e the'trave l rout e fro mMassen aInternationa l Airport , Richard s Field , Massena , NY . Wednesda y Augus t i k thth e Massen a Tow n Boar dlistene dt o Presentatio n fro mCap e Air, th e presen t ai r servic e provide r

an dGulfstrea mAirline s outlinin g thei r

proposal s for

th e routes , fligh t

schedules , etc . I amon e of

th e member s of

th e Massen aTow n Counci l an dvote dagains t th e resolutio n t o support Gulstrea m Airline s t o becom e Massena' s EA S ai r servic e provider . Th e folowin g ar e th e reason s wh y I vote dagains t th e resolution . Gulfstrea mAirlines : The y ar e offerin g fewer

dail y connections , 2 pe r dail y an don e eac hda y o n Saurda y & Sunday , an dthe y are onl y t o Boston . The y hav e propose dtha t the y woul dallo w Ogdensbur g Internationa l t o fly t o Alban y ON E tim e aday . Thi s i s averba l commitmen t an dnot i n thei r proposal . Cap e Ai r ha s propose dt o giv e Massena , Ogdenburg , Watertow n thre e dail y flight s t o Alban y an da connecto r t o Boston . Al l th e year s tha t

I hav e bee n amembe r

o f th e Massen aTow n Counci l ou r survey s hav e al l pointe dou t that th e peopl e o f th e Massen aAre ahav e wante dt o connec t t o th e Alban y Airpor t

t o d o busines s an dpersona l travel . Th e fewer

fight s pe r

day i s on e reaso n tha t

I di dno t support GulfStream's . Gulstrea mAirline s i s apublicl y trade dcorporatio n an di f yo u loo k at th e attache dcop y of

Mornin g Sta

r Finacia l Evaluatio n o f

thei r stoc k i t i s not asoun dfinacial picture . Durin g Gulstream's presentatio n the y wer e aske dabou t

thei r finacial health . Th e CE O of th e airline s sai dthat

the y hav e ha dtw o poo r

year s i n regard s t o profitability an dth e compan y ha s jus t turne daprofi t

a s o f June , 10 . Gulfstream' s CE O als o sai dthat the y are havin g cas hflo w difficultie s an dtha t the y ar e attemptin g t o secur e loan s t o hel p thi s situatio n regardin g thei r cas hflow . I hav e reviewe dth e informatio n withaCertifie dFinnacia l Analys t an dthi s individua l indicate dt o m e tha t thi s proble mwil l continu e for Gulstrea mfo r

th e foreseeabl e future . Cap e Ai r Airline s i s not

apublicl y trade dcompan y but i s profitabl e an dha s mad e aprofi t eac hyea r that the y hav e bee n servicin g Massena , NY . Th e finacial viability o f

Gulfstrea mconcern s m e a s aCouncilma n wh o live dth e Bi g Sky debacle , Gulfstream presen t financial situatio n ha s m e ver y concerne dof th e future stabilit y of

thi s company . I d o no t

wis ht o reliv e th e problem s create db y Bi g Sky again . GulfstreamAirline s ha s question s o f safety . Th e FA A ha s recentl y fine dGulfstrea mfor th e variou s violations . Cap e Ai r ha s avery goo dsafet

y recor dan dI amsur e tha t th e FA A ha s record s regardin g thi s fact . GulfstreamAirline s i s offerin g th e 1 9 sea t aircraf t tha t i s pressurize dan dha s tw o pilots . Cap e Ai r ha s a9 seate r

an di s non-pressurized . Thi s seem s t o b e what

th e peopl e wh o spok e at th e meetin g Wednesday , Augus t 1 8 t hwante dt o hav e availabl e t o fly . On e final commen t

no n relate dt o thi s issue . FA A need s t o mak e adecisio n t o ho w man y airport s the y are goin g t o support i n St.Lawrenc e County . In M y opinio n th e entir e count y woul db e bette r serve di f Massen a Internationa l becam e th e sol e airport providin g ai r

servic e t o th e area . Thi s discussio n i s for anothe r day . In summary I as k

th e FA A t o d o thei r

du e diligenc e i n researchin g th e followin g befor e makin g thei r decision . Revie w former

survey s of

wer e th e northcountr y residenc e wan t t o fly , that

wer e commissione dbefore . Th e FA A mus t

hav e o n thes e survey s o n file . 1

# Revie w th e finacial stability of botho f thes e airlines . Revie w th e proposal s a s t o th e fewer dail y flight s an dth e extr acos t of th e federal subsid y for

fewer flights . Revie w th e safet

y record s of

th e tw o companies . Th e earlier

comment s of

Gulfstrea mvs . Cap e Ai r hav e demonstrate dmy concern s an dillustrat e wh y 1 coul dno t support Gulfstream' s proposa l for EA S servic e for

Massen aInternationa l Airport . Than k yo u for reading my comment s i n regard s t o you r difficul t decisio n grantin g EA S servic e t o Massen a Internationa l Airport . Sincerely , Charle s Raiti Tow n Councilma n Massen aTow n Counci l Massena , NY 1366 2 315.769.590 1 315.250.325 2 craiti@twcnv.rr.co mReleas e date 1 8 Au g 201 0 

# Gulfstrea m Internationa l Group , Quote/Snapsho t
Morningsta rInvestmen t Styl e Styl e Breakdow n Valu e Coi e Growl h 

# ^ 2 

# 1

Profitabilit y3/31/201 0

Stock Industr y ROA % -61.5 0 2.7 0 RO E % —9.5 0 Ne t Margi n % -11.3 0 3.6 0 Asse t Turnove r5.4 0 0.7 0 Fi n Leverag e —3.6 0 Sales/Employa e 142.0 0 — SThousand s

Industr yPeer s La n Airline s S.A . Ryanai rHolding s PL

C Southwes t Airlines , Co . Go l Intelligen t Airlines , Inc . Cop a Holding s S A Fun d Ownershi p S& P 50 0 8.4 0 22.0 0 12.6 0 0.8 0 4.6 0 Valuatio n 8/18/201 0 Stoc k Price/Earning s -0.2 0 Forwar d P/

E — Price/Boo k

-0.2 0 Price/Cas h Flo w-1.0 0 Price/Sale s 0.0 0 Fw d Di vYI d % 0. 0 Growt h 12/31/200 9

%lY r Sale s -17.1 0 Ne t Incom e — EPS - Equity/Shar e — Dividend s — 

# Inc . GI A

Industr yS& P 50 0 26.2 0 14.9 0

~ 12.8 0 2.2 0 2.0 0 7.0 0 6.9 0 0.9 0 1.2 0

2.0 5

%.3Y rS&

P 50 0 1.4 0 6.7 0

—4.5 0

—5.0 0

—7.8 0

—3.9 0 Morningsta rStoc k

Grade s Growt h D Profitabilit y~ Financia l Healt h D

Market Ca

p $Mi l TT M Sales $Mi l 9,44 5 8,67 8 8,60 8 3,85 6 2,31 3 3,519.1 6

3,984.2 7 11,176.0 0 3,599.3 4 1,253.0 9
Morningsta rRating TM % Shar e Hel d % Fund Asset s Stoc k Typ e Distresse d
Quic k Stat s Morningsta rStyl e Smal l Valu e Price/Cas h Flo w -1.0 0 52-W k flange 2.19-0.5 3 Performanc e

200 6



# —

200 6 200 7



# —

200 7

-1. 5 Las t Clos e Pric e Fai rValu e Est $0.61(8/18/2010 ) —

Industr ySecto r Regiona l Airline s Busines s Service s Price/Earning s Price/Sale s -0.2 0 0.0 0 Avg . Volum e Fw d Di vYI d 25,000(8/18/2010 ) 0. 0

t

i 200 8 -83. 0 -44. 5 -48. 1

200 8



# i . ' . 

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Stoc k Typ e Distresse d Sale s ($Mil | 8 6 Marke t Ca p (SMil ) 2

^ • Stoc k '• S&

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) 2 3 • GI

A 1 9 1. 3 0. 9 Histor y 12 0 0 5 Yea rVolum e 100.0 (Thousand ) 60. 0 4 0 0 2 0 0 .8 6 _. , . J ^ g Earnm g Trend s Historical year

s us e "•^ ^ fisca l year-en

d % 145 2.5 5 3.6 5 4.7 6 200 6 200 7 200 8 200 9 

## H M Operation s Wha t Doe s Thi s Compan yDo ? Gulfstrea m Internationa l Grou p operate s Gulfstrea m Internationa l Airline s an d Gulfstrea m Trainin g Academy . Gulfstrea m Internationa l Airline s i s a commercia l airline s tha t primaril y serve s Florid a an d th e Bahamas . I t als o operate s chartere d flight s withi n th e region . Gulfstrea m Trainin g Academ yprovide s fligh t trainin g fo rfully-license d commercia l pilots . Th e progra m allow s participant s t o obtai n a second-in-comman d ratin g i n approximatel y fou rmonths . Contac t Informatio n Addres s
Phon e Websit e Direc t Investmen t Dividen d Reinvestmen t 320 1 Griffi n Roa d 4t h Floo r For t Lauderdale , FL 3331 2 1 95 4 985-150 0 http://www.gulfstreamair.co m N o N o

'^•201 0 Morningstar . Inc . Al l Right s fleseived. Th e information , data , analyse s an d opinion s ccnlslne d tierel n (1 1 includ e tK e confidentia l an d [iropiietai yinfomiaiio n o l IVlorningslaf , (2 ) ma yno t b e copie d o rredistributed . (3 ) d o no t ll/'*^nil|LinCTA D conslitijl e investmen t advic e offere d b yMorningstar . (4 | ar e provide d solel yfo rInformallona l purpose s an d therefor e ar e no i a n offe rt o bu yo rsel l a security , an d (5 ) ar e no t warrante d t o 6 e correct , complet e o raccurate . Encep l a s jyif ^ InNINuOln n otherwis e require d b ylaw . Morningsta rstial l no t b e lesponsibi e fo ran ytradin g decisions , damage s o rothe rlosse s resultin g from , o rrelate d to , thi s infofmalion . data , analyse s o f opinion s o rthei ruse . Thi s repor t I s supplementa l sale s literature , an d therefor e mus t b e precede d o raccompanie d bya prospectu s an d disclosur e statemen t Pleas e rea d th e prospectu s carefull yReleas e dat e 1 6 Au g 201 0 Pag e 2 o f 5 

# Gulfstrea m Internationa l Group , Inc . GI A Analysi s Stoc k Typ e Las t Clos e Pric e Fai rValu e Es t Distresse d $0.61(8/18/201 0 1 — Morningsta rRating'^ '

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<:'201 0 Morni'ngstiir , h e Al l Right s Reserved . Th

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# Gulfstrea m Internationa l Group , inc . GI A Financial s Stoc k Typ e Distresse d Las t Clos e Pric e Fai rValu e Es t $0.61(8/18/2010 ) — Morningsta rRating "

Revenu e $Mi l Fisca l yea rend i 1 2 11 3 0 0

61.6 3 33.6 2 I B 3 3 

# I H • • H 

# I I I I Incom e Statemen t Financial s Revenu e $Mi l Gros s Margi n % Ope rIncom e $Mi l Operatin g Margi n % Ne t Incom e $Mi l Earning s Pe rShar e Dividend s $ $Mi l Share s Mi l Boo k Valj e Pe rShar e $ Ope rCas h Flo w$Mi l Ca p Spendin g $Mi l Fre e Cas h Flo w$Mi l 200 5 92.0 1 1.4 1 1.5 3 0.7 0 -0.8 2
4.2 3 -1.5 3 2.7 0 200 6

105.0 6 2.7 9 2.6 6 1.1 8 -0,0 5 2 4.6 8 -2.9 2 1.7 6 200 7

112.3 0 9.4 7 -2.8 5 -2.5 4 -3.1 1 -1.5 2 0.0 0 2 3.3 1 6.1 2 -6.2 2 -0.1 0 200 8

105.2 6 9.4 1 -14.0 5 -13.3 5 -14.8 0 -5.0 0 3 -1.5 8 -8.4 5 -1.4 3 -9.8 7 200 9

87.3 0 12.9 6 -2.9 2 -3.3 4 -7.5 5 -2.4 5 3 -3.0 8 -0.7 2 -0.8 4 -1.5 5 Balanc e Shee t

Asset s $m \ Cas h an d Equi v Shor t Ter m Investment s Acct s Re c Inventor y Othe rCurren t Asset s Tota l Curren t Asset s Ne t PP& E Intangible s Othe rLong-Ter m Asset s Tota l Asset s Liabilitie s an d Stockholder' s Equit y$Mi l Acct s Payabl e Shor t Ter m Deb t Incom e Ta xPayabl e Accrue d Liabilitie s Othe rShor t Ter m Liabilitie s Profitabilit y Retur n o n Asset s % Retur n o n Equit y% Ne t Margi n % Asse t Turnove r Assets/Equit y Financia l Healt h Workin g Capita l $Mi l Lon g Ter m Deb t $Mi l Tota l Equt y$Mi l Debt/Equit y Cas h Flo w Cas h Fro m Operation s Ca p E x Fre e Cas h Flo w Cas h Flow s Ratio s Operatin g Cas h Flow

/ Grawth-YO Y Fre e Cas h Flo wGrowth 

### YO Y Ca p E xa s a % o f Sale s Fre e Cas h Flow/Sale s Fre e Cas h Flow/Netlncom e 2.9 6 

# — 0.7 6



# _ -7.6 6
-5.7 8 7.4 9 -3.0 9 

# — 200 5 4.2 3 -1.5 3 2.7 0



# — — 1.6 6 2.9 3 3,8 6 3.9 1

48.0 2 1.1 2 3.4 6 4.6 1
-7.7 4 6.2 5 8.0 2 0.7 8 200 6 4.6 8 -2.9 2 1,7 6
10.6 4 -34.8 1 2.7 8 1.6 8 1.4 9 -8.1 3

-35.6 6 -2.7 7 2.9 4 4.1 9
-13.1 4 6.4 2 9.4 0 0.6 8 200 7 •6.1 2 -6.2 2 •0.1 0
30.7 7 -105.6 8 5.5 4 -0.0 9 0.0 3 -50.3 4



# — -14.0 6 3,5 8 -4,1 5 -7,7 5 4,3 4



### -5 

# — 200 8 -8,4 5 -1,4 3 •9.8 8 -238,0 7 9,780,0 0 1,3 6 -9,3 9 0,6 7 -44,2 3



# — -8,6 5 5,1 1 -1,3 5 -14,6 2 0,4 3 

### -1 1 

# — 200 9 -0.7 2 -0,8 4 -1.5 6 -91,4 8 -84,2 1 0,9 6 -1,7 9 0,2 1 Tota l Curren t Liabilitie s

Lon g Ter m Deb t $Mi l Othe rLon g Ter m Liabilitie s Tota l Liabilitie s Tota l Stockholder' s EquH y Tota l Liabilitie s 6 Equit y Quarterl yResult s Sale s Curren t % Chang e Fro m Yea rEarlie r Ne t Incom e Curren t % Chang e Fro m Yea rEarlie r Earnings/Shar e Curren t % Chang e Fro m Yea rEarlie r 200 8 3,2 2 4,2 1 

# — 1,8 3 9,2 6 2,7 9 3,7 8 3,5 4 200 9

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6/200 9 24,0 0 -23,7 0 2,0 0

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# — — 16,1 8 22,6 5 0,4 3 2,6 4 25.7 2 -10.9 4 14.7 8 2,5 8

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# ~ — 17,1 1 25,3 3 0,2 8 0,3 1 25.9 2 -11.2 2 14.7 0

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'C'201 0 Morningstar . Inc . Al l Right s Resewed . Th

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# Gulfstrea m Internationa l Group , Inc . Valuation/Estimate s

Valuatio n Ratio s 

# GI A

Sloc k Industr

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# — — — S6 P 50 0 

### 12,8 0 1,5 0 

# — Pag e 4 01 5

Stoc k Typ e Las t Clos e Pric e Fai rValu e Est Morningsta rRatinj' " Distresse d $0,61(8/18/2010 ) ——
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# l "

• i 1 Jun08/0 9 

### -1,2 0 0,6 3 152,5 0 

# I I
• • Sep08/D 9 

### -1,3 8 -1,1 9 13,8 0 

# a i I E i | Dec08/0 9 

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# $ -1,7 6 -1,7 6 -1,7 6 -1.7 6 -1,7 6 -1,7 6 Growt h % 

### -28,1 6 28,1632 6 530612 2 -28,1 6 -28,1 6 -28,1 6 -28,1 6 

## 1 S

-1,6 5 -1,6 5 -1,6 5 -1.6 5 -1,6 5 -1,6 5 Growt h %



### -6,2 5 -6,2 5 -6,2 5 -6,2 5 -6,2 5 -6,2 5 

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# I

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s carelutly .Rsteas B dat e 1 8 Au g 201 0 Pag e 5 o l 6



# Gulfstrea m Internationa l Group , Inc . GI A Ownershi p Stoc k Typ e Distresse d Las t Clos e Pric e Fai rValu e Est $0,61(8/18/2010 ) - Morningsta rRating" '

Fun d Ownsrslii p Summar y Share s Outstandin g Fun d Ownershi p 3,000,000,0 0 — Inside rActivit y Dat e 1/19/200 9 1/19/200 9 1/19/200 9 1/19/200 9 1/19/200 9 1/19/200 9 1/19/200 9 1/19/200 9 12/31/200 8 Name/Positio n

BARRY S,LUTIN/Directo r DAVI D F , HACKEH/Director , CE O an d Presiden t GARYLFfSHMAN/Directo r GAR Y P , ARNOLD/Directo r RICHAR D R , SCHREIBER/Directo r ROBER T BROWN/Chie f Financia l Office r THOMA S A , MCFALiyOirector , Chairma n o f th e Boar d THOMA S P , COOPER/Sr , VP , Lega l Affair s & Sec y THOMA S A , MCFALiyOirecto r To p Fund s Larges t Stak e Fund Nam e % ChnglOOOl Morningsta rShares % Fund i n Rating TM Hel d Asset s Ownrsh p Date o f Portfoli o Tota l o f F 

# —

To p Fu n Fund Nam e Averag e Sta rRatin g

Shares 4,00 0 30,00 0 2,00 0 4,00 0 2,00 0 20,00 0 10,00 0 10,00 0 28,50 0 Transactio n

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