Williams, Renee (OST) htm CiST- 1^^7'^'i^l. 

From: craiti [craiti@srk12.org] ^ , 

Sent: Saturday, August 21, 2010 9:59 AlVl g| ^^ •'.„, 

To: Williams, Renee (OST) ^„ Q'n'^i/V. 

Cc: craiti@twcny.rr.com ^ r.iSir ^ 

Subject: EAS Air Service Comments ^^ !^-o 3 

Attachments: GIA+(3)[1].pdf xr -rSQs : 

To Whom it May Concern; — og ^ 

The following comments are in regards to the awarding of the EAS selection of airlines to serviee the'travel 

route from Massena International Airport, Richards Field, Massena, NY. Wednesday August ik th the Massena 

Town Board listened to Presentation from Cape Air, the present air service provider and Gulfstream Airlines 

outlining their proposals for the routes, flight schedules, etc. 

I am one of the members of the Massena Town Council and voted against the resolution to support Gulstream 

Airlines to become Massena's EAS air service provider. The folowing are the reasons why I voted against the 

resolution. 

Gulfstream Airlines: 

They are offering fewer daily connections, 2 per daily and one each day on Saurday & Sunday, and they 

are only to Boston. They have proposed that they would allow Ogdensburg International to fly to Albany ONE 

time a day. This is a verbal commitment and not in their proposal. 

Cape Air has proposed to give Massena, Ogdenburg, Watertown three daily flights to Albany and a 

connector to Boston. 

All the years that I have been a member of the Massena Town Council our surveys have all pointed out that the 

people of the Massena Area have wanted to connect to the Albany Airport to do business and personal travel. 

The fewer fights per day is one reason that I did not support GulfStream's . 

Gulstream Airlines is a publicly traded corporation and if you look at the attached copy of Morning Star 

Finacial Evaluation of their stock it is not a sound finacial picture. During Gulstream's presentation they were 

asked about their finacial health. The CEO of the airlines said that they have had two poor years in regards to 

profitability and the company has just turned a profit as of June, 10. Gulfstream's CEO also said that they are 

having cash flow difficulties and that they are attempting to secure loans to help this situation regarding their 

cash flow. I have reviewed the information with a Certified Finnacial Analyst and this individual indicated to 

me that this problem will continue for Gulstream for the foreseeable future. 

Cape Air Airlines is not a publicly traded company but is profitable and has made a profit each year that 

they have been servicing Massena, NY. 

The finacial viability of Gulfstream concerns me as a Councilman who lived the Big Sky debacle, Gulfstream 

present financial situation has me very concerned of the future stability of this company. I do not wish to relive 

the problems created by Big Sky again. 

Gulfstream Airlines has questions of safety. The FAA has recently fined Gulfstream for the various violations. 

Cape Air has a very good safety record and I am sure that the FAA has records regarding this fact. 

Gulfstream Airlines is offering the 19 seat aircraft that is pressurized and has two pilots. 

Cape Air has a 9 seater and is non-pressurized. 

This seems to be what the people who spoke at the meeting Wednesday, August 18 th wanted to have available 

to fly. 

One final comment non related to this issue. FAA needs to make a decision to how many airports they are going 

to support in St.Lawrence County. In My opinion the entire county would be better served if Massena 

International became the sole airport providing air service to the area. This discussion is for another day. 

In summary I ask the FAA to do their due diligence in researching the following before making their decision. 

Review former surveys of were the north country residence want to fly, that were commissioned before. The 

FAA must have on these surveys on file. 

1 
Review the finacial stability of both of these airlines. 

Review the proposals as to the fewer daily flights and the extra cost of the federal subsidy for fewer flights. 

Review the safety records of the two companies. 

The earlier comments of Gulfstream vs. Cape Air have demonstrated my concerns and illustrate why 1 could not 

support Gulfstream's proposal for EAS service for Massena International Airport. 

Thank you for reading my comments in regards to your difficult decision granting EAS service to Massena 

International Airport. 

Sincerely, 

Charles Raiti 

Town Councilman 

Massena Town Council 

Massena, NY 13662 

315.769.5901 

315.250.3252 

craiti@twcnv.rr.com 
Release date 18 Aug 2010 

Gulfstream International Group, 

Quote/Snapshot 

Morningstar Investment Style 

Style Breakdown 

Value Coie Growlh 

^ 

2 

1 

Profitability 3/31/2010 

Stock Industry 

ROA% -61.50 2.70 

ROE % — 9.50 

Net Margin % -11.30 3.60 

Asset Turnover 5.40 0.70 

Fin Leverage — 3.60 

Sales/Employae 142.00 — 

SThousands 

Industry Peers 

Lan Airlines S.A. 

Ryanair Holdings PLC 

Southwest Airlines, Co. 

Gol Intelligent Airlines, Inc. 

Copa Holdings SA 

Fund Ownership 

S&P 500 

8.40 

22.00 

12.60 

0.80 

4.60 

Valuation 8/18/2010 

Stock 

Price/Earnings -0.20 

Forward P/E — 

Price/Book -0.20 

Price/Cash Flow -1.00 

Price/Sales 0.00 

Fwd Div YId % 0.0 

Growth 12/31/2009 

%lYr 

Sales -17.10 

Net Income — 

EPS -

Equity/Share — 

Dividends — 

Inc. GIA 

Industry S&P 500 

26.20 14.90 

~ 12.80 

2.20 2.00 

7.00 6.90 

0.90 1.20 

2.05 

%.3Yr S&P 500 

1.40 6.70 

— 4.50 

— 5.00 

— 7.80 

— 3.90 

Morningstar Stock Grades 

Growth D 

Profitability ~ 

Financial Health D 

Market Cap $Mil TTM Sales $Mil 

9,445 

8,678 

8,608 

3,856 

2,313 

3,519.16 

3,984.27 

11,176.00 

3,599.34 

1,253.09 

Morningstar RatingTM % Share Held % Fund Assets 

Stock Type 

Distressed 

Quick Stats 

Morningstar Style 

Small Value 

Price/Cash Flow 

-1.00 

52-Wk flange 

2.19-0.53 

Performance 

2006 

— 

2006 

2007 

— 

2007 

-1.5 

Last Close Price Fair Value Est 

$0.61(8/18/2010) — 

Industry Sector 

Regional Airlines Business Services 

Price/Earnings Price/Sales 

-0.20 0.00 

Avg. Volume Fwd Div YId 

25,000(8/18/2010) 0.0 

t 

i 

2008 

-83.0 

-44.5 

-48.1 

2008 

i . '. 

11 

2009 

-10.0 

-33.5 

-30.7 

2003 

i .A, 

1 

YTD 

-54.8 

-52.9 

-76.1 

YTD 

:J^- ^ 

1 1 

-2.5 1 

3.1 

Page 1 o( & 

Morningstar Rating'" 

Stock Type 

Distressed 

Sales ($Mil| 

86 

Market Cap (SMil) 

2 

^ • Stock 

'• S&P 500 

Industry 

1 

History 

Total Return % 

-1-/- S&P 500 

+/- Industry 

9 0 5 Year Price Graph 

4 J Daily (S) 

23 • GIA 

19 

1.3 

0.9 

History 

120 0 5 Year Volume 

100.0 (Thousand) 

60.0 

40 0 

20 0 

.86 _ . , . J ^g Earnmg Trends 

Historical years use 

"•^^ fiscal year-end % 

145 

2.55 

3.65 

4.76 

2006 2007 2008 2009 HM 

Operations 

What Does This Company Do? 

Gulfstream International Group operates Gulfstream International Airlines and Gulfstream 

Training Academy. Gulfstream International Airlines is a commercial airlines that primarily 

serves Florida and the Bahamas. It also operates chartered flights within the region. 

Gulfstream Training Academy provides flight training for fully-licensed commercial pilots. 

The program allows participants to obtain a second-in-command rating in approximately 

four months. 

Contact Information 

Address 

Phone 

Website 

Direct Investment 

Dividend Reinvestment 

3201 Griffin Road 

4th Floor 

Fort Lauderdale, FL 33312 

1 954 985-1500 

http://www.gulfstreamair.com 

No 

No 

'^•2010 Morningstar. Inc. All Rights fleseived. The information, data, analyses and opinions ccnlslned tiereln (11 include tKe confidential and [iropiietaiy infomiaiion ol IVlorningslaf, (2) may not be copied or redistributed. (3) do not ll/'*^nil|LinCTA D 

conslitijle investment advice offered by Morningstar. (4| are provided solely for Informallonal purposes and therefore are noi an offer to buy or sell a security, and (5) are not warranted to 6e correct, complete or accurate. Encepl as jyif ^ InNINuOln n 

otherwise required by law. Morningstar stiall not be lesponsibie for any trading decisions, damages or other losses resulting from, or related to, this infofmalion. data, analyses of opinions or their use. This report Is supplemental sales 

literature, and therefore must be preceded or accompanied by a prospectus and disclosure statement Please read the prospectus carefully 
Release date 16 Aug 2010 Page 2 of 5 

Gulfstream International Group, Inc. GIA 

Analysis 

Stock Type Last Close Price Fair Value Est 

Distressed $0.61(8/18/2010 1 — 

Morningstar Rating'^' 

Trailing One-Year Price 

Aug 

-V'.A 

Sep 

• 

OC! 

^. v^^ 

Nov 

-"V: 

Dec 

^••^-w . 

Jan 

-v,A , 

Fell 

-r^-.^,-

Mar 

-y>" ^ 

' Apr" 

• ^ 

May 

-,''-..., 

Jud 

*'"U, 

Jal ' Aug 

Price $ 

3.0 

0.7 

04 

0 3 

• 0.2 

01 

Commentary 

Growth 

Profitability 

Financial Health 

Profile 

Strategy 

Management 

Other Opinions 

Bulls Say 

Bears Say 

<:'2010 Morni'ngstiir, he All Rights Reserved. The information, data, analyses and opinions contained herein (11 include the confirientiai and proprietary inforniation o1 Motningstai. (21 may not be copied or redistributed. (3| do not ftl/'^nk||l|nnTHn 

constitute investment advice offered by (Vlorningstar, (4) aie provided solely lor informational purposes and therefore ate not an ohet to buy oi sell a security, and (fij are not warranted to be correct, complete or accurate Except as |l| r jKNINhmll n 

otherwise required by law. fvloiningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or Ihoir use. This report is supplemental sales 

literature, and therefore must be preceded or accompanied by a prospectus and disclosure statement Please read the prospectus rarefully 
Release date 18 Aug 2010 P3Qf3 3 of 5 

Gulfstream International Group, inc. GIA 

Financials 

Stock Type 

Distressed 

Last Close Price Fair Value Est 

$0.61(8/18/2010) — 

Morningstar Rating" 

Revenue $Mil 

Fiscal year endi 12 

113 00 

61.63 

33.62 

IB 33 I

H • • H 

I I I I Income Statement 

Financials 

Revenue $Mil 

Gross Margin % 

Oper Income $Mil 

Operating Margin % 

Net Income $Mil 

Earnings Per Share 

Dividends $ $Mil 

Shares Mil 

Book Valje Per Share $ 

Oper Cash Flow $Mil 

Cap Spending $Mil 

Free Cash Flow $Mil 

2005 

92.01 

1.41 

1.53 

0.70 

-0.82 

4.23 

-1.53 

2.70 

2006 

105.06 

2.79 

2.66 

1.18 

-0,05 

2 

4.68 

-2.92 

1.76 

2007 

112.30 

9.47 

-2.85 

-2.54 

-3.11 

-1.52 

0.00 

2 

3.31 

6.12 

-6.22 

-0.10 

2008 

105.26 

9.41 

-14.05 

-13.35 

-14.80 

-5.00 

3 

-1.58 

-8.45 

-1.43 

-9.87 

2009 

87.30 

12.96 

-2.92 

-3.34 

-7.55 

-2.45 

3 

-3.08 

-0.72 

-0.84 

-1.55 

Balance Sheet 

Assets $m\ 

Cash and Equiv 

Short Term Investments 

Accts Rec 

Inventory 

Other Current Assets 

Total Current Assets 

Net PP&E 

Intangibles 

Other Long-Term Assets 

Total Assets 

Liabilities and Stockholder's Equity $Mil 

Accts Payable 

Short Term Debt 

Income Tax Payable 

Accrued Liabilities 

Other Short Term Liabilities 

Profitability 

Return on Assets % 

Return on Equity % 

Net Margin % 

Asset Turnover 

Assets/Equity 

Financial Health 

Working Capital $Mil 

Long Term Debt $Mil 

Total Equty $Mil 

Debt/Equity 

Cash Flow 

Cash From Operations 

Cap Ex 

Free Cash Flow 

Cash Flows Ratios 

Operating Cash Flow/ 

Grawth-YOY 

Free Cash Flow GrowthYOY 

Cap Ex as a % of Sales 

Free Cash Flow/Sales 

Free Cash Flow/Netlncome 

2.96 

— 

0.76 

_ 

-7.66 

-5.78 

7.49 

-3.09 

— 

2005 

4.23 

-1.53 

2.70 

— 

— 

1.66 

2.93 

3,86 

3.91 

48.02 

1.12 

3.46 

4.61 

-7.74 

6.25 

8.02 

0.78 

2006 

4.68 

-2.92 

1,76 

10.64 

-34.81 

2.78 

1.68 

1.49 

-8.13 

-35.66 

-2.77 

2.94 

4.19 

-13.14 

6.42 

9.40 

0.68 

2007 

•6.12 

-6.22 

•0.10 

30.77 

-105.68 

5.54 

-0.09 

0.03 

-50.34 

— 

-14.06 

3,58 

-4,15 

-7,75 

4,34 

-5 

— 

2008 

-8,45 

-1,43 

•9.88 

-238,07 

9,780,00 

1,36 

-9,39 

0,67 

-44,23 

— 

-8,65 

5,11 

-1,35 

-14,62 

0,43 

-11 

— 

2009 

-0.72 

-0,84 

-1.56 

-91,48 

-84,21 

0,96 

-1,79 

0,21 

Total Current Liabilities 

Long Term Debt $Mil 

Other Long Term Liabilities 

Total Liabilities 

Total Stockholder's EquHy 

Total Liabilities 6 Equity 

Quarterly Results 

Sales 

Current 

% Change From Year Earlier 

Net Income 

Current 

% Change From Year Earlier 

Earnings/Share 

Current 

% Change From Year Earlier 

2008 

3,22 

4,21 

— 

1,83 

9,26 

2,79 

3,78 

3,54 

2009 

2,26 

3,43 

1,21 

1,13 

8,03 

2,70 

2,84 

1,21 

Current 

1,86 

4,30 

1,21 

0,99 

8,36 

2,53 

2,77 

1,04 

19.37 14.78 

6/2009 

24,00 

-23,70 

2,00 

0,63 

-4,00 

-1,19 

-7,00 

-2,20 

14.70 

7,57 

0,53 

0,62 

3,81 

4,48 

17,01 

4,34 

2,69 

24.04 

-4.67 

19.37 

2,61 

3,86 

— 

— 

16,18 

22,65 

0,43 

2,64 

25.72 

-10.94 

14.78 

2,58 

5,64 

~ 

— 

17,11 

25,33 

0,28 

0,31 

25.92 

-11.22 

14.70 

9/2009 12/2009 3/2010 

20,00 21,00 22,00 

-7,30 -6.30 -6,50 

-1,00 

-0,38 

'C'2010 Morningstar. Inc. All Rights Resewed. The information, data, analyses and opinions contained herein (1) include the corifidentia! and proprietarv inforniatlon ol Morningstar, (2| rnav not be copied or ledislilbuted, (3) do not RJ/''^ni||UnrrrA n 

constitute investment advice ottered by Morningstar. M| are provided solely for infotmationa' purposes and theiefore are not an offer to buy or sell a secunly. and (5) aie not wairanted to be correct, complete or accurate. Except a? m f jHn|nhM[l\ n 

otherwise tequired by law, Morningstar shall not be responsible toi any trading decisions, damages o' oilier losses resulting from, or related to, ihis infoi mat ion. data, analyses or opinions or tfieir use. Tnis report is supplemental sales 

literature, and therefore must be preceded or accompanied by a prospectus and disclosure statement. Please read thp prospectus carefully 
Release date 18 Aug 2010 

Gulfstream International Group, Inc. 

Valuation/Estimates 

Valuation Ratios 

GIA 

Slock Industry S6P500 'Stock's 5 Yr 

Average 

Price/Earnings -0,20 26,20 14,90 — 

Price/Book -0,20 2,20 2,00 — 

Price/Sales 0,00 0,90 1,20 

Price/Cash Flow -1,00 7,00 6,90 

Dividend YId % — — 2,00 

• Price/Cash Flow uses 3 year average 

Forward Valuation Ratios Stock Industry 

Forward Price/Earnings — — 

PEG Ratio — — 

PEG Payback |Yrs) -

— 

— 

— 

S6P 500 

12,80 

1,50 

— 

Page 4 015 

Stock Type Last Close Price Fair Value Est Morningstar Ratinj'" 

Distressed $0,61(8/18/2010) — — 

Quaitsriy Earnings 

l" • i 

1 

Jun08/09 

-1,20 

0,63 

152,50 

II 

• • 

Sep08/D9 

-1,38 

-1,19 

13,80 

ai 

IE i| 

Dec08/09 

-1,99 

-2,20 

-10,60 

0 98 • Prior VrQlfly EPS 

0,49 • Current Yr Qlrly EPS 

• • 0 00 * EsiimaterJ Qtrly EPS 

-0,49 

•147 

196 

MarQ9/lO Fiscal Quarters 

0,19 Prior Year EPS 

-0,38 Current Year EPS 

-300,00 Earnings Growth% 

Earnings Surprises % 

By what percentage did the company beat concensus analyst earnings estimates? 

Annual Earnings Estimates 

Earnings Type 

High 

Low 

Mean 

30 Days Ago 

60 Days Ago 

90 Days Ago 

Number of Estimates 

$ 

-1,76 

-1,76 

-1,76 

-1.76 

-1,76 

-1,76 

Growth % 

-28,16 

28,16326 

5306122 

-28,16 

-28,16 

-28,16 

-28,16 

1 

S 

-1,65 

-1,65 

-1,65 

-1.65 

-1,65 

-1,65 

Growth % 

-6,25 

-6,25 

-6,25 

-6,25 

-6,25 

-6,25 

1 

Five Year Growth Forecast: —% 

Industry Average: 11,14% 

Range of Analyst Opinions 

Total number of Analysts: 

Analyst Opinion Trends 

1= Buy 5=Sell 

Buy Outperform Hold Underperform Sell 

CufTont Ratos of Return % 

I 

-527,20 

-37,79 

0 

-106 

-212 

-318 

-424 

-B30 

ErngsYld Div YId Cash Ret S&PSOOEmgs S&P 500 Div 30-YrT-Bond 

Average Rating Last Month Industry Average SfiP 500 Average 

'•:'2010 Morningstar, Inc, All Rlg>its Reseii/ed, The inlormation, rjata, analyses anrl opinions conlalnerl herein (1) inclirdc the conlirJcntial arirj proprietary inlorniation of Morningstar, (2) may not be copied P' redtstrlputed, (3) rJo npt ll/^~^nU|l|nrTrK n 

constitute investment aOvic^ ofieieel by Morningsta,', (4) are providerj solely iof infornatjoiai purposes anri rherefprp are not 3n oHer to t)ut' or se)) a secrjrlly, and 15) are not warranted to he correct complete or arourate Except as j|| ^ ynNINIlf) l A n 

otherwise reguired by law, Morningstar stiall not be responsible fpr any trading decisions, damages or other losses resulting from, or related to, this iniormalion data, analyses or opinions or their use. This report is supplemental sales 

literature, and therefore must be preceded or accompanied by a prospectus and disclosure statement Please toad the prpspectas carelutly. 
RsteasB date 18 Aug 2010 Page 5 ol 6 

Gulfstream International Group, Inc. GIA 

Ownership 

Stock Type 

Distressed 

Last Close Price Fair Value Est 

$0,61(8/18/2010) -

Morningstar Rating"' 

Fund Ownsrsliip Summary 

Shares Outstanding Fund Ownership 

3,000,000,00 — 

Insider Activity 

Date 

1/19/2009 

1/19/2009 

1/19/2009 

1/19/2009 

1/19/2009 

1/19/2009 

1/19/2009 

1/19/2009 

12/31/2008 

Name/Position 

BARRY S,LUTIN/Director 

DAVID F, HACKEH/Director, CEO and President 

GARYLFfSHMAN/Director 

GARY P, ARNOLD/Director 

RICHARD R, SCHREIBER/Director 

ROBERT BROWN/Chief Financial Officer 

THOMAS A, MCFALiyOirector, Chairman of the Board 

THOMAS P, COOPER/Sr, VP, Legal Affairs & Secy 

THOMAS A, MCFALiyOirector 

Top Funds Largest Stake 

Fund Name 

% ChnglOOOl 

Morningstar Shares % Fund in 

RatingTM Held Assets Ownrshp 

Date of 

Portfolio 

Total of F 

— 

Top Fun 

Fund Name 

Average Star Rating 

Shares 

4,000 

30,000 

2,000 

4,000 

2,000 

20,000 

10,000 

10,000 

28,500 

Transaction 

Acquisition 

Acquisition 

Acquisition 

Acquisition 

Acquisition 

Acquisition 

Acquisition 

Acquisition 

Acquired at 

(including grants/awards) 

(including grants/awards) 

(including grants/awards) 

(including grants/awards) 

(including grants/awards) 

(including grants/awardsl 

(including grants/awards) 

(including grants/awardsl 

$1,75/Share, 

4,000 Shares, 

30,000 Shares, 

2,000 Shares, 

4,000 Shares, 

2,000 Shares, 

20,000 Shares, 

10,000 Shares, 

10,000 Shares, 

Top Funds Owners Largest Concentration 

Morningstar 

RatingTM 

% Chng(000| 

Shares %Fund in 

Held Assets Ownrshp 

Date of 

Portfolio 

C'2010 Morningstar, Inc. AH Rights Reserved The inforrnalion. data, analyses and opinions contained herein (1) include the conlidential and proprietary intoimalion of Morningstar. (2) may not be copied or redistributed. (3) do not l|/^--\,nUUinnTAn 

constitute investment advice offered by Morningslar, (•!) are provided solely for InlormatlonjI purposes and ihetefore ate not an oitei to buy or sell a secuilly. and (5) are not v\'ananied to be correct, complete or accurate. E-^LepI as aif jHN|Nhn|An 

otherwise required by law, Morningstai shall not be responsiDle for any IraoVrig dects^ons, damages or other losses resui'dng ^foni. or re/aled Co, tliis inlormation. dald. anslfsc^ oi cpinioris O' iheir ijse. Trtls report \s suppleniertM; s.its " *"""*' " 

llieiatuie. and itterefore must be preceded or accompanied by a prospectus and disclosure statement. Please read the prospectus tcireluHy