FirstFlight, Inc. Reports Positive Earnings for Three and Nine Months Ended September 30, 2007

Business Wire, Nov 15, 2007

ELMIRA, N.Y. -- FirstFlight, Inc. (OTCBB: FFLT), a charter management and aviation services company, recently announced results for the quarter ended September 30, 2007.

For the three months ended September 30, 2007, total revenue increased 17.6 percent to $11,951,363 as compared to revenue of $10,160,013 for the three months ended September 30, 2006. For the nine months ended September 30, 2007, total revenue increased 17.5 percent to $35,057,168 when compared to revenue of $29,830,854 for the same period in the prior year.

Income applicable to common stockholders for the three months ended September 30, 2007 was $180,078, an improvement of approximately $4.0 million as compared to net loss applicable to common stockholders in the same three month period last year.

Income applicable to common stockholders for the nine months ended September 30, 2007 was $183,868, an improvement of approximately $7.1 million as compared to net loss applicable to common stockholders in the same nine month period last year.

For the three months ended September 30, 2007, income from operations was $146,493 as compared to a loss from operations of $515,315 in the three months ended September 30, 2006. For the nine months ended September 30, 2007, income from operations was $42,551 as compared to a loss of $1,523,206 in the same period in the prior year.

"We are very pleased to have continued our progress this quarter, building on the solid results we reported in the first and second quarters of this year," commented John Dow, President and Chief Executive Officer of FirstFlight. "Our fleet of managed aircraft has continued to grow as we add large- and mid-cabin management aircraft to our portfolio of aircraft available for charter. The results of having the right fleet mix, combined with exceptional service and a hard-working and talented management team, are reflected in the performance this quarter, something we believe will continue in upcoming quarters."

The Company also reported adjusted EBITDA(1) of $362,748 and $615,206 for the three and nine months ended September 30, 2007; respective improvements of approximately $600,000 and $1,400,000 as compared to the three and nine months ended September 30, 2006.

"Operating income, adjusted EBITDA, net income and income applicable to common stockholders all posted excellent gains in the three and nine months ended September 30, 2007 as compared to the same time periods last year," stated Keith P. Bleier, Senior Vice President and Chief Financial Officer of FirstFlight. "The cost reductions that we initiated in 2006, which include the streamlining of our corporate infrastructure and significant reduction in professional fees, continue to positively impact our financial performance."

About FirstFlight, Inc.

FirstFlight is an aviation services company. Our operations are conducted in three core segments: aircraft charter management activities, aircraft maintenance, and fixed based operations. Charter management is the business of providing on-call passenger air transportation. A fixed base operation is the primary provider of services such as fueling and hangaring of private/general aviation aircraft operators. The aircraft maintenance business is conducted at our FAA-certificated facilities.

This release may include projections of future results and "forward-looking statements" as that term is defined in Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. All statements that are included in this release, other than statements of historical fact, are forward-looking statements. Although the management of FirstFlight believes that the expectations reflected in these forward-looking statements are reasonable, there are no assurances that such expectations will prove to have been correct.

(1) Explanation of Adjusted EBITDA, a Non-GAAP Financial Measure

The Company has defined Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, as adjusted for stock based compensation expense and other income. We believe that Adjusted EBITDA, a financial measure that is not defined by Generally Accepted Accounting Principles (GAAP), is a useful performance metric because it eliminates significant non-cash and/or one-time charges to earnings. It is important to note that non-GAAP measures should be considered in addition to, not as a substitute for or superior to, net income, cash flows, or other measures of financial performance in accordance with GAAP. A reconciliation of net income to Adjusted EBITDA is as follows for the three and nine months September 30, 2007 and 2006.

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