In 2003, FlightSafety experienced a drop in “normal” operating earnings from $183 million to $150 million. NetJets lost $41 million pre-tax in 2003, according to Buffett.

This story from Aviation International News explains the losses and also points to their optimism for coming years.

My Question is: Is the optimism a bunch of PR spin? Or are these guys (the fractionals) really going to eat up independent 135 operators?