Eclipse Aviation displayed a new mockup of its redesigned Eclipse 500 at EAA AirVenture in Oshkosh, Wis., last month, but first flight of the genuine article has been pushed back 30 days (to next July, rather than June) and certification pushed back six months to December 2003. Just before Oshkosh, Eclipse Aviation president and CEO Vern Raburn told AIN, “To be prudent, we have revised our development program in light of the current financial environment. The revised plan reduces our investment requirement to reach first flight and results in modest schedule changes.” Raburn said he was unable to comment further on development funding due to constraints imposed by the U.S. Securities and Exchange Commission. The projected selling price of the six-place, Williams FJ22-powered twinjet remains at $837,500.
An investment analyst for a major financial company told AIN that, while private placement funding is still available in today’s market, it is difficult to find funding for speculative ventures. He said the swing toward the bearish side of the scale came after the failure of dot-com firms to produce revenues, as well as rosy promises. “It depends on the sector,” said the analyst, who asked not to be identified, “but investors are looking for bottom-line fundamentals: cash flow, a tangible product and a good business plan.”
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