Despite the difficulties it has faced in obtaining development funding for its SF50 Vision jet single, Minn.-based Cirrus Aircraft still describes its personal jet program as its “absolute top priority.” During a live Web cast last month company president and CEO Brent Wouters told order holders that while he didn’t know when the $1.72 million aircraft would enter the market, the company has formulated several cash flow-based production timelines based on the current funding levels. “We need to understand the dollars and the available capital before we can answer that for ourselves,” Wouters told the audience. “I can tell you this, we will get the program done as soon as humanly possible.”
Describing the company as a survivor of the recent economic downturn, Wouters said Cirrus is regaining its financial strength by reducing its debt by 12 percent year-over-year and reducing its inventory by 75 percent during the same span while increasing market share. During that period, the company had been relying on internal cash flow to continue its SF50 program. “In 2009 and before, that was about survival; quite frankly we had to do everything we could to work through the challenges that were thrown at us,” said Wouters. “We could not raise capital for the jet or for anything else in 2008 or 2009.”
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