8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):		May 14, 2008
FIRSTFLIGHT, INC.
(Exact name of Registrant as specified in its charter)
Nevada	000-52593			87-0617649
(State or other jurisdiction of incorporation)	(Commission File Number)			(IRS Employer Identification No.)
236 Sing Sing Road, Elmira-Corning Regional Airport, Horseheads, NY				14845
(Address of principal executive offices)				(Zip Code)
Registrant’s telephone number, including area code:			(607) 739-7148
N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)  

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)  

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))  

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))  

1

Item 2.02. Results of Operations and Financial Condition.

On May 14, 2008, FirstFlight, Inc. (the “Company”) issued a press release describing its results of operations and financial condition for the quarter ended March 31, 2008. The Company’s press release is attached to this Current Report on Form 8-K as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

(d)   Exhibits.

Exhibit No.	Description
99.1	Press Release dated May 14, 2008 of FirstFlight, Inc. regarding its results of operations and financial condition for the quarter ended March 31, 2008.

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

	FirstFlight, Inc.
Date: May 14, 2008	By:	Keith P. Bleier
		Keith P. Bleier Senior Vice President and Chief Financial Officer

3

EX-99.1

  Company Contact:   Ron Ricciardi 570-457-3400     Investor Relations Contacts:   Porter, LeVay & Rose, Inc. Linda Decker, VP - Investor Relations Jeffrey Myhre, VP - Editorial 212-564-4700

FIRSTFLIGHT ANNOUNCES FINANCIAL RESULTS FOR QUARTER ENDED MARCH 31, 2008

Revenue Rises 23.9% to $13.9 Million

Net Income of $103,000 in 2008 Compared to a Net Loss of $125,000 in 2007

Conference Call Scheduled for Wednesday, May 14, 2008, at 11 am EDT

ELMIRA/CORNING, NY, May 14, 2008 -- FirstFlight, Inc. (OTC BB: FFLT) a charter management and aviation services company, today announced its financial results for the three months ended March 31, 2008.

Revenue for the three months ended March 31, 2008 increased 23.9 percent to $13.9 million as compared to revenue of $11.2 million for the three months ended March 31, 2007. This increase resulted from stronger performance by each of the Company’s segments.

The Company’s charter segment generated approximately $11.5 million in revenue, a 21.4 percent increase over revenue of approximately $9.5 million generated in the prior year period. The fixed base operations, or FBO, segment generated approximately $1.5 million in revenue, a 28.9 percent increase over revenue of approximately $1.2 million generated in the prior year period. The maintenance segment generated approximately $0.9 million, a 55.2% increase over revenue generated of approximately $0.6 million in the prior year period.

Net income for the three months ended March 31, 2008 was $103,000, as compared to a net loss for the three months ended March 31, 2007 of $125,000, an improvement of approximately $228,000. This increase was driven by an improvement in the Company’s operating results.

“We are very pleased to post another strong quarter,” stated John Dow, President and CEO of FirstFlight. “In particular, we are excited that each of our operating segments contributed to our results. Our charter and FBO segments continued their solid year-over-year performance. Perhaps more importantly, our maintenance segment had an outstanding quarter with both increased revenue and improved margins. The improvement in maintenance was driven not only by increased business volume, but by our continued adherence to solid cost control measures. Our charter segment improved due to more productive use of mid- and large-cabin aircraft in charter activities. In the FBO segment, increases related to fueling managed aircraft and a higher average price for fuel contributed to our higher revenue. We believe that our improved performance in the quarter ended March 31, 2008 is indicative of future segment performance.

-more-

-2-

“Key to our continuing success in 2008 will be additions to our fleet of charter aircraft and the performance of the sales people we hired early in 2008. As announced earlier, we added a dedicated Vice President of Sales and Marketing along with three additional charter sales personnel. These folks are now up to speed and we believe their focus on geographically strategic markets where we have recently added managed aircraft will be borne out in the coming quarters.”

“We are highly conscious of the recent and continual increases in oil prices that have translated to higher jet fuel costs,” added Senior Vice President and Chief Financial Officer, Keith Bleier. “For the most part, we were able to incorporate into our pricing strategy the higher level of costs during the quarter. We are mindful, however, that our ability to continue to do so will be challenging. We also note that the fuel situation seems to be creating somewhat softer conditions in the general charter market. We will continue to work to minimize the impact rising fuel prices have on our organization.”

The Company also reported Adjusted EBITDA¹ of $356,399 for the three months ended March 31, 2008, an improvement of approximately $420,000 as compared to the three months ended March 31, 2007. Please see footnote 1 below for our definition of Adjusted EBITDA, a description of why we use Adjusted EBITDA and important disclaimers regarding Adjusted EBITDA, which is a non-GAAP measure. A reconciliation of Adjusted EBITDA to the appropriate GAAP measure is also included in footnote 1.

Management Conference Call Information

Management of FirstFlight Inc. will host a conference call on Wednesday, May 14, 2008 at 11 a.m. EDT to discuss the Company’s first quarter financial results and achievements. Those who wish to participate in the conference call may telephone (888) 335-6674 from the U.S. or (973) 582-2845 for international callers. Please reference conference ID# 47599803 approximately 15 minutes before the call. A digital replay will be available approximately 2 hours after the completion of the call by telephone for two weeks and may be accessed by dialing (800) 642-1687, from the U.S., or (706) 645-9291 for international callers, conference ID# 47599803.

About FirstFlight, Inc.

FirstFlight is an aviation services company. The Company’s operations are conducted in three core segments: aircraft charter management activities, fixed based operations (FBOs), and aircraft maintenance. Charter management is the business of providing on-call passenger air transportation. Fixed base operations provides services such as fueling and hangaring for private/general aviation aircraft operators. The Company’s aircraft maintenance business is conducted at its FAA-certificated facilities. FirstFlight maintains a website located at www.fflt.com.

This press release includes 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. FirstFlight disclaims any obligation to update any of its forward-looking statements, except as may be required by law.

-FINANCIAL TABLES TO FOLLOW -

-3-

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

The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, as adjusted for stock based compensation expense and other income. The Company believes that Adjusted EBITDA, which is a financial measure that is not defined by Generally Accepted Accounting Principles in the U.S., or 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 such as Adjusted EBITDA should be considered in addition to, not as a substitute for or superior to, net income, cash flows, or other measures of financial performance prepared in accordance with GAAP. A reconciliation of net income to Adjusted EBITDA is as follows for the quarters ended March 31, 2008 and 2007

	Three Months Ended March 31,
	2008			2007
Net income (loss)	$	103,188		$	(124,854	)
Non-cash charges and credits
Other income		—			(60,156	)
Loss (gain) on sale of property and equipment		9,500			(33,705	)
Interest expense		5,999			6,263
Interest income		(9,017	)		(17,373	)
Stock compensation expense		147,703			65,460
Depreciation and amortization		99,026			99,225
Adjusted EBITDA	$	356,399		$	(65,140	)

Segment Performance

Revenue	Three Months Ended March 31,
	2008		2007
Charter	$	11,541,164	$	9,509,904
FBO		1,492,081		1,157,512
Maintenance		896,993		577,865
Total revenue	$	13,930,238	$	11,245,281

Operating Results	Three Months Ended March 31,
	2008			2007
Charter	$	461,005		$	290,299
FBO		102,191			(10,793	)
Maintenance		25,476			(135,038	)
Division profit		588,672			144,468
Corporate expense		(479,002	)		(374,293	)
Operating profit (loss)		109,670			(229,825	)
Other income		—			60,156
Gain (loss) on sale of property and equipment		(9,500	)		33,705
Interest income		9,017			17,373
Interest expense		(5,999	)		(6,263	)
Net income (loss)	$	103,188		$	(124,854	)

-4-

FIRSTFLIGHT, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

ASSETS
	March 31, 2008 (Unaudited)			December 31, 2007
CURRENT ASSETS
Cash and cash equivalents	$	1,616,838		$	2,400,152
Accounts receivable, net of allowance for
doubtful accounts of $34,000 and $26,721, respectively		6,855,883			5,226,006
Inventories		447,625			324,314
Prepaid expenses and other current assets		579,445			472,750
Total current assets		9,499,791			8,423,222
PROPERTY AND EQUIPMENT, net
of accumulated depreciation of $394,768 and $361,577, respectively		1,125,548			1,169,316
OTHER ASSETS
Deposits		36,900			36,800
Intangible assets - trade names		420,000			420,000
Other intangible assets, net of
accumulated amortization of $542,609 and $489,274, respectively		97,391			150,726
Goodwill		4,194,770			4,194,770
Total other assets		4,749,061			4,802,296
TOTAL ASSETS	$	15,374,400		$	14,394,834
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable	$	7,277,184		$	6,252,043
Customer deposits		140,258			532,397
Accrued expenses		650,406			551,074
Notes payable - current portion		127,988			126,663
Total current liabilities		8,195,836			7,462,177
LONG-TERM LIABILITIES
Notes payable - less current portion		291,804			296,788
Total liabilities		8,487,640			7,758,965
STOCKHOLDERS' EQUITY
Preferred stock - $.001 par value; authorized 9,999,154;
none issued and outstanding		—			—
Common stock - $.001 par value; authorized 100,000,000;
36,582,987 shares issued and outstanding		36,583			36,583
Additional paid-in capital		18,973,463			18,825,760
Accumulated deficit		(12,123,286	)		(12,226,474	)
TOTAL STOCKHOLDERS' EQUITY		6,886,761			6,635,869
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	15,374,400		$	14,394,834

-5-

FIRSTFLIGHT, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

	Three Months Ended March 31,
	2008			2007
REVENUE	$	13,930,238		$	11,245,281
COST OF REVENUE		11,668,553			9,723,035
GROSS PROFIT		2,261,685			1,522,246
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES		2,152,015			1,752,071
OPERATING INCOME (LOSS)		109,670			(229,825	)
OTHER INCOME (EXPENSE)
OTHER INCOME		—			60,156
GAIN (LOSS) ON SALE OF PROPERTY AND EQUIPMENT		(9,500	)		33,705
INTEREST INCOME		9,017			17,373
INTEREST EXPENSE		(5,999	)		(6,263	)
TOTAL OTHER INCOME (EXPENSE)		(6,482	)		104,971
NET INCOME (LOSS)	$	103,188		$	(124,854	)
Basic and Diluted Net Income (Loss)
Per Common Share	$	0.00		$	(0.00	)
Weighted Average Number of Common Shares
Outstanding - Basic		36,582,987			36,592,387
Weighted Average Number of Common Shares
Outstanding - Diluted		36,609,810			36,592,387