Order 02-6-17

Order 02-6-

Florida Coastal Airlines, Inc.

Order 02-6-17 OST-01-10874	Issued June 27, 2002 Served July 1, 2002	Order to Show Cause Proposing Issuance of Commuter Air Carrier Authority	Commuter Air Carrier Authority
		Attachments: Terms, Limitations and Conditions

Florida Coastal, based in Ft. Pierce, Florida, was organized in November 1995, as a corporation under the laws of the State of Florida. Florida Coastal holds a Part 135 certificate from the FAA issued in October 1997. Since that time, the carrier has provided charter service primarily from St. Lucie County International Airport, Florida, to Freeport, Treasure Cay and Walkers Cay, Bahamas. The carrier proposes to provide scheduled passenger service between its base of operations at St. Lucie County International Airport and Orlando using two of its three nine-seat Cessna 402C aircraft. The company's founder, Mr. Dean A. Forest, holds 83 percent of the carrier's issued and outstanding stock. The other owner of Florida Coastal is Mr. Dean King (17 percent) who formed the King Construction Company in 1950s and The King Company in 1983.

If granted the commuter authority it seeks, Florida Coastal proposes to provide scheduled service consisting of two round trip flifhts per day (Monday-Friday) between St. Lucie County International Airport and Orlando. It currently owns three nine-seat Cessna 402C aircraft, two of which it will use in providing its proposed scheduled service. ⁸The remaining Cessna will be utilized exclusively for on-demand operations.

Florida Coastal submitted income statements for years-ended December 31, 1999, 2000, and 2001 showing net profits of $30,700, $67,300, and $144,000, respectively. The carrier also provided a balance sheet as of April 30, 2002, that reflected working capital of $68,000 and total equity of $319,000.

By: Read Van de Water