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Miami Aircraft Support history
Miami Aircraft Support company history timeline
July 7, 1981 MacCready’s Solar Challenger is first solar-powered aircraft to cross English Channel.
The Colombia was first launched in 1981 and this was its 28th flight.
Braniff International ceased operations on May 12, 1982 after a major expansion program that was followed by an economic recession.
International Airline Support Group, Inc. was founded in 1982 by Richard R. Wellman, a scrap metal dealer, and his wife Lynda Wellman.
1982: IASG is formed in Miami.
19, 1982 – The Boeing 757 makes its first flight at Renton, WA. Delivered to Eastern Air Lines Dec.
April 22, 1985: Pan Am sells its Pacific division to United Air Lines for $750 million; the deal includes all Pan Am’s Pacific routes as well as its complete fleet of long-range 747SPs, half its TriStars and one DC-10.
14-23, 1986 — Voyager, piloted by Dick Rutan and Jeana Yeager, is first craft to fly around the world without refueling.
Prior to the IPO, in October 20, 1989, a Delaware corporation called International Aircraft Support Group was formed.
Revenue of $8 million for the 1989 fiscal year was nearly triple that of the year before, while net income rose to $487,000 from $55,000.
IASG joined International Aircraft Services, a leasing firm in Shannon, Ireland, in a joint venture in April 1990.
IASG's initial public offering (IPO) in 1990 raised $2.4 million.
Sales in 1990 of 170 of these wide-body transports broke all records.
Eastern Airlines was grounded on January 18, 1991 after numerous years of financial difficulties and labor/management squabbles.
The company more than doubled its revenues in the fiscal year ending May 31, 1991, reaching $21.5 million.
In October 1991, Miami Air International started operations using leased Boeing 727-200 aircraft.
In 1991, the company began leasing space for an aircraft and parts storage operation north of Dallas in Sherman.
1991: The company begins selling DC-9 parts and opens a new base in Sherman, Texas.
IASG-Virgin Islands, Inc. (IASG-VI) was formed in July 1992 to promote international sales with tax benefits.
Richard Wellman grew up in a working-class neighborhood of Detroit, recorded the Wall Street Journal in a 1992 article chronicling how much he enjoyed entrepreneurship.
Revenues continued to rise in fiscal 1992, to $26.5 million, while net income hit $2 million.
In June 1993, the company established a subsidiary, International Airline Service Center, Inc. (IASC), in Sherman, Texas.
IASG bought Brent Aviation, Inc., a tiny Texas air cargo operator, in November 1993.
Sales of jet parts slowed to half their normal rate. Its November 1993 bankruptcy plunged IASG, as the managing partner, into a financial crisis.
A $4.7-million Capital Improvement Program was kicked off in 1993 with the goal of expanding and modernizing the airport.
Aircraft leasing increased to 10 percent of IASG revenues in the 1994 fiscal year.
However, the unit was never able to establish a substantial third party customer base, and it was sold off in May 1995.
British Airways along with several international carriers moved into the first phase of the newly completed Concourse A in June 1995.
Garuda Indonesia in May 1996 for $2.3 million.
The last major crash out of MIA occurred in 1996 when a gas canister on a ValuJet flight hold exploded shortly after take-off.
April 2, 1997: A Boeing 777, powered by twin Rolls-Royce Trent 892 turbofans, returns to Seattle to set a new Eastbound speed around the world record of 553 mph.
Revenues were $21 million in the fiscal year ended May 31, 1997; profit was $1.7 million.
IASG acquired an Airbus A300 in March 1998 for parts sales.
The present day Concourse H (originally built for Delta and US Airways) was completed in March 1998.
A 242,000 square-foot ($87-million) expansion became operational in December 1999 increasing the number of gates to twenty.
In the fall of 1999, IASG reached an agreement with Delta Air Lines' Comair unit to sell its Brasilia parts on consignment.
1999: Comair's fleet of Brasilia turboprops is acquired.
In 2000, IASG opened a sales office in France as well as a distribution center in the Netherlands, managed by KLM Aerospace Logistics Group.
In Autumn 2000, IASG acquired an EMB-120 Brasilia turboprop, the first of the type to be converted to a freighter.
By 2000, Miami Air International primarily operated Boeing 727 aircraft.
Starting 2000, the fleet was refreshed with new Boeing 737-800s.
However, IASG has suffered along with the airline industry following the terrorist attacks on the World Trade Center on September 11, 2001.
IASG's revenues were $21.5 million in fiscal 2001, with net earnings of $343,000, about a third that of the previous year.
In December 2002, the company announced the addition of parts for the Sikorsky S-76 helicopter.
The Federal Aviation Administration activated the current 333-foot ($24.9-million) ATC-Tower in December 2002.
On August 29, 2003 runway 08L-26R was opened to airfield operations.
In 2006, two Boeing 737-400 configured with all first class seating, 68 plush leather first-class seats, were added to the fleet.
On August 29, 2007 the South Terminal opened to scheduled airline service.
AAR Aircraft Services acquired Avborne in 2008.
The Car Rental Center (situated east of the terminal) opened on July 13, 2010.
A $270-million automated people mover system began transporting travelers between the 20th Street Terminal and the consolidated Car Rental Center on September 09, 2011.
More than 27.6-million American Airlines passengers passed thru the MIA hub in 2012 making it the busiest international gateway in the system.
When completed in March 2013 the 3.2 million square-foot linear complex boasted a rooftop people-mover system with four stations, a federal inspection center, 48 international-capable gates and two ramp-level commuter gates.
August 14, 2020 7:48 am Wings Over Miami to Welcome a MIG-21
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