Trouble at UAL-affiliated Gulfstream

Gulfstream International Group Inc., the parent of Gulfstream International Airlines Inc., has a going-concern qualification from the auditors.

The accountants have "substantial doubt" about Gulfstream's ability to continue as a going concern in view of a "net capital deficiency" and "recurring losses from operations."

The Dec. 31 balance sheet of Fort Lauderdale, Florida-based Gulfstream listed assets of $14.8 million and liabilities of $25.7 million. On 2009 revenue of $87.3 million, the operating loss was $2.9 million, and the net loss was $7.6 million.

Gulfstream has 23 turboprop aircraft seating 19 passengers each. The company has 147 daily flights serving nine destinations in Florida, 10 in the Bahamas, and five in Ohio and Pennsylvania. Gulfstream operates under code-sharing arrangement with Continental Airlines Inc. and UAL Corp.'s United Airlines.