One is the state’s largest air charter company, the other is the oldest.

And in 2007, they were among the first to experience the start of what would be a two-year recession, which resulted in job cuts in virtually every sector of the economy.

Watertown-based Wisconsin Aviation and Morey Airplane Co. in Middleton have not returned to the boom days of 2005. But officials say they are seeing a recovery, which suggests better days and more stability are on the way.

At Wisconsin Aviation — the 140-employee company offers services in Watertown, Madison and Juneau and recently formed a joint operating agreement with the Reedsburg Airport — business had plummeted 40 percent over the past two years. The four-person staff that had coordinated charters was reduced to two, and company president and chief executive officer Jeff Baum didn’t fly as much so he could keep other pilots working.

The company, founded in 1981, anticipates revenues of $15 million this year. It leases, owns or manages 55 aircraft, including 24 available for charter use, ranging in size from four-seat single-engine planes to corporate jets.

Baum has seen business improve, but revenues still are down 10 to 15 percent when compared with 2007.