(MONEY Magazine) – After a turbulent 1989, the airline industry has reached cruising speed with a 7.6% surge in business for the first quarter. One attractive way to play this rebound, analysts say, is through FlightSafety International (NYSE, $56.75), a pilot training company based at New York City's LaGuardia Airport that has annual revenues of $231 million. Most pilots are recertified every six months, and FlightSafety's 120 airplane simulators at 35 centers provide required practice for 80% of all corporate pilots and a rapidly growing segment -- 5% so far -- of the nation's 143,000 commercial pilots. FlightSafety's volatile shares were recently trading at a lofty P/E of 25 times estimated 1990 earnings. But analysts say the company's prospects justify that multiple. ''FlightSafety can train pilots for less than half what it costs commercial airlines to train them in-house,'' says analyst Willard Brown at Dean Witter. He expects earnings to rise by 19% this year to $2.30 a share and sees a similar profit gain in 1991.