New York, NY, November 14, 2019 – Saker Aviation Services, Inc. (OTCQB:SKAS), an aviation services company specializing in ground-based services to the general aviation marketplace, today announced its financial results for the three and nine months ended September 30, 2019.
Revenue in the nine months ended September 30, 2019 of $8,618,883, was up 4.6 percent from $8,236,353 in the same period in 2018. Net income in the nine months ended September 30, 2019 of $556,407, was up 177.9 percent as compared to $200,199 in the nine months ended September 30, 2018.
“We are pleased to post another quarter in 2019 that shows improvement as compared to 2018.” stated Ron Ricciardi, the Company’s president & CEO. “The results reflect the recovery of our heliport business after the fatal helicopter accident in early 2018.” The impact of a fatal helicopter accident in early 2018, as previously reported, had a negative impact on the business in the final three quarters of 2018. “This performance, in combination with the recently announced special cash dividend, give the company momentum for the fourth quarter of this year and into 2020,” concluded Mr. Ricciardi.
The Company also reported Adjusted EBITDA1 of $925,260 for the nine months ended September 30, 2019, an increase of $208,773 or 29.1 percent as compared to Adjusted EBITDA of $716,487 in the nine months ended September 30, 2018. Please see footnote 1 below for the Company’s definition of Adjusted EBITDA, a description of why the Company uses Adjusted EBITDA and important disclaimers regarding Adjusted EBITDA, which is a non-GAAP measure. A reconciliation
About Saker Aviation Services, Inc.
Saker Aviation Services (www.SakerAviation.com), through our subsidiaries, operates in the aviation services segment of the general aviation industry, in which we serve as the operator of a heliport, a fixed base operation (“FBO”), and as a consultant for a seaplane base that we do not own. FBOs provide ground-based services, such as fueling, aircraft storage, and aircraft maintenance for general aviation, commercial and military aircraft, and other miscellaneous services.
Saker Aviation Services, Inc.
Ronald J. Ricciardi
President & CEO
Note Regarding Forward-Looking Statement
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects” and similar references to future periods. These statements may include projections of revenue, provisions for doubtful accounts, income or loss, capital expenditures, repayment of debt, other financial items, statements regarding our plans and objectives for future operations, acquisitions, divestitures and other transactions, statements of future economic performance, statements of the assumptions underlying or relating to any of the foregoing statements and statements other than statements of historical fact.
Forward-looking statements are based on the Company’s current expectations and
assumptions regarding its business, the economy and other future conditions. Because
forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. The
Company’s actual results may differ materially from those contemplated by the forward-looking statements. The Company therefore cautions readers of this press release against relying on any of these forward-looking statements because they are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the Company’s services and pricing, general economic conditions, its ability to raise additional capital, its ability to obtain the various approvals and permits for the acquisition
and operation of FBOs and the other risk factors contained under Item 1A of the
Company’s Annual Report on Form 10-K for the year ended December 31, 2018.
Any forward-looking statement made in this press release speaks only as of the date on which it is made. Factors or events that could cause the Company’s actual results to differ may emerge from time to time and it is not possible to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
-FINANCIAL TABLES TO FOLLOW –
The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation
and amortization, as adjusted for stock based compensation expense and other income
and expense items. The Company believes that Adjusted EBITDA, which is a financial
measure that is not defined by Generally Accepted Accounting Principles (“GAAP”), is a
useful performance metric because it eliminates non-cash and/or non-recurring charges
to earnings. It is important to note that non-GAAP measures such as Adjusted EBITDA
should be considered in addition to, not as a substitute for or superior to, net income,
cash flows, or other measures of financial performance prepared in accordance with
GAAP. A reconciliation of net income to Adjusted EBITDA is as follows for the nine
months ended September 30, 2019 and 2018.