NEW YORK, May 16, 2016/PR Newswire/ â€“ Saker Aviation Services, Inc. (SKAS), anÂ aviation services company specializing in ground-based services to the general aviationÂ marketplace, today announced its financial results for the three months ended March 31,Â 2016.
Revenue and operating income in the three months ended March 31, 2016 of $2,967,080Â and $373,078, respectively, are up 19.3 percent and 341.5 percent, respectively, asÂ compared to revenue of $2,487,115 and operating income of $84,509 in the three monthsÂ ended March 31, 2015. A 17.6 percent upturn in total fuel gallons offset lower averageÂ fuel costs, which lead to lower average fuel prices charged, to drive fuel sales revenueÂ up 9.9 percent. A corresponding increase in services and supply items contributed to theÂ 19.3 percent upsurge in total revenue.Â â€œAn excellent beginning to the year, with double-digit increases in revenue and triple-digitÂ improvement to operating income,â€ stated Ron Ricciardi, the Companyâ€™s President. â€œTheÂ Easter Holiday falling in the first quarter of 2016 and the second quarter of 2015 clearlyÂ contributed to the year-over-year comparisons, as tourists and travelers were activeÂ earlier this year than last. It was particularly important to get off to a quick start in the firstÂ quarter in light of mandatory changes to our New York operations, which were announcedÂ earlier in 2016 and will begin to take effect in the second quarter.â€Â The Company also reported Adjusted EBITDA1 of $475,249 for the three months ended
March 31, 2016, an increase of $238,531 or 100.8 percent as compared to AdjustedÂ EBITDA of $236,718 in the three months ended March 31, 2015. Please see footnote 1Â below for the Companyâ€™s definition of Adjusted EBITDA, a description of why theÂ Company uses Adjusted EBITDA and important disclaimers regarding Adjusted EBITDA,Â which is a non-GAAP measure. A reconciliation of Adjusted EBITDA to the appropriateÂ GAAP measure is also included in footnote 1.
About Saker Aviation Services, Inc.
Saker Aviation Services (www.SakerAviation.com), through our subsidiaries, operates inÂ the aviation services segment of the general aviation industry, in which we serve as theÂ operator of a heliport, a fixed base operation (â€œFBOâ€), and as a consultant for a seaplaneÂ base that we do not own. FBOs provide ground-based services, such as fueling andÂ aircraft storage for general aviation, commercial and military aircraft, and otherÂ miscellaneous services.
Note Regarding Forward-Looking Statement
This press release contains “forward-looking statements” within the meaning of SectionÂ 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, asÂ amended (the â€œExchange Actâ€). Forward-looking statements can be identified by wordsÂ such as â€œanticipates,â€ â€œintends,â€ â€œplans,â€ â€œseeks,â€ â€œbelieves,â€ â€œestimates,â€ â€œexpectsâ€ andÂ similar references to future periods. These statements may include projections ofÂ revenue, provisions for doubtful accounts, income or loss, capital expenditures,Â repayment of debt, other financial items, statements regarding our plans and objectivesÂ for future operations, acquisitions, divestitures and other transactions, statements ofÂ future economic performance, statements of the assumptions underlying or relating toÂ any of the foregoing statements and statements other than statements of historical fact.Â Forward-looking statements are based on the Companyâ€™s current expectations andÂ assumptions regarding its business, the economy and other future conditions. BecauseÂ forward-looking statements relate to the future, they are subject to inherent uncertainties,Â risks and changes in circumstances that are difficult to predict. The Companyâ€™s actualÂ results may differ materially from those contemplated by the forward-looking statements.Â The Company therefore cautions readers of this press release against relying on any ofÂ these forward-looking statements because they are neither statements of historical factÂ nor guarantees or assurances of future performance. Important factors that could causeÂ actual results to differ materially from those in the forward-looking statements include theÂ Companyâ€™s services and pricing, general economic conditions, its ability to raiseÂ additional capital, its ability to obtain the various approvals and permits for the acquisitionÂ and operation of FBOs and the other risk factors contained under Item 1A of theÂ Companyâ€™s Annual Report on Form 10-K for the year ended December 31, 2015.Â Any forward-looking statement made in this press release speaks only as of the date onÂ which it is made. Factors or events that could cause the Companyâ€™s actual results to differÂ may emerge from time to time and it is not possible to predict all of them. The CompanyÂ undertakes no obligation to publicly update any forward-looking statement, whether as aÂ result of new information, future developments or otherwise, except as may be requiredÂ by law.
-FINANCIAL TABLES TO FOLLOW –
1 Explanation of Adjusted EBITDA, a Non-GAAP Financial Measure
The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciationÂ and amortization, as adjusted for stock based compensation expense and other incomeÂ and expense items. The Company believes that Adjusted EBITDA, which is a financialÂ measure that is not defined by Generally Accepted Accounting Principles (â€œGAAPâ€), is aÂ useful performance metric because it eliminates non-cash and/or non-recurring chargesÂ to earnings. It is important to note that non-GAAP measures such as Adjusted EBITDAÂ should be considered in addition to, not as a substitute for or superior to, net income,Â cash flows, or other measures of financial performance prepared in accordance withÂ GAAP. A reconciliation of net income to Adjusted EBITDA is as follows for the threeÂ months ended March 31, 2016 and 2015