SAKER AVIATION SERVICES, INC. ANNOUNCES FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2021

Rhea-AI Summary

Saker Aviation Services (OTCQB: SKAS) reported a significant revenue decline of 51.7% for Q1 2021, bringing in $809,096 compared to $1.7 million in Q1 2020. The net loss widened to $265,666 from a $96,140 loss during the same period last year. The COVID-19 pandemic heavily influenced these results, though the company sees potential improvement as they lap prior year’s issues. They anticipate support from CARES Act provisions and increased tourist activity in NYC.

Positive

• Indications of increasing tourist activity in New York City may positively impact future revenue.
• Expected assistance from CARES Act provisions could strengthen financial performance.

Negative

• Revenue decreased by 51.7% year-over-year.
• Net loss increased from $96,140 in Q1 2020 to $265,666 in Q1 2021.

Revenue of $810,000 in 2021 Down 51.7% Versus $1.7 Million in 2020

Net Loss of $266,000 in 2021 Versus Net Loss of $96,000 in 2020

NEW YORK, May 14, 2021 (GLOBE NEWSWIRE) --  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 months ended March 31, 2021.

Revenue in the three months ended March 31, 2021 of $809,096, was down 51.7 percent from $1,673,755 in the three months ended March 31, 2020. Net loss in the three months ended March 31, 2021 of $265,666, was down $169,526 as compared to net loss of $96,140 in the same period in 2020.

“As anticipated, the COVID-19 pandemic drove a negative comparison in Q1 2021 as compared to 2020, though we are pleased that the loss narrowed in comparison to prior quarters.” stated Mark Raab, the Company’s Corporate Controller. “Multiple CARES Act provisions will strengthen our balance sheet in upcoming quarters, as previously noted. Indications remain that tourist activity may increase in New York City. And discussions with the City on ways to address operating losses continue to progress. The totality of the pandemic will negatively impact financial results in 2021. But as we begin to lap COVID-impacted quarters in 2020, comparisons should improve,” concluded Mr. Raab.

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 and as a full-service fixed base operation (“FBO”). FBOs provide ground-based services, such as fueling, aircraft storage, and aircraft maintenance for general aviation, commercial and military aircraft, and other miscellaneous services.

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 March 31, 2021.

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.

FAQ

What were Saker Aviation Services' Q1 2021 revenue and losses?

Saker Aviation Services reported $809,096 in revenue for Q1 2021 and a net loss of $265,666.

How much did Saker Aviation's revenue decline compared to Q1 2020?

The company's revenue declined by 51.7% compared to $1.7 million in Q1 2020.

What factors contributed to Saker Aviation's financial results in Q1 2021?

The financial results were heavily impacted by the COVID-19 pandemic.

What future expectations does Saker Aviation have following the Q1 2021 results?

Saker Aviation anticipates improved comparisons as they move past COVID-impacted quarters and expect potential benefits from CARES Act support.