SAKER AVIATION SERVICES, INC. ANNOUNCES FINANCIAL RESULTS FOR THE THREE MONTHS ENDED JUNE 30, 2022

Rhea-AI Summary

Saker Aviation Services reported significant financial growth in its press release. For 2022, revenue reached $3,453,000, a remarkable 192.8% increase from $1,179,000 in 2021. Net income also rose to $722,000, compared to $577,000 in the previous year. The surge in revenue was driven by a rebound in tourist activity in New York City and heightened operations at their Kansas location. The company expressed optimism about sustaining this growth trend despite potential uncertainties in future tourist traffic.

Positive

• Revenue increased by 192.8% to $3,453,000 in 2022.
• Net income improved by $144,878 to $722,000 in 2022.
• Higher demand for services due to increased tourist activity.

Negative

• No guarantees on the continuity of tourist traffic growth.

Revenue of $3,453,000 in 2022 up 192.8% Versus $1,179,000 in 2021

Net Income of $722,000 in 2022 Versus Net Income of $577,000 in 2021

NEW YORK, Aug. 15, 2022 (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 June 30, 2022.

Revenue in the three months ended June 30, 2022 of $3,452,759 was up 192.8 percent from $1,179,064 in the three months ended June 30, 2021. Net income in the three months ended June 30, 2022 of $722,042 was up $144,878 as compared to net income of $577,164 in the same period in 2021.

“We are pleased to announce the financial results for the three months ended June 30, 2022 as compared to the same period in 2021,” stated Mark Raab, the Company’s Corporate Controller. “Our increase in revenue is primarily due to higher demand for tours in New York City as tourist activity continues to rebound from 2021 levels, as well as increased activity at our Kansas location. While there are no guarantees that tourist traffic in New York will continue to increase, we are optimistic that this trend will continue. Our increase in net income is primarily due to higher levels of demand at our New York location as well as higher non-recurring other income items recorded in the second quarter of 2022 as compared to the same quarter in 2021,” 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 December 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 the financial results for SKAS in Q2 2022?

Saker Aviation Services reported revenues of $3,452,759, up 192.8%, and a net income of $722,042, up from $577,164 in Q2 2021.

What drove the revenue growth for SKAS?

Revenue growth was primarily driven by increased demand for tours in New York City and higher activity levels at their Kansas location.

How did Saker Aviation's net income change in 2022?

Net income for Saker Aviation rose to $722,000 in 2022, compared to $577,000 in 2021.

What uncertainties did SKAS mention regarding future growth?

SKAS acknowledged there are no guarantees about the continuity of tourist traffic in New York, which could affect future revenue.