SAKER AVIATION SERVICES, INC. ANNOUNCES FINANCIAL RESULTS FOR THE THREE MONTHS ENDED JUNE 30, 2021

Rhea-AI Summary

Saker Aviation Services (SKAS) reported a remarkable revenue increase of 268.8% for the three months ended June 30, 2021, totaling $1.18 million, up from $438,632 in the same period in 2020. The net income surged to $577,164, reversing a net loss of $754,935 year-over-year. The recovery in tourist activity in New York City and PPP and ERTC accounting contributed to these positive results. Despite optimism for the future, uncertainties remain due to the Delta variant impacts.

Positive

• Revenue increased by 268.8% to $1.18 million for Q2 2021.
• Net income of $577,164 in Q2 2021 compared to a net loss of $754,935 in Q2 2020.
• Positive effects from PPP forgiveness and ERTC accounting.

Negative

• Uncertainty regarding continued tourist traffic growth.
• Potential long-term impacts of the Delta variant on operations.

Revenue of $1.2 Million in 2021 up 268.8% Versus $439,000 in 2020

Net Income of $577,000 in 2021 Versus Net Loss of $755,000 in 2020

New York, Aug. 13, 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 June 30, 2021.

Revenue in the three months ended June 30, 2021 of $1,179,064, was up 268.8 percent from $438,632 in the three months ended June 30, 2020. Net income in the three months ended June 30, 2021 of $577,164, was up $1,332,099 as compared to net loss of $754,935 in the same period in 2020.

“We are pleased to announce a significant and encouraging swing in results for the quarter ended June 30, 2021 as compared to the same period in 2020,” stated Mark Raab, the Company’s Corporate Controller. “There were positive impacts to earnings from PPP forgiveness and ERTC accounting in the quarter. But the financials also reflect a strengthening of operating results as tourist activity in New York City rebounded to some extent. While there are no guarantees that tourist traffic will continue to increase, and the long-term impact of the Delta variant remains to be determined, we are optimistic that future quarters in 2021 will enjoy favorable comparisons to comparable periods in 2020,” 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 June 30, 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' revenue and net income for Q2 2021?

Saker Aviation Services reported revenue of $1.18 million and net income of $577,164 for Q2 2021.

How did Saker Aviation Services' Q2 2021 results compare to Q2 2020?

Q2 2021 results showed a revenue increase of 268.8% from Q2 2020 and a switch from a net loss of $754,935 to a net income of $577,164.

What factors contributed to Saker Aviation Services' positive Q2 2021 results?

The positive results were driven by increased tourist activity in New York City and benefits from PPP forgiveness and ERTC accounting.

Are there any risks mentioned in Saker Aviation Services' Q2 2021 report?

Yes, the report highlighted uncertainty regarding the continuation of tourist traffic growth and potential impacts from the Delta variant.