SAKER AVIATION SERVICES, INC. ANNOUNCES FINANCIAL RESULTS FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2020
Saker Aviation Services reported a 2020 revenue of $3.5 million, a significant drop of 69.7% from $11.6 million in 2019. The company faced a net loss of $1.7 million compared to a net income of $668,000 the previous year. The COVID-19 pandemic has greatly affected business operations, with expectations for continued challenges in 2021. However, the company utilized various CARES Act provisions, including a forgivable PPP loan, to bolster its financial standing. Future improvements in tourist activity and cost management discussions are ongoing.
- Utilized CARES Act provisions to strengthen balance sheet.
- Forgivable PPP loan and employee retention credits expected to positively impact future quarters.
- Revenue decreased by 69.7% from 2019.
- Net loss of $1.7 million compared to net income in 2019.
- Anticipated negative financial results for 2021 due to ongoing pandemic effects.
Revenue of
Net Loss of
New York, March 31, 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 twelve months ended December 31, 2020.
Revenue in the twelve months ended December 31, 2020 of
“The COVID-19 pandemic continued its drag on business results through year-end, as it is expected to do for multiple quarters in 2021.” stated Mark Raab, the Company’s Corporate Controller. “We have, however, taken advantage of multiple CARES Act provisions to strengthen our balance sheet, including a forgivable PPP loan, modifications for use of net operating losses, and employee retention credits. Impact from those items should be realized in upcoming quarters. Further, there are slight indications that tourist activity in New York City may improve as well, though COVID restrictions remain in place. Lastly, we remain pleased that the City has been open to addressing operating costs in various ways, and those discussions continue at the time of this writing. We nonetheless anticipate that these factors will negatively influence financial results 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, 2019.
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.
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