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

Rhea-AI Summary

Saker Aviation Services, Inc. (OTCQB: SKAS) reported a remarkable increase in revenue for Q3 2021, totaling $1.45 million, up 101.4% from $720,787 in Q3 2020. The net income also surged to $197,078, a significant rise from $6,364 year-over-year. These results were attributed to the recovery of tourist activities in New York City and the positive impacts of ERTC accounting. Despite optimism for yearly comparisons to 2020, the company acknowledges ongoing uncertainties and potential risks stemming from the pandemic.

Positive

• Revenue rose by 101.4% to $1.45 million in Q3 2021 compared to Q3 2020.
• Net income increased to $197,078 in Q3 2021 from $6,364 in the same period in 2020.

Negative

• Continued uncertainties regarding the long-term impact of the pandemic on tourism.
• No guarantees of sustained tourist traffic growth going forward.

Revenue of $1.5 Million in 2021 up 101.4% Versus $721,000 in 2020

Net Income of $197,000 in 2021 Versus Net Income of $6,000 in 2020

NEW YORK, Nov. 15, 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 September 30, 2021.

Revenue in the three months ended September 30, 2021 of $1,451,817 was up 101.4 percent from $720,787 in the three months ended September 30, 2020. Net income in the three months ended September 30, 2021 of $197,078, was up $190,714 as compared to net income of $6,364 in the same period in 2020.

“We are pleased to announce favorable results for the quarter ended September 30, 2021 as compared to the same period in 2020,” stated Mark Raab, the Company’s Corporate Controller. “There were continued positive impacts to earnings from ERTC accounting in the quarter, but the financials also reflect a strengthening of operating results as tourist activity in New York City continues to rebound to some extent. While there are no guarantees that tourist traffic will continue to increase, and the long-term impact of the pandemic remains to be determined, we are optimistic that the annual results for 2021 will enjoy favorable comparisons to the results of 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 December 31, 2020.

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 Q3 2021?

Saker Aviation Services reported revenue of $1.45 million and net income of $197,078 for Q3 2021.

How does Saker's Q3 2021 performance compare to Q3 2020?

In Q3 2021, Saker's revenue increased by 101.4% from $720,787 in Q3 2020, and net income rose from $6,364.

What factors contributed to Saker's revenue increase in Q3 2021?

The revenue increase was driven by a rebound in tourist activity in New York City and positive effects from ERTC accounting.

What risks does Saker Aviation Services acknowledge for the future?

Saker acknowledges uncertainties regarding the long-term impact of the pandemic on tourism and the potential for fluctuating tourist traffic.