Revenue of $1.7 Million in 2020 Down 19.3% Versus $2.1 Million in 2019
Net Loss of $96,000 in 2020 Versus Net Income of $52,000 in 2019
NEW YORK, May 15, 2020 (GLOBE NEWSWIRE) -- Saker Aviation Services, Inc. (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, 2020.
Revenue in the three months ended March 31, 2020 of $1,673,755, was down 19.3 percent from $2,072,772 in the three months ended March 31, 2019. Net loss in the three months ended March 31, 2020 of $96,140, was down $148,476 as compared to net income of $52,336 in the same period in 2019.
“Non-recurring revenue in Q1 2019 caused some of the adverse year-over-year comparison, but the real story for this and upcoming quarters was the impact of the COVID-19 pandemic.” stated Ron Ricciardi, the Company’s president & CEO. “As this report is published, the lifting of New York State’s non-essential workplace ban has yet to reach our Heliport in New York City and the State of Kansas has just recently re-opened for business. Both of our operations were deemed essential as part of their state’s transportation infrastructure and have been open for the duration. But, state shutdown orders, along with federal safety recommendations, and international travel bans, have had, and will continue to have, a tremendously detrimental effect on activity and revenue. These factors will negatively influence financial results in upcoming quarters in 2020,” concluded Mr. Ricciardi.
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, a fixed base operation (“FBO”), and as a consultant for a seaplane base that we do not own. 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.
Saker Aviation Services, Inc.
Ronald J. Ricciardi
President & CEO