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Harbor Diversified Inc (HRBR0.00%) has submitted its 10-Q filing for the quarterly period ended March 31, 2024.
The filing includes financial statements for the quarter, showing a decrease in operating revenues to $43.7 million from $52.6 million in the same quarter the previous year. The decrease is attributed to a reduction in block hours and departures due to an industry-wide pilot shortage.
Operating expenses decreased to $54.6 million from $61.6 million, primarily due to reduced aircraft maintenance and repair costs and lower purchased services and other expenses.
The company reported a net loss of $9.6 million for the quarter, compared to a net loss of $4.9 million in the previous year, with the decline attributed to decreased operating revenues.
Interest and dividend income decreased to $0.8 million from $1.2 million, primarily due to a decrease in cash and marketable securities following the prepayment of Air Wisconsin's outstanding debt.
Harbor Diversified announced a strategic realignment following the termination of its capacity purchase agreement with American Airlines, effective April 3, 2025. The realignment includes exploring charter operations, bidding on Essential Air Service markets, and transitioning to a codeshare and interline relationship with American.
The company identified a material weakness in its internal controls over financial reporting due to incorrect revenue recognition in previous periods, which led to a restatement of financial statements.
Harbor Diversified does not anticipate cash dividend payments to common stockholders in the near future.
The filing also discusses various risks and uncertainties, including labor shortages, competition, and regulatory changes, which could impact the company's future operations and financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Harbor Diversified Inc quarterly 10-Q report dated March 28, 2025. To report an error, please email earnings@qz.com.