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Saker Aviation Services, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $2,505,488 from $2,584,755 in the same quarter the previous year. Revenue from operations associated with the sale of jet fuel and related items decreased slightly.
Cost of revenue for the quarter increased to $1,245,862 from $557,256 in the same quarter of the previous year. This increase was largely due to higher fees under the Interim Agreement effective December 12, 2023.
The company reported a gross profit of $1,259,626 for the quarter, compared to $2,027,499 in the previous year. Gross margin decreased to 50.3% from 78.4% in the prior year.
Selling, general, and administrative expenses decreased to $456,132 from $478,800, primarily due to the termination of the management agreement with Empire Aviation.
Operating income for the quarter was $803,494, down from $1,548,699 in the previous year. The decrease was attributed to increased fees paid under the Interim Agreement.
Net income for the quarter was $580,885, down from $1,172,591 in the previous year. Basic net income per share was $0.59, compared to $1.20 in the previous year.
Cash and cash equivalents as of September 30, 2024, were $5,078,426, with a working capital surplus of $9,091,941. Cash used in operating activities was $912,541, while cash used in investing activities was $940,742.
The filing also details the company's legal proceedings with Empire Aviation, resulting in a $1.4 million judgment in favor of Empire, which was paid in July 2024.
Saker continues to operate the Downtown Manhattan Heliport under an Interim Concession Agreement, with renewal options extending through June 12, 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Saker Aviation Services Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.