$SKAS
Saker Aviation Services, Inc.

2013 Q3 Form 10-Q Financial Statement

#000114420413061441 Filed on November 14, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2012 Q3
Revenue $4.065M $3.715M
YoY Change 9.43% -19.93%
Cost Of Revenue $2.242M $2.032M
YoY Change 10.32% -30.16%
Gross Profit $1.823M $1.683M
YoY Change 8.36% -3.29%
Gross Profit Margin 44.85% 45.3%
Selling, General & Admin $1.435M $1.267M
YoY Change 13.24% -4.71%
% of Gross Profit 78.71% 75.31%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $140.0K $100.0K
YoY Change 40.0% 11.11%
% of Gross Profit 7.68% 5.94%
Operating Expenses $1.435M $1.267M
YoY Change 13.24% -3.99%
Operating Profit $388.3K $415.4K
YoY Change -6.53% -1.09%
Interest Expense $29.79K $38.21K
YoY Change -22.04% -227.37%
% of Operating Profit 7.67% 9.2%
Other Income/Expense, Net -$19.22K -$29.38K
YoY Change -34.6%
Pretax Income -$1.913M $424.0K
YoY Change -551.13% 11.58%
Income Tax -$545.0K $228.0K
% Of Pretax Income 53.77%
Net Earnings -$1.368M $196.0K
YoY Change -797.86% 40.0%
Net Earnings / Revenue -33.64% 5.28%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.191M $175.4K
COMMON SHARES
Basic Shares Outstanding 33.06M shares 33.04M shares
Diluted Shares Outstanding 34.52M shares 34.28M shares

Balance Sheet

Concept 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $130.0K $320.0K
YoY Change -59.38% 10.34%
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets $1.100M $470.0K
YoY Change 134.04% -21.67%
Inventory $304.3K $240.0K
Prepaid Expenses
Receivables $2.212M $1.760M
Other Receivables $120.0K $110.0K
Total Short-Term Assets $3.854M $2.900M
YoY Change 32.89% -1.69%
LONG-TERM ASSETS
Property, Plant & Equipment $2.612M $2.370M
YoY Change 10.23% -4.05%
Goodwill $1.379M
YoY Change
Intangibles $35.00K
YoY Change
Long-Term Investments
YoY Change
Other Assets $180.0K $200.0K
YoY Change -10.0% -28.57%
Total Long-Term Assets $4.312M $5.290M
YoY Change -18.48% -5.2%
TOTAL ASSETS
Total Short-Term Assets $3.854M $2.900M
Total Long-Term Assets $4.312M $5.290M
Total Assets $8.166M $8.190M
YoY Change -0.29% -3.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $836.4K $910.0K
YoY Change -8.09% 7.06%
Accrued Expenses $585.1K $440.0K
YoY Change 32.99% 193.33%
Deferred Revenue
YoY Change
Short-Term Debt $300.0K $0.00
YoY Change -100.0%
Long-Term Debt Due $760.0K $530.0K
YoY Change 43.4% 1.92%
Total Short-Term Liabilities $2.624M $2.180M
YoY Change 20.39% -7.63%
LONG-TERM LIABILITIES
Long-Term Debt $1.780M $1.250M
YoY Change 42.4% -36.87%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.780M $1.250M
YoY Change 42.4% -36.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.624M $2.180M
Total Long-Term Liabilities $1.780M $1.250M
Total Liabilities $4.406M $3.430M
YoY Change 28.44% -20.97%
SHAREHOLDERS EQUITY
Retained Earnings -$16.19M
YoY Change
Common Stock $19.95M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.761M $4.750M
YoY Change
Total Liabilities & Shareholders Equity $8.166M $8.190M
YoY Change -0.29% -3.99%

Cashflow Statement

Concept 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income -$1.368M $196.0K
YoY Change -797.86% 40.0%
Depreciation, Depletion And Amortization $140.0K $100.0K
YoY Change 40.0% 11.11%
Cash From Operating Activities -$20.00K $390.0K
YoY Change -105.13% 11.43%
INVESTING ACTIVITIES
Capital Expenditures -$1.190M -$50.00K
YoY Change 2280.0% -600.0%
Acquisitions
YoY Change
Other Investing Activities $30.00K $30.00K
YoY Change 0.0% 0.0%
Cash From Investing Activities -$1.170M -$20.00K
YoY Change 5750.0% -150.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.130M -860.0K
YoY Change -231.4% -21.1%
NET CHANGE
Cash From Operating Activities -20.00K 390.0K
Cash From Investing Activities -1.170M -20.00K
Cash From Financing Activities 1.130M -860.0K
Net Change In Cash -60.00K -490.0K
YoY Change -87.76% -30.0%
FREE CASH FLOW
Cash From Operating Activities -$20.00K $390.0K
Capital Expenditures -$1.190M -$50.00K
Free Cash Flow $1.170M $440.0K
YoY Change 165.91% 29.41%

Facts In Submission

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us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Reclassifications</font></u></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">Certain reclassifications were made to prior year amounts to conform those accounts to the current year&#8217;s presentation. None of the reclassifications affected the Company&#8217;s net income during any period.</font></div> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
skas Share Based Compensation Stock Options Unamortized Fair Value
ShareBasedCompensationStockOptionsUnamortizedFairValue
8250 USD
CY2013Q3 skas Incremental Common Shares Attributable To Options
IncrementalCommonSharesAttributableToOptions
1464952 shares
CY2012Q3 skas Incremental Common Shares Attributable To Options
IncrementalCommonSharesAttributableToOptions
1237688 shares
skas Incremental Common Shares Attributable To Options
IncrementalCommonSharesAttributableToOptions
1464952 shares
skas Incremental Common Shares Attributable To Options
IncrementalCommonSharesAttributableToOptions
1237688 shares
CY2013Q3 skas Disposal Group Including Discontinued Operation Trade Receivables
DisposalGroupIncludingDiscontinuedOperationTradeReceivables
335000 USD
CY2012Q4 skas Disposal Group Including Discontinued Operation Trade Receivables
DisposalGroupIncludingDiscontinuedOperationTradeReceivables
877000 USD
CY2013Q3 us-gaap Disposal Group Including Discontinued Operation Accrued Liabilities Current
DisposalGroupIncludingDiscontinuedOperationAccruedLiabilitiesCurrent
648000 USD
CY2012Q4 us-gaap Disposal Group Including Discontinued Operation Accrued Liabilities Current
DisposalGroupIncludingDiscontinuedOperationAccruedLiabilitiesCurrent
428000 USD
CY2012Q4 us-gaap Disposal Group Including Discontinued Operation Intangible Assets Net
DisposalGroupIncludingDiscontinuedOperationIntangibleAssetsNet
1938000 USD
CY2013Q3 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
996873 USD
CY2012Q3 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
1167706 USD
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
3100233 USD
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
3431137 USD
CY2013Q3 us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
866862 USD
CY2012Q3 us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
836461 USD
us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
2350109 USD
us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
2452494 USD
CY2013Q3 us-gaap Disposal Group Including Discontinued Operation Gross Profit Loss
DisposalGroupIncludingDiscontinuedOperationGrossProfitLoss
130011 USD
CY2012Q3 us-gaap Disposal Group Including Discontinued Operation Gross Profit Loss
DisposalGroupIncludingDiscontinuedOperationGrossProfitLoss
331245 USD
us-gaap Disposal Group Including Discontinued Operation Gross Profit Loss
DisposalGroupIncludingDiscontinuedOperationGrossProfitLoss
750124 USD
us-gaap Disposal Group Including Discontinued Operation Gross Profit Loss
DisposalGroupIncludingDiscontinuedOperationGrossProfitLoss
978643 USD
CY2013Q3 us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
259997 USD
CY2012Q3 us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
290121 USD
us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
863718 USD
us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
853781 USD
CY2013Q3 us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
-129986 USD
CY2012Q3 us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
41124 USD
us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
-113594 USD
us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
124862 USD
CY2013Q3 us-gaap Disposal Group Including Discontinued Operation Interest Expense
DisposalGroupIncludingDiscontinuedOperationInterestExpense
1503 USD
CY2012Q3 us-gaap Disposal Group Including Discontinued Operation Interest Expense
DisposalGroupIncludingDiscontinuedOperationInterestExpense
2104 USD
us-gaap Disposal Group Including Discontinued Operation Interest Expense
DisposalGroupIncludingDiscontinuedOperationInterestExpense
4326 USD
us-gaap Disposal Group Including Discontinued Operation Interest Expense
DisposalGroupIncludingDiscontinuedOperationInterestExpense
4373 USD
CY2013Q3 skas Disposal Group Including Discontinued Operation Impairment Of Goodwill Intangible And Fixed Assets
DisposalGroupIncludingDiscontinuedOperationImpairmentOfGoodwillIntangibleAndFixedAssets
2080755 USD
CY2012Q3 skas Disposal Group Including Discontinued Operation Impairment Of Goodwill Intangible And Fixed Assets
DisposalGroupIncludingDiscontinuedOperationImpairmentOfGoodwillIntangibleAndFixedAssets
0 USD
skas Disposal Group Including Discontinued Operation Impairment Of Goodwill Intangible And Fixed Assets
DisposalGroupIncludingDiscontinuedOperationImpairmentOfGoodwillIntangibleAndFixedAssets
2080755 USD
skas Disposal Group Including Discontinued Operation Impairment Of Goodwill Intangible And Fixed Assets
DisposalGroupIncludingDiscontinuedOperationImpairmentOfGoodwillIntangibleAndFixedAssets
0 USD
CY2013Q3 us-gaap Disposal Group Including Discontinued Operation Other Expense
DisposalGroupIncludingDiscontinuedOperationOtherExpense
69636 USD
CY2012Q3 us-gaap Disposal Group Including Discontinued Operation Other Expense
DisposalGroupIncludingDiscontinuedOperationOtherExpense
1055 USD
us-gaap Disposal Group Including Discontinued Operation Other Expense
DisposalGroupIncludingDiscontinuedOperationOtherExpense
66813 USD
us-gaap Disposal Group Including Discontinued Operation Other Expense
DisposalGroupIncludingDiscontinuedOperationOtherExpense
7030 USD
CY2013Q3 us-gaap Discontinued Operation Tax Effect Of Income Loss From Disposal Of Discontinued Operation
DiscontinuedOperationTaxEffectOfIncomeLossFromDisposalOfDiscontinuedOperation
0 USD
CY2012Q3 us-gaap Discontinued Operation Tax Effect Of Income Loss From Disposal Of Discontinued Operation
DiscontinuedOperationTaxEffectOfIncomeLossFromDisposalOfDiscontinuedOperation
0 USD
us-gaap Discontinued Operation Tax Effect Of Income Loss From Disposal Of Discontinued Operation
DiscontinuedOperationTaxEffectOfIncomeLossFromDisposalOfDiscontinuedOperation
0 USD
us-gaap Discontinued Operation Tax Effect Of Income Loss From Disposal Of Discontinued Operation
DiscontinuedOperationTaxEffectOfIncomeLossFromDisposalOfDiscontinuedOperation
0 USD
CY2013Q3 us-gaap Business Acquisition Name Of Acquired Entity
BusinessAcquisitionNameOfAcquiredEntity
August 15, 2013
CY2013Q3 us-gaap Business Acquisition Percentage Of Voting Interests Acquired
BusinessAcquisitionPercentageOfVotingInterestsAcquired
1 pure
CY2013Q3 skas Business Acquisitions Cost Of Acquired Entity Cash Paid
BusinessAcquisitionsCostOfAcquiredEntityCashPaid
1350000 USD
CY2013Q3 skas Business Acquisitions Cost Of Acquired Entity Future Cash Payment
BusinessAcquisitionsCostOfAcquiredEntityFutureCashPayment
1000000 USD
CY2013Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet
848936 USD
CY2013Q3 skas Business Acquisitions Purchase Price Allocation Goodwill
BusinessAcquisitionsPurchasePriceAllocationGoodwill
523936 USD
CY2013Q3 skas Business Acquisitions Purchase Price Allocation Cash And Cash Equivalents
BusinessAcquisitionsPurchasePriceAllocationCashAndCashEquivalents
11796 USD
CY2013Q3 skas Business Acquisitions Purchase Price Allocation Accounts Receivable
BusinessAcquisitionsPurchasePriceAllocationAccountsReceivable
128573 USD
CY2013Q3 skas Business Acquisitions Purchase Price Allocation Inventory
BusinessAcquisitionsPurchasePriceAllocationInventory
220512 USD
CY2013Q3 skas Business Acquisitions Purchase Price Allocation Property Plant And Equipment
BusinessAcquisitionsPurchasePriceAllocationPropertyPlantAndEquipment
240000 USD
CY2013Q3 skas Business Acquisitions Purchase Price Allocation Accounts Payable And Accrued Expenses
BusinessAcquisitionsPurchasePriceAllocationAccountsPayableAndAccruedExpenses
99817 USD
CY2013Q3 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
4493402 USD
CY2012Q3 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
5096132 USD
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
12802422 USD
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
13324960 USD
CY2013Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
1072320 USD
CY2012Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
709841 USD
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
1357280 USD
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
1271350 USD
CY2013Q3 us-gaap Weighted Average Basic Shares Outstanding Pro Forma
WeightedAverageBasicSharesOutstandingProForma
33057610 shares
CY2012Q3 us-gaap Weighted Average Basic Shares Outstanding Pro Forma
WeightedAverageBasicSharesOutstandingProForma
33040422 shares
us-gaap Weighted Average Basic Shares Outstanding Pro Forma
WeightedAverageBasicSharesOutstandingProForma
33048321 shares
us-gaap Weighted Average Basic Shares Outstanding Pro Forma
WeightedAverageBasicSharesOutstandingProForma
33040422 shares
CY2013Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.03
CY2012Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.02
us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.04
us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.04
CY2013Q3 skas Business Acquisition Purchase Price Allocation Assets Acquired Liabilities Assumed Net Total
BusinessAcquisitionPurchasePriceAllocationAssetsAcquiredLiabilitiesAssumedNetTotal
1350000 USD
CY2013Q3 us-gaap Legal Fees
LegalFees
0 USD
CY2012Q3 us-gaap Legal Fees
LegalFees
0 USD
us-gaap Legal Fees
LegalFees
0 USD
us-gaap Legal Fees
LegalFees
0 USD
CY2013Q3 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
250 USD
CY2011Q3 skas Earn Out Amount For Extinguishment
EarnOutAmountForExtinguishment
2769000 USD
CY2011Q3 skas Earn Out Payments For Extinguishment
EarnOutPaymentsForExtinguishment
444000 USD
skas Additional Payments For Execution Of Redemption Agreement
AdditionalPaymentsForExecutionOfRedemptionAgreement
1446000 USD
skas Earn Out Payments Liability
EarnOutPaymentsLiability
The balance is recorded as a liability at a discount rate of 7%. Continuing earn-out payments will be made on a monthly basis in an amount equal to (i) 5% of the subsidiarys gross receipts, plus (ii) 5% of the subsidiarys pre-tax profit.
CY2012Q4 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
250 USD

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