$SKAS
Saker Aviation Services, Inc.

2018 Form 10-K Financial Statement

#000143774919006042 Filed on March 29, 2019

View on sec.gov

Income Statement

Concept 2018 2017 Q4 2017
Revenue $11.12M $3.270M $12.02M
YoY Change -7.47% -14.4% -18.21%
Cost Of Revenue $6.067M $1.540M $5.612M
YoY Change 8.11% -15.85% -14.87%
Gross Profit $5.052M $1.740M $6.404M
YoY Change -21.12% -12.12% -20.92%
Gross Profit Margin 45.44% 53.21% 53.3%
Selling, General & Admin $4.560M $1.390M $5.311M
YoY Change -14.15% -10.9% -15.75%
% of Gross Profit 90.26% 79.89% 82.93%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $472.0K $140.0K $537.0K
YoY Change -12.1% 0.0% 6.34%
% of Gross Profit 9.34% 8.05% 8.38%
Operating Expenses $4.560M $1.390M $5.311M
YoY Change -14.15% -10.9% -15.75%
Operating Profit $492.2K $350.0K $1.093M
YoY Change -54.98% -16.67% -39.09%
Interest Expense $17.12K $0.00 $21.40K
YoY Change -20.01% -100.0% -21.59%
% of Operating Profit 3.48% 0.0% 1.96%
Other Income/Expense, Net $16.35K $0.00 -$31.62K
YoY Change -151.73% 15.82%
Pretax Income $508.5K $340.0K $1.062M
YoY Change -52.1% -19.05% -39.93%
Income Tax $197.0K $170.0K $584.0K
% Of Pretax Income 38.74% 50.0% 55.01%
Net Earnings $311.5K $170.0K $477.6K
YoY Change -34.77% -19.05% -45.75%
Net Earnings / Revenue 2.8% 5.2% 3.97%
Basic Earnings Per Share $0.30 $0.43
Diluted Earnings Per Share $0.30 $153.2K $0.42
COMMON SHARES
Basic Shares Outstanding 1.029M 1.109M
Diluted Shares Outstanding 1.040M 1.138M

Balance Sheet

Concept 2018 2017 Q4 2017
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.839M $1.720M $1.725M
YoY Change 64.61% -21.46% -21.33%
Cash & Equivalents $1.725M
Short-Term Investments
Other Short-Term Assets $566.5K $530.0K $531.7K
YoY Change 6.54% 20.45% 21.5%
Inventory $170.9K $163.1K $163.1K
Prepaid Expenses
Receivables $847.8K $1.839M $1.839M
Other Receivables $270.0K $370.0K $370.0K
Total Short-Term Assets $4.694M $4.628M $4.628M
YoY Change 1.42% 3.14% 3.14%
LONG-TERM ASSETS
Property, Plant & Equipment $388.1K $670.0K $670.0K
YoY Change -42.08% -37.64% -37.64%
Goodwill $750.0K
YoY Change 0.0%
Intangibles $0.00
YoY Change -100.0%
Long-Term Investments
YoY Change
Other Assets $509.5K $500.0K $500.7K
YoY Change 1.76% 19.05% 19.15%
Total Long-Term Assets $1.648M $1.921M $1.921M
YoY Change -14.22% -22.54% -22.54%
TOTAL ASSETS
Total Short-Term Assets $4.694M $4.628M $4.628M
Total Long-Term Assets $1.648M $1.921M $1.921M
Total Assets $6.341M $6.549M $6.549M
YoY Change -3.17% -6.0% -6.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $348.3K $495.2K $495.2K
YoY Change -29.67% -41.22% -41.22%
Accrued Expenses $288.6K $292.3K $292.3K
YoY Change -1.27% -19.12% -19.12%
Deferred Revenue $126.8K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $57.72K $350.0K $345.0K
YoY Change -83.27% 0.0% 0.0%
Total Short-Term Liabilities $821.5K $1.259M $1.259M
YoY Change -34.77% -24.83% -24.83%
LONG-TERM LIABILITIES
Long-Term Debt $173.4K $110.0K $112.5K
YoY Change 54.13% -76.09% -75.41%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $173.4K $110.0K $112.5K
YoY Change 54.13% -76.09% -75.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $821.5K $1.259M $1.259M
Total Long-Term Liabilities $173.4K $110.0K $112.5K
Total Liabilities $994.9K $1.372M $1.372M
YoY Change -27.48% -35.68% -35.68%
SHAREHOLDERS EQUITY
Retained Earnings -$14.75M
YoY Change -3.14%
Common Stock $19.93M
YoY Change -0.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.347M $5.177M $5.177M
YoY Change
Total Liabilities & Shareholders Equity $6.341M $6.549M $6.549M
YoY Change -3.17% -6.0% -6.0%

Cashflow Statement

Concept 2018 2017 Q4 2017
OPERATING ACTIVITIES
Net Income $311.5K $170.0K $477.6K
YoY Change -34.77% -19.05% -45.75%
Depreciation, Depletion And Amortization $472.0K $140.0K $537.0K
YoY Change -12.1% 0.0% 6.34%
Cash From Operating Activities $856.3K $40.00K $53.32K
YoY Change 1505.79% -80.0% -97.62%
INVESTING ACTIVITIES
Capital Expenditures $190.2K -$50.00K $132.2K
YoY Change 43.91% -66.67% 76.73%
Acquisitions
YoY Change
Other Investing Activities $850.3K $0.00 $125.0K
YoY Change 580.21% 316.67%
Cash From Investing Activities $660.1K -$50.00K -$7.158K
YoY Change -9321.6% -66.67% -96.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $175.8K $168.7K
YoY Change 4.21%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -402.2K -230.0K -513.7K
YoY Change -21.71% 228.57% 88.61%
NET CHANGE
Cash From Operating Activities 856.3K 40.00K 53.32K
Cash From Investing Activities 660.1K -50.00K -7.158K
Cash From Financing Activities -402.2K -230.0K -513.7K
Net Change In Cash 1.114M -240.0K -467.6K
YoY Change -338.29% 1100.0% -126.31%
FREE CASH FLOW
Cash From Operating Activities $856.3K $40.00K $53.32K
Capital Expenditures $190.2K -$50.00K $132.2K
Free Cash Flow $666.1K $90.00K -$78.84K
YoY Change -944.9% -74.29% -103.63%

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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
33024
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
33024
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
231168
CY2018Q4 us-gaap Other Assets
OtherAssets
1259512
CY2017Q4 us-gaap Other Assets
OtherAssets
1250717
CY2018 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
447
CY2017 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-10211
CY2018 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
175816
CY2017 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
168718
CY2018 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
190182
CY2017 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
132158
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.03
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.03
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
333306
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
333306
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
566474
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
531691
CY2018 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
135000
CY2017 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
CY2018 us-gaap Proceeds From Sale Of Loans Receivable
ProceedsFromSaleOfLoansReceivable
850264
CY2017 us-gaap Proceeds From Sale Of Loans Receivable
ProceedsFromSaleOfLoansReceivable
100000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4018803
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3828621
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
388072
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
669957
CY2018 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
361379
CY2017 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
345000
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-14440541
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-14752077
CY2018 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
11118452
CY2017 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
12016031
CY2018 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4559578
CY2017 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5311207
CY2017 us-gaap Share Based Compensation
ShareBasedCompensation
33997
CY2018 us-gaap Share Based Compensation
ShareBasedCompensation
33997
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
7.4
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
7.18
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.025
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.021
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
13333
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
13333
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.03
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.24
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
73333
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
56666
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
63332
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.196
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.606
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.594
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
32143
CY2017 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.887
CY2018 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.31
CY2017 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.24
CY2018 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.40
CY2018Q4 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
49999
CY2018Q4 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
63332
CY2018 us-gaap Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Term1
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedTerm1
P5Y
CY2017 us-gaap Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Term1
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedTerm1
P5Y
CY2017Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
10000
CY2017 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
30000
CY2018 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
6667
CY2017 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
0
CY2018 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
0
CY2017 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
168718
CY2018 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
175816
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
5346501
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
5176784
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
4833877
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; text-decoration: underline;">Use of Estimates</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company&#x2019;s significant estimates include depreciation, amortization, impairment of goodwill and intangibles, stock-based compensation, allowance for doubtful accounts and deferred tax assets.</div></div></div>
CY2018 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
CY2017 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1039599
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1137687
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1029001
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1108765

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