$SKAS
Saker Aviation Services, Inc.

2023 Q3 Form 10-Q Financial Statement

#000143774923023648 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $2.585M $2.412M
YoY Change -0.66% -30.15%
Cost Of Revenue $557.3K $638.2K
YoY Change -44.78% -64.8%
Gross Profit $2.027M $1.774M
YoY Change 27.31% 8.15%
Gross Profit Margin 78.44% 73.54%
Selling, General & Admin $478.8K $809.4K
YoY Change -59.62% -39.51%
% of Gross Profit 23.62% 45.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.110K $4.210K
YoY Change -88.23% -87.31%
% of Gross Profit 0.2% 0.24%
Operating Expenses $478.8K $809.4K
YoY Change -59.62% -39.51%
Operating Profit $1.549M $964.1K
YoY Change 280.76% 219.59%
Interest Expense $79.89K $63.35K
YoY Change 1026.82%
% of Operating Profit 5.16% 6.57%
Other Income/Expense, Net $291.9K $63.35K
YoY Change -112.2%
Pretax Income $1.841M $1.027M
YoY Change 352.53% 25.14%
Income Tax $668.0K $335.0K
% Of Pretax Income 36.29% 32.61%
Net Earnings $1.173M $692.4K
YoY Change 450.25% -4.1%
Net Earnings / Revenue 45.37% 28.71%
Basic Earnings Per Share $1.20 $0.71
Diluted Earnings Per Share $1.18 $0.70
COMMON SHARES
Basic Shares Outstanding 976.3K 976.3K
Diluted Shares Outstanding 992.7K 994.3K

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.583M $6.668M
YoY Change 82.05% 89.71%
Cash & Equivalents $6.157M $6.668M
Short-Term Investments $2.426M
Other Short-Term Assets $347.0K $241.0K
YoY Change -75.44% -14.94%
Inventory $6.113K $3.394K
Prepaid Expenses $347.0K $241.0K
Receivables $240.6K $202.7K
Other Receivables $279.9K $279.9K
Total Short-Term Assets $9.457M $7.395M
YoY Change 42.71% 41.83%
LONG-TERM ASSETS
Property, Plant & Equipment $53.32K $34.43K
YoY Change 42.09% -85.16%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $53.32K $34.43K
YoY Change -85.26% -97.44%
TOTAL ASSETS
Total Short-Term Assets $9.457M $7.395M
Total Long-Term Assets $53.32K $34.43K
Total Assets $9.510M $7.429M
YoY Change 36.09% 13.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $641.2K $520.6K
YoY Change 15.69% 8.24%
Accrued Expenses $990.9K $278.6K
YoY Change 130.35% -15.95%
Deferred Revenue $254.9K $204.6K
YoY Change 24.36% 32.06%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.887M $1.004M
YoY Change 18.99% -1.47%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.887M $1.004M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $1.887M $1.004M
YoY Change 18.99% -27.18%
SHAREHOLDERS EQUITY
Retained Earnings -$12.30M -$13.47M
YoY Change -14.63% -7.85%
Common Stock $19.92M $19.89M
YoY Change 0.58% 0.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.623M $6.425M
YoY Change
Total Liabilities & Shareholders Equity $9.510M $7.429M
YoY Change 36.09% 13.31%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $1.173M $692.4K
YoY Change 450.25% -4.1%
Depreciation, Depletion And Amortization $4.110K $4.210K
YoY Change -88.23% -87.31%
Cash From Operating Activities $1.939M $518.7K
YoY Change 168.2% -44.6%
INVESTING ACTIVITIES
Capital Expenditures $22.99K $0.00
YoY Change -385.95% -100.0%
Acquisitions
YoY Change
Other Investing Activities -$2.426M $0.00
YoY Change -585.17% -100.0%
Cash From Investing Activities -$2.449M $0.00
YoY Change -597.77% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities 1.939M 518.7K
Cash From Investing Activities -2.449M 0.000
Cash From Financing Activities 0.000 0.000
Net Change In Cash -510.3K 518.7K
YoY Change -142.52% 23.43%
FREE CASH FLOW
Cash From Operating Activities $1.939M $518.7K
Capital Expenditures $22.99K $0.00
Free Cash Flow $1.916M $518.7K
YoY Change 162.1% -44.7%

Facts In Submission

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">NOTE 1 - <span style="text-decoration: underline; ">Basis of Presentation</span></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The accompanying unaudited condensed consolidated financial statements of Saker Aviation Services, Inc. (the “Company”) and its subsidiary have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial statements and in accordance with the instructions to Form 10-Q. Accordingly, they do not include all of the information and disclosures required by GAAP for annual financial statements and should be read in conjunction with the financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The condensed consolidated balance sheet as of June 30, 2023 and the condensed consolidated statements of operations and cash flows for the three and six months ended June 30, 2023 and 2022 have been prepared by the Company without audit. In the opinion of the Company’s management, all necessary adjustments (consisting of normal recurring accruals) have been included to make the Company’s financial position as of June 30, 2023 and its results of operations, stockholders’ equity, and cash flows for the three and six months ended June 30, 2023 not misleading. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for any full year or any other interim period.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The COVID-19 pandemic has impacted the global and United States economies. Federal, state, and local governments implemented certain travel restrictions, “stay-at-home” orders, and social distancing initiatives which negatively impacted our operations and those of our customers. As a result of the COVID-19 pandemic, on March 17, 2020 all sightseeing tour operations at the Downtown Manhattan Heliport ceased. On July 20, 2020, New York City started Phase 4 of the city’s reopening. Sightseeing tour operators at the heliport restarted operations under this phase.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">For the period July 20, 2020 through March 31, 2022, sightseeing tour operators experienced much lower demand for tours as compared to pre-pandemic levels of activity. Beginning in April 2022, sightseeing tour operators have seen an increase in activity and a much higher demand for tours. This increased activity and demand continued throughout 2022 and through June 30, 2023.</p>
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