Tue, Apr 15, 8:33 PM (11 days ago)
**Saker Aviation Services, Inc. (SKAS)** reported financial performance for the fiscal year ended December 31, 2024. Revenue increased by 3.8% to $9,169,459, with a gross profit margin of 51.0%. Operating income decreased to $2,633,039 due to increased fees paid to NYCEDC. Net income was $1,254,824, with earnings per share at $1.27 basic and $1.24 diluted. The company faced significant risk factors, including the termination of the Downtown Manhattan Heliport concession agreement effective March 29, 2025, which led to the cessation of operations. The company's strategic overview involves assessing various options to determine the best course of action post-heliport operations. The financial condition shows a working capital surplus of $9,573,723 and total assets of $10,883,945. The market position changed with the loss of the heliport, requiring the company to explore alternative revenue streams. Key risk factors include the loss of the heliport, potential additional management and director losses, and the risk of being deemed an investment company under the 1940 Act. The company's common stock is quoted on the OTCQB under the symbol "SKAS," with limited liquidity and subject to penny stock rules. The board of directors has the right to issue preferred stock, which could adversely impact common stockholders. The company's future outlook is uncertain as it seeks to identify and obtain alternative revenue streams.