Thu, Nov 14, 7:01 PM (64 days ago)
Saker Aviation Services, Inc. (SKAS) reported a decline in quarterly performance for Q3 2024, with revenues of $2,505,488, down 3.1% from $2,584,755 in Q3 2023. Year-to-date revenue increased by 2.4% to $6,466,973. The cost of revenue surged 123.6% to $1,245,862, primarily due to higher fees under a new Interim Agreement with the City of New York. This resulted in a gross profit of $1,259,626, a 37.9% decrease year-over-year, affecting gross margins which fell to 50.3%. Operating income decreased to $803,494 from $1,548,699 in Q3 2023, reflecting increased operational costs and legal expenses related to arbitration with Empire Aviation, which resulted in a $1.4 million judgment. Net income was $580,885, down from $1,172,591 in the prior year. Cash and cash equivalents were $5,078,426, with a working capital surplus of $9,091,941. The company continues to navigate uncertainties related to its concession agreements and operational costs. Future operations will likely be impacted by ongoing litigation and changes in management agreements.