Wed, May 15, 3:26 PM (72 days ago)
Saker Aviation Services, Inc. reported its financial results for the quarter ending March 31, 2024. Key highlights include: - **Revenue**: Increased slightly by 1.2% to $1,338,367 compared to $1,322,058 in Q1 2023, driven by higher demand for services at the New York location. - **Cost of Revenue**: Rose by 3.7% to $706,172, resulting in a gross profit of $632,195, a 1.4% decrease from the prior year. - **Operating Expenses**: Significantly decreased by 41.9% to $431,133, primarily due to the termination of a management agreement with Empire Aviation. - **Net Income**: Achieved $187,290, a substantial improvement from a net loss of $100,730 in Q1 2023. - **Cash Flow**: Generated $193,497 from operating activities but used $922,869 in investing activities, primarily for purchasing investments. - **Cash Position**: Ended the quarter with $6,202,337 in cash, cash equivalents, and restricted cash, maintaining a strong working capital surplus of $8,483,946. The company continues to manage its financial health with a focus on expanding its aviation services and navigating the ongoing concession agreements for the Downtown Manhattan Heliport.