World News: 21:05 GMT Wednesday 15th May 2019. [Saker Aviation Services, Inc. via Globe Newswire via SPi World News]
NEW YORK, May 15, 2019 (GLOBE NEWSWIRE) -- Saker Aviation Services, Inc. (OTCQB:SKAS), an aviation services company specializing in ground-based services to the general aviation marketplace, today announced its financial results for the three months ended March 31, 2019.
Revenue in the three months ended March 31, 2019 of $2,072,722, was virtually unchanged from $2,078,489 in the same period in 2018. Net income in the three months ended March 31, 2019 of $52,336, an increase of $275,899 as compared to a net loss of $223,563 in the three months ended March 31, 2018.
“We are pleased to start the year so solidly in 2019,” stated Ron Ricciardi, the Company’s president & CEO. “We enjoyed about $30,000 in non-recurring operating income this year as compared to 2018. Excluding this amount, however, still reflects significant improvement on a year-over-year basis.” The impact of a fatal helicopter accident in early 2018, as previously reported, had a negative impact on results in the final three quarters of last year. The recovery from that event may reflect positive comparisons going forward in 2019.
The Company also reported Adjusted EBITDA of $87,896 for the three months ended March 31, 2019, an increase of $172,395 as compared to Adjusted EBITDA of $(84,499) in the three months ended March 31, 2018. Please see footnote 1 below for the Company’s definition of Adjusted EBITDA, a description of why the Company uses Adjusted EBITDA and important disclaimers regarding Adjusted EBITDA, which is a non-GAAP measure. A reconciliation of Adjusted EBITDA to the appropriate GAAP measure is also included in footnote 1.
The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, as adjusted for stock based compensation expense and other income and expense items. The Company believes that Adjusted EBITDA, which is a financial measure that is not defined by Generally Accepted Accounting Principles (“GAAP”), is a useful performance metric because it eliminates non-cash and/or non-recurring charges to earnings. It is important to note that non-GAAP measures such as Adjusted EBITDA should be considered in addition to, not as a substitute for or superior to, net income, cash flows, or other measures of financial performance prepared in accordance with GAAP. A reconciliation of net income to Adjusted EBITDA is as follows for the three months ended March 31, 2019 and 2018.
Globe Newswire: 21:05 GMT Wednesday 15th May 2019
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