WEST HARRISON, NY–(BUSINESS THREAD)–Sky Harbor Group Corporation (NYSE American: SKYH, SKYH WS) (“SHG” or the “Company”), an aviation infrastructure company building the first nationwide network of home solutions (“HBS “), for commercial aircraft, today announced financial results for the quarter ended June 30, 2022.
Tal Keinan, president and CEO, commented, “Sky Harbor continued to accelerate its pace of development during the second quarter of 2022. The company signed a new ground lease at Addison Airport in Dallas , Texas (“ADS”), and will soon begin construction on a Sky Harbor campus. Construction projects continue to move forward, and we expect to begin flight operations at Nashville International Phase 2 in late August and phase 1 of Miami OPA Locka in Oct. Having demonstrated Sky Harbor’s business model throughout its cycle, from site selection to full flight operations, Sky Harbor hopes to expand its network aggressively in the coming quarters.”
Financial and business data for the second quarter of 2022:
On April 29, 2022, our wholly-owned subsidiary outside the Group Obligated for our Private Activity Bonds purchased the underlying lease at Miami-Opa Locka Airport from the sublessor for approximately 8.5 million dollars, and now leases the property directly to Miami-Dade County. (“MDC”). The transaction also required us to pay approximately $1.0 million in transfer fees to MDC. The transaction extends the term of our lease and is expected to reduce the Company’s cash ground lease payments by at least $30 million over the term of the undiscounted lease. On June 28, 2022, the Company entered into a new lease for land with the City of Addison, Texas located in ADS (“ADS Lease”). The ADS lease term is 40 years from the completion of construction with no additional extension options, which is the maximum term allowed by the City.
SHG filed in a quarterly report on Form 10-Q unaudited consolidated financial statements for the quarter ended June 30, 2022. Investors can find the filing on the SEC’s website, www.sec.gov.
About Sky Harbor Group Corporation
Sky Harbor Group Corporation is an aviation infrastructure development company building the nation’s first home-based solutions (HBS) network for commercial aircraft. We develop, lease and manage general aviation hangars in the United States, targeting aerodromes in the fastest growing markets with significant aircraft populations and high demand for hangars. Our HBS campuses feature exclusive private hangars and a full suite of dedicated services designed specifically for home aircraft. For more information, visit www.skyharbour.group.
Certain statements made in this release are “forward-looking statements” within the meaning of the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995, including statements about the financial condition, results of operations , the earnings outlook and the SHG outlook may include statements for the period subsequent to the consummation of the business combination. When used in this press release, the words “plan,” “believe,” “expect,” “anticipate,” “attempt,” “outlook,” “estimate,” “forecast,” “project,” “continue “, ” could “, ” could “, ” could “, ” possible “, ” potential “, ” predict “, ” should “, ” could ” and other similar words and expressions (or the negative versions of these words or expressions) are intended to identify forward-looking statements, but the absence of such words does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations of SHG management as applicable and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that could cause actual results or performance to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, those discussed and identified in public statements made or to be made with the SEC by SHG, including the filings described above, in connection with the following : expectations about SHG strategies and future financial performance, including its future business plans, expansion plans or objectives, performance and potential opportunities and competitors, revenues, products and services, prices, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditure and SHG’s ability to invest in growth initiatives; The ability of SHGs to scale and build the hangars currently under development or planned in a timely and cost-effective manner; the implementation, market acceptance and success of SHG’s business model and growth strategy; the success or profitability of SHG’s hangar facilities; future capital requirements of SHGs and sources and uses of cash; SHG’s ability to obtain financing for its operations and future growth; developments and projections relating to competitors and the SHG industry; the ability to recognize the anticipated benefits of the business combination; geopolitical risk and changes in applicable laws or regulations; the possibility that SHG will be adversely affected by other economic, business and/or competitive factors; operational risk; the risk that the COVID-19 pandemic and local, state and federal responses to the pandemic may have an adverse effect on SHG’s business operations, as well as SHG’s financial condition and results of operations . If one or more of these risks or uncertainties materialize or if any of the assumptions made by SHG’s management prove incorrect, actual results may differ in material respects from those projected in these forward-looking statements. SHG undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.