Sky Harbour Group Corporation Announces its 2023 Q1 Financial Results, Update on Leasing Activities and the Closing of its Acquisition of RapidBuilt
14 Mayo 2023 - 3:52PM
Business Wire
Sky Harbour Group Corporation (NYSE American: SKYH, SKYH WS)
(“SHG” or the “Company”), an aviation infrastructure company
building the first nationwide network of Home-Basing Solutions for
business aircraft, announced the release of its 2023 1st quarter
Financial Results in Form 10-Q. Please see the following link to
access the filing:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001823587/000143774923014229/ysac20230331_10q.htm
Highlights of the results and other recent events are:
- Q1 2023 Revenues increased 179% as compared to Q1 2022 and 82%
compared to Q4 2022
- S,G&A expenses decreased 23% compared to Q1 2022
- Strong liquidity and capital resources as of March 31, 2023,
including cash, restricted cash, and US Treasury investments of
over $165 million
- Closed the Project Modification and recapitalization of wholly
owned Sky Harbour Capital, with a significant increase in the
already robust projected debt service coverage of the Series 2021
Bonds1
- New executed hangar tenant lease rents reach record mid-$40s
per square foot
- Houston, Nashville and Miami facilities are 94%, 64% and 67%
leased, respectively, as of May 12, 2023. Full occupancy projected
to be reached by end of Q3 2023.
On May 12, 2023, the Company exercised its option to acquire a
controlling stake in Overflow LP, owner of Rapidbuilt Inc.
(“RapidBuilt”), a Texas based manufacturer of pre-engineered metal
buildings (PEMB). The Company previously executed a strategic
supply agreement with RapidBuilt in July 2022 to guarantee
production capacity and achieve optimum manufacturing margin for
its hangar construction projects. With the closing of this
acquisition, the Company believes that the vertical integration
will enable it to deliver hangar buildings to each of the Company’s
development sites in shorter timeframes, reducing the overall
construction cost and duration of each of its projects. The Company
paid nominal consideration for its initial 51% equity stake and
agreed to assume its senior loan obligations of approximately $10
million. This acquisition is intended to be accretive to SKYH
through immediate projected construction and operational savings.
The 8-K filing related to this closing may be found on the link
below:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001823587/000143774923014241/ysac20230511_8k.htm
Tal Keinan, Chairman and Chief Executive Officer, commented on
the Q1 results and other recent events: “After operating its pilot
campus in Houston for more than a year, Sky Harbour quickly grew to
conducting full flight operations on three campuses, Nashville
having opened in November 2022 and Miami in February 2023. As
leasing nears completion, tenant feedback has been outstanding. Sky
Harbour has taken a meaningful step forward in establishing its
Home Basing Solution as the solution of choice for the country’s
top aircraft owners.”
“The company’s attention is now increasingly focused on
expanding Sky Harbour’s national footprint, continuing to refine
Sky Harbour’s already unmatched service offering, and maximizing
the economies of scale afforded by the Sky Harbour model.”
“As part of this effort, we are happy to welcome the RapidBuilt
team into the Sky Harbour family. Vertical integration will produce
considerable development cost advantages. More importantly,
RapidBuilt brings the best engineering talent we have ever
encountered in the Aviation PEMB and hangar-door spaces into the
Sky Harbour prototyping process, yielding a constantly improving
hangar, with outstanding quality consistency and a more efficient
construction cycle.”
Sky Harbour campuses are open and operating at Houston’s Sugar
Land Regional Airport (“SGR”), Nashville International Airport
(“BNA”) and Miami Opa-Locka Executive Airport (“OPF”). Sky Harbour
is developing new campuses at Denver Centennial Airport (“APA”) and
Phoenix Deer Valley Airport (“DVT”), both of which are in
construction, and Dallas Addison Airport (“ADS”), which is in
permitting.
About Sky Harbour Group Corporation
Sky Harbour Group Corporation is an aviation infrastructure
company developing the first nationwide network of Home-Basing
Solutions for business aircraft. The company develops, leases and
manages general aviation hangars across the United States. Sky
Harbour’s Home-Basing Solution aims to provide private and
corporate customers with the best physical infrastructure in
business aviation, coupled with dedicated service tailored to based
aircraft, offering the shortest time to wheels-up in business
aviation. To learn more, visit www.skyharbour.group.
Forward Looking Statements
Certain statements made in this release are "forward looking
statements" within the meaning of the "safe harbor" provisions of
the United States Private Securities Litigation Reform Act of 1995,
including statements about the financial condition, results of
operations, earnings outlook and prospects of SHG may include
statements for the period following the consummation of the
business combination. When used in this press release, the words
“plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,”
“estimate,” “forecast,” “project,” “continue,” “could,” “may,”
“might,” “possible,” “potential,” “predict,” “should,” “would” and
other similar words and expressions (or the negative versions of
such words or expressions) are intended to identify forward-looking
statements, but the absence of these words does not mean that a
statement is not forward-looking. The forward-looking statements
are based on the current expectations of the management of SHG 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 that have been anticipated. These
forward-looking statements involve a number of risks, uncertainties
or other assumptions that may cause actual results or performance
to be materially different from those expressed or implied by these
forward-looking statements. These risks and uncertainties include,
but are not limited to, those discussed and identified in the
public filings made or to be made with the SEC by SHG, including
the filings described above, regarding the following: expectations
regarding SHG’s strategies and future financial performance,
including its future business plans, expansion plans or objectives,
prospective performance and opportunities and competitors,
revenues, products and services, pricing, operating expenses,
market trends, liquidity, cash flows and uses of cash, capital
expenditures, and SHG’s ability to invest in growth initiatives;
SHG’s ability 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; SHG’s future capital requirements and sources
and uses of cash; SHG’s ability to obtain funding for its
operations and future growth; developments and projections relating
to SHG’s competitors and 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 may be adversely affected by other economic, business, and/or
competitive factors; operational risk; risk that the COVID-19
pandemic, and local, state, and federal responses to addressing the
pandemic may have an adverse effect on SHG’s business operations,
as well as SHG’s financial condition and results of operations.
Should one or more of these risks or uncertainties materialize or
should any of the assumptions made by the management of SHG prove
incorrect, actual results may vary in material respects from those
projected in these forward-looking statements. SHG undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
1 Please see press release dated March 28, 2023 and related SEC
filing.
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Investor Relations: investors@skyharbour.group Attn: Francisco
X. Gonzalez, CFO
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