Sky Harbour Group Corporation Reports Second Quarter 2022 Financial Results and Signing of New Ground Lease at Addison Airport, Texas
August 11 2022 - 7:54PM
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
(“HBS”), for business aircraft, today announced financial results
for quarter ended June 30, 2022.
Tal Keinan, Chairman and Chief Executive Officer, commented,
“Sky Harbour continued to accelerate its development pace in the
second quarter of 2022. The company entered into a new ground lease
at Addison Airport, in Dallas Texas (“ADS”), and will soon commence
construction of a Sky Harbour campus. Construction projects
continue to advance, and we look forward to beginning flight
operations at Nashville International phase 2 at the end of August,
and at Miami OPA Locka phase 1 in October. Having demonstrated the
Sky Harbour business model through its cycle, from site selection
through to full flight operations, Sky Harbour looks forward to
expanding its network aggressively in the quarters ahead.”
Second Quarter 2022 Financial and Business
Highlights:
- On April 29, 2022, our wholly-owned subsidiary outside the
Obligated Group for our Private Activity Bonds purchased the
underlying ground lease at Miami-Opa Locka Airport from the
sublessor for approximately $8.5 million, and now lease the
property directly from 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 ground lease and is
expected to decrease the Company’s cash ground lease payments by at
least $30 million over the term of the lease on an undiscounted
basis.
- On June 28, 2022, the Company entered into a new ground lease
with the Town of Addison, Texas located at ADS ("ADS Lease"). The
ADS Lease term is 40 years from the completion of construction with
no additional extension options, which is the maximum allowable
term permitted by the Town.
Form 10-Q
SHG filed in a Quarterly Report on Form 10-Q the 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 Harbour Group Corporation
Sky Harbour Group Corporation is an aviation infrastructure
development company building the first nationwide network of
Home-Basing Solutions (“HBS”) for business aircraft. We develop,
lease and manage general aviation hangars across the United States,
targeting airfields in the largest growth markets with significant
aircraft populations and high hangar demand. Our HBS campuses
feature exclusive private hangars and a full suite of dedicated
services specifically designed for home-based aircraft. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220811005815/en/
Investor Relations: investors@skyharbour.group Attn: Francisco
X. Gonzalez, CFO
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