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 campuses for
business aircraft, announced the filing of an amendment to its most
recent Form 10-Q for the period ended June 30, 2023.
Please see the following links to access the filing:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001823587/000143774923027985/ysac20230630_10qa.htm
The Company’s previously issued interim consolidated financial
statements as of and for the three and six months ended June 30,
2023 contained a classification error within the statement of cash
flows for the six months ended June 30, 2023. Certain cash
transactions made during Q2 2023 associated with the subsequent
payment of construction retainage liabilities incurred and
appropriately recognized during the years ended December 31, 2021
and December 31, 2022 were included in the Company’s cash used in
operating activities as opposed to cash used in investing
activities for the six month period ending June 30, 2023.
The effects of the correction of the prior-period misstatement
to the specific line items previously presented in the consolidated
statement of cash flows are reflected in the table below (in
thousands):
As Previously
Reported
Adjustments
As Restated
Changes in Accounts payable, accrued
expenses and other liabilities
$
(1,367
)
$
3,372
$
2,005
Net cash used in operating activities
(9,103
)
3,372
(5,731
)
Payments for cost of construction
(21,155
)
(3,372
)
(24,527
)
Net cash used in investing activities
(13,059
)
(3,372
)
(16,431
)
This classification correction had no impact on the Company’s
income statement, balance sheet, or reported cash position as
previously reported on Form 10-Q.
In connection with the restatement of the consolidated financial
statements for the three and six months ended June 30, 2023, the
Company identified a material weakness in its internal controls
over financial reporting. Management is committed to remediating
this material weakness and has already begun to implement a plan to
do so, inclusive of enhanced review processes over manual cash flow
adjustments. The Company does not anticipate that the filing of the
Form 10-Q/A will have any impact on the timing of its future SEC
filings.
In addition, the Company also corrected a previously identified
immaterial error with respect to the calculation of diluted
earnings (loss) per share for the three months ended June 30, 2023
and 2022. Please see Note 12 - Net Earnings (Loss) per Share in the
consolidated financial statements on Form 10-Q/A for further
details.
The Company’s management and the Audit Committee have discussed
the matters disclosed in the amended 10-Q filed today with the
Company’s independent registered accounting firm. The restatement
did not result from any override of controls, nor has the Audit
Committee been informed of any issues related to an override of
controls or misconduct.
About Sky Harbour Group Corporation
Sky Harbour Group Corporation is an aviation infrastructure
company developing the first nationwide network of Home-Basing
campuses for business aircraft. The company develops, leases and
manages general aviation hangars across the United States. Sky
Harbour’s Home-Basing offering 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20231010568294/en/
Investor Relations: investors@skyharbour.group Attn: Francisco
X. Gonzalez, CFO
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