Q1 2022 Key Metrics
- Net income of $22.9 million, or
$0.13 per basic share; a
quarter-over-quarter increase of $61.0
million primarily due to a decrease in one-time
restructuring costs of $81.8 million
related to the 2021 Capacity Purchase Agreement ('CPA') Amendments
and lower expected credit loss provisions of $2.5 million partially offset by an increase in
income tax expense.
- Adjusted net income1 of $17.7
million, or $0.10 per basic
share; an increase of $2.0 million
quarter-over-quarter primarily due to lower interest expense from
repayment of long-term debt in 2021 and lower depreciation expense
partially offset by increased adjusted income tax expense.
- Adjusted EBITDA1 of $83.3
million; a decrease of $0.8
million over first quarter 2021.
- Collected approximately 92% (67% in Q2'21, 77% in Q3'21, 83% in
Q4'21) of the Regional Aircraft Leasing ('RAL') segment's lease
revenue recognized in the first quarter.
- Liquidity of $199.7 million.
Recent Accomplishments
- Completed the acquisition of Falko Regional Aircraft Limited,
together with its affiliates and equity interests in certain
entities and aircraft managed by them ('Falko'), elevating Chorus
to the world's largest aircraft lessor focused solely on serving
the regional aviation segment and a premier full-service provider
of regional aviation services.
- Received multiple employer awards at Jazz, demonstrating our
commitment to providing employees a safe and inclusive
workplace:
-
- One of the top employers in Nova
Scotia and Atlantic Canada
for the 11th consecutive year (by Mediacorp Canada
Inc).
- One of Canada's best diversity
employers for the 11th consecutive year (by Mediacorp
Canada Inc).
- One of Canada's top employers
for young people in 2022 (by the Canada's Top 100 Employers project).
- One of the best places to work in 2022 (by Glassdoor).
HALIFAX,
NS, May 5, 2022 /CNW/ - Chorus Aviation Inc.
('Chorus') (TSX: CHR) today announced first quarter 2022
financial results.
"I'm extremely pleased with our first quarter which delivered
significant accomplishments and positive financial returns," stated
Joe Randell, President and Chief
Executive Officer, Chorus Aviation Inc. "With the completion of the
Falko acquisition, Chorus is now the world's largest aircraft
lessor focused solely on investing in the regional aircraft leasing
space. This acquisition is truly transformative for Chorus as it
significantly advances our growth and diversification strategy.
With the addition of Falko, in 2022, we expect to derive 50% of our
earnings from non-CPA related operations. The asset management
platform and equity interests in 123 owned and managed aircraft
creates scale and a differentiated business model that benefits all
stakeholders. This transaction increases Chorus' customer base from
19 to 32 airlines, expands our geographical reach from 16 to 23
countries and increases the value of assets under management to
approximately US$4.5 billion, with a
fleet of 348 regional aircraft. Our immediate priority is to
seamlessly integrate operations and execute on the opportunities
this transaction brings, including the launch of a new fund this
year. We believe the timing of this endeavor is opportune as global
air travel grows and demand for regional aircraft leasing
increases."
"I sincerely thank the Chorus group of employees for all their
hard work and dedication over the last two difficult years.
Collectively, we remain energized and excited about our prospects.
We are witnessing positive indications that demand for air travel
is significantly increasing in many parts of the world. Our Jazz
operation continues to ramp up for the summer peak period, and we
are hiring new employees across the organization. Chorus Aviation
Capital collected approximately 92% of lease revenue recognized in
the first quarter, up from 83% in the previous quarter, and
Voyageur's parts provisioning and sales hit its strongest quarter
since being launched in 2016. We remain optimistic that these
trends will continue to build momentum and we are very well
positioned to execute on new growth opportunities that will deliver
positive returns to our shareholders, fund investors, customers and
employees," concluded Mr. Randell.
Liquidity
As of March 31, 2022, Chorus' liquidity was $199.7 million, including cash of $110.0 million and $89.7
million of available room on its operating credit facility.
Liquidity increased from the fourth quarter of 2021 by $11.2 million primarily due to increased cash
flow from operations of $41.5 million
and an increase in its committed operating credit facility of
$25.0 million offset by scheduled
payments on long-term debt of $44.6
million and capital expenditures of $11.6 million.
In connection with the closing of the Falko acquisition, Chorus
entered into a new US $30.0 million
unsecured revolving operating credit facility with a nine-month
term, maturing February 2023.
First Quarter Summary
In the first quarter of 2022, Chorus reported adjusted EBITDA of
$83.3 million, a decrease of
$0.8 million over the first quarter
of 2021.
The RAL segment's adjusted EBITDA increased by $2.8 million due to the recognition of the
expected recovery of Chorus' claim in the Aeromexico bankruptcy, a
$2.5 million decrease in the expected
credit loss provision and increased lease revenue from re-leased
aircraft partially offset by lower lease revenue attributable to
negotiated lease amendments (including extensions).
The Regional Aviation Services ('RAS') segment's adjusted EBITDA
decreased by $3.6 million. First
quarter results were impacted by:
- an increase in stock-based compensation expense of $3.7 million due to the change in the share price
inclusive of the change in fair value of the Total Return Swap;
and
- an increase in general administrative expenses attributable to
increased operations; partially offset by
- an increase in other revenue due to an increase in part sales
partially offset by a decrease in third-party maintenance repair
and overhaul activity and contract flying; and
- an increase in capitalization of major maintenance overhauls on
owned aircraft of $1.4 million.
Chorus' adjusted net income was $17.7
million for the quarter, an increase of $2.0 million over the first quarter of 2021 due
to:
- a decrease in net interest costs of $4.8
million primarily related to the repayment of certain
aircraft financing and the partial redemption of the 6.00%
Debentures offset by interest on the Series B Debentures and Series
C Debentures; and
- a decrease in depreciation expense of $1.1 million; partially offset by
- a $0.8 million decrease in
adjusted EBITDA as previously described;
- an increase of $2.2 million
income tax expense on adjusted items; and
- an increase of $1.0 million
primarily due to unrealized foreign exchange losses on working
capital.
Chorus' net income increased $61.0
million over the first quarter of 2021 due to:
- the previously noted increase in adjusted net income of
$2.0 million;
- a decrease in one-time restructuring costs of $81.8 million related to the 2021 CPA
amendments;
- an increase in net unrealized foreign exchange gains primarily
on long-term debt of $0.7 million;
and
- a decrease in employee separation program costs and lease
repossession costs of $0.7 million;
partially offset by
- a decrease in income tax recoveries on adjusted items of
$21.5 million; and
- strategic advisory fees related to the Falko acquisition of
$2.7 million.
Consolidated Financial Analysis
This section provides detailed information and analysis about
Chorus' performance for the three months ended March 31, 2022,
compared to the three months ended March 31, 2021. It focuses
on Chorus' consolidated operating results and provides financial
information for Chorus' operating segments.
(unaudited)
(expressed in
thousands of Canadian dollars)
|
Three months ended
March 31,
|
2022
|
2021
|
Change
|
Change
|
$
|
$
|
$
|
%
|
|
|
|
|
|
Operating
revenue
|
342,380
|
202,487
|
139,893
|
69.1
|
Operating
expenses
|
299,068
|
239,383
|
59,685
|
24.9
|
|
|
|
|
|
Operating income
(loss)
|
43,312
|
(36,896)
|
80,208
|
(217.4)
|
Net interest
expense
|
(20,054)
|
(24,856)
|
4,802
|
(19.3)
|
Foreign exchange
gain
|
4,449
|
4,754
|
(305)
|
(6.4)
|
|
|
|
|
|
Income (loss) before
income tax
|
27,707
|
(56,998)
|
84,705
|
(148.6)
|
Income tax (expense)
recovery
|
(4,800)
|
18,919
|
(23,719)
|
(125.4)
|
|
|
|
|
|
Net income
(loss)
|
22,907
|
(38,079)
|
60,986
|
(160.2)
|
|
|
|
|
|
Adjusted
EBITDA(1)
|
83,280
|
84,041
|
(761)
|
(0.9)
|
Adjusted
EBT(1)
|
23,346
|
19,130
|
4,216
|
22.0
|
Adjusted net
income(1)
|
17,743
|
15,744
|
1,999
|
12.7
|
|
|
(1)
|
These are non-GAAP
financial measures.
|
Outlook
(See cautionary statement regarding
forward-looking information below)
On May 3, 2022, Chorus completed
the Falko acquisition. This transformative transaction creates new
opportunities for growth through increased access to growth capital
and a differentiated business model to maximize returns on aircraft
assets.
Taking into account the draws under Chorus' credit facilities
and the payment of consideration for the Falko acquisition, Chorus
anticipates having total liquidity in excess of $100.0 million for the remainder of 2022 with
approximately half of such liquidity consisting of cash and the
remainder consisting of available credit under its operating credit
facility and the new US $30.0 million
unsecured revolving operating credit facility.
Chorus anticipates having sufficient liquidity to fund ongoing
operations, planned capital expenditures and principal and interest
payments related to long-term borrowings.
Chorus' forecast(1) for the year ended December 31, 2022 is as follows:
|
RAL
|
RAS
|
Consolidated
|
(unaudited)
(expressed in
thousands of Canadian dollars)
|
|
Excluding Pass-
Through and
Controllable Costs
(included in revenue and
expenses)
|
Pass-Through and
Controllable Costs
(included in revenue
and expenses)
|
|
From
|
To
|
From
|
To
|
From
|
To
|
From
|
To
|
|
$
|
$
|
$
|
$
|
$
|
$
|
$
|
$
|
|
|
|
|
|
|
|
|
|
Revenue
|
260,000
|
275,000
|
310,000
|
330,000
|
1,000,000
|
1,200,000
|
1,570,000
|
1,805,000
|
Adjusted
EBITDA
|
215,000
|
235,000
|
205,000
|
220,000
|
—
|
—
|
420,000
|
455,000
|
Adjusted EBT
|
75,000
|
90,000
|
74,000
|
84,000
|
—
|
—
|
149,000
|
174,000
|
Adjusted Net Income
available to Shareholders(2)
|
|
|
|
|
|
|
93,000
|
108,000
|
Adjusted EPS available
to Shareholders(3)
|
|
|
|
|
|
|
0.48
|
0.56
|
Net debt to Adjusted
EBITDA
|
|
|
|
|
|
|
4.7x
|
5.0x
|
Return on Invested
Capital (%)
|
|
|
|
|
|
|
7.0%
|
7.9%
|
Cash from
operations(4)
|
|
|
|
|
|
|
270,000
|
320,000
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The forecast excludes
the impact of the purchase price allocation ("PPA Adjustments") for
the Falko acquisition as required under IFRS 3 Business
Combinations ("IFRS 3"). If the initial accounting can be
determined only provisionally by the end of the first reporting
period, the PPA Adjustments must be completed within 12 months from
the acquisition close date. Under IFRS 3, when an acquirer
takes control of a business through an acquisition the
consideration paid is allocated to the fair value of the assets and
liabilities, at the acquisition date, inclusive of the fair value
assessment of intangibles. Intangibles include the fair value
assessment of: asset management contracts and performance
entitlements for existing or future funds, investor/customer
relationships and goodwill for the assembled workforce.
|
(2)
|
Preferred share
dividends and minority interest income are deducted from adjusted
net income to determine net income available to shareholders and
for adjusted EPS available to shareholders.
|
(3)
|
Weighted average shares
of 194,561,125 was used in the calculation of adjusted
EPS.
|
(4)
|
Cash from operations
exclude dividends paid to minority interest shareholders and net
changes in non-cash balances related to operations.
|
Key Economic Assumptions:
- The forecast assumes the launch in the second quarter of 2022
of a new investment fund managed by Falko with (i) a minimum of US
$500.0 million in capital commitments
and (ii) management fees and economic terms commensurate with those
in Falko's prior funds.
- The forecast revenue is based on current contracted lease
revenue and forecasted revenues for leased aircraft and asset
management fees. Aircraft leasing revenue under the CPA and Fixed
Margin revenue is expected to be US $114.7
million and $66.3 million,
respectively in 2022.
- The forecast uses weighted average statutory tax rates for each
of the individual entities based on the jurisdiction in which the
entity is taxable. The forecast uses a weighted average income tax
rate of 22.0% based on average statutory tax rates of 27.0%, 12.5%
and 19.0% in Canada, Ireland, and United
Kingdom, respectively. The actual weighted average income
tax rates may vary due to the actual income in each country and
foreign exchange rates.
- The forecast assumes no disposals in 2022 of aircraft leased
under the CPA or in the RAL segment.
- The forecast uses a foreign exchange rate of 1.25 to translate
USD to CAD revenue and expenses.
Regional Aircraft Leasing:
Following the onset of the COVID-19 pandemic, CAC received
requests from substantially all its customers for some form of
temporary rent relief, as they coped with an unprecedented
reduction in demand for passenger air travel. Under rent relief
arrangements, certain of which include lease term extensions, the
repayment of the deferred amounts typically coincides with the
lease term extensions. As of March 31, 2022, CAC's gross lease
receivable was $84.5 million (US
$67.6 million) (December 31, 2021 - $84.0
million (US $66.3 million)).
The gross lease receivable may increase to approximately
$88.0 million (US $70.0 million) by the end of 2022 due to rent
relief arrangements and potential delays in payments.
As of March 31, 2022, the net lease receivable, after an
expected credit loss provision, was $77.3
million (US $61.9 million)
(December 31, 2021 - $76.8 million (US $60.6
million)). CAC's lease deferral receivable exposure is also
partially mitigated by security packages held of approximately
$28.0 million (US $22.4 million) (December 31, 2021 - $26.8
million (US $21.1
million)).
Capital expenditures in 2022, including capitalized major
maintenance overhauls but excluding expenditures for the
acquisition of aircraft, are expected to be between $21.0 million and $33.0
million. Aircraft acquisitions and improvements in 2022 are
expected to be between $10.0 million
and $17.0 million.(1)
(unaudited)
(expressed in
thousands of Canadian dollars)
|
|
Actual
|
|
Three months
ended
|
Year
ended
|
Planned
2022(1)
|
March 31,
2022
|
December 31,
2021(2)
|
$
|
$
|
$
|
Capital expenditures,
excluding aircraft acquisitions
|
15,000 to
21,000
|
1,409
|
7,019
|
Capitalized major
maintenance overhauls(3)
|
6,000 to
12,000
|
5,939
|
20,296
|
Aircraft acquisitions
and improvements
|
10,000 to
17,000
|
4,287
|
47,392
|
|
31,000 to
50,000
|
11,635
|
74,707
|
|
|
(1)
|
The 2022 plan includes
reconfiguration costs on re-leased aircraft in the RAL segment
which have been converted to Canadian from US dollars using a
foreign exchange rate of 1.2496, the March 31, 2022 closing
day rate from the Bank of Canada.
|
(2)
|
The 2021 actual
includes the acquisition of one CRJ900 and reconfiguration costs on
certain off-lease and re-leased aircraft.
|
(3)
|
The 2022 plan includes
between $2.0 million to $5.0 million of costs that are expected to
be included in controllable costs. Actual 2022 and 2021 costs
include $2.7 million and $8.1 million, respectively which were
included in controllable costs.
|
The following table provides the number of aircraft that earn
leasing revenue for completed transactions:
|
|
|
|
|
(unaudited)
|
|
Completed
Transactions
|
Customer
|
Aircraft
type
|
Q4
2021
|
Q1
2022
|
Total
|
|
|
|
|
|
Aeromexico(1)
|
E190
|
3
|
|
3
|
Air Nostrum
|
CRJ1000
|
4
|
|
4
|
airBaltic
|
A220-300
|
5
|
|
5
|
Azul
Airlines(2)
|
ATR72-600/E195
|
5
|
|
5
|
CityJet
|
CRJ900
|
—
|
2
|
2
|
Cobham
|
Dash 8-400
|
1
|
|
1
|
Croatia
Airlines
|
Dash 8-400
|
2
|
|
2
|
Emerald
Airlines(3)
|
ATR72-600
|
2
|
1
|
3
|
Ethiopian
Airlines
|
Dash 8-400
|
5
|
|
5
|
Indigo
|
ATR72-600
|
8
|
|
8
|
Jambojet
|
Dash 8-400
|
3
|
|
3
|
KLM
Cityhopper
|
E190
|
1
|
|
1
|
Malindo Air
|
ATR72-600
|
4
|
|
4
|
Philippine
Airlines(4)
|
Dash 8-400
|
3
|
(1)
|
2
|
Sky Alps
|
Dash 8-400
|
2
|
|
2
|
SpiceJet
|
Dash 8-400
|
5
|
|
5
|
Waltzing
Matilda
|
Dash 8-400
|
2
|
|
2
|
Wings Air
|
ATR72-600
|
1
|
|
1
|
|
|
|
|
|
Total Regional Aircraft
Leasing
|
|
56
|
2
|
58
|
|
|
|
|
|
Total Regional Aviation
Services(5)
|
Dash
8-400/CRJ900
|
48
|
—
|
48
|
|
|
|
|
|
Chorus Total
Aircraft
|
|
104
|
2
|
106
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
On November 4, 2021,
Aeromexico and CAC executed amended and restated lease agreements
in respect of all three E190s currently leased by CAC to
Aeromexico. These agreements (which became effective on January 31,
2022) reflect revised commercial terms negotiated by the parties
following Aeromexico's voluntary petition for relief under Chapter
11 of the United States Bankruptcy Code on June 30, 2020. On March
17, 2022, Aeromexico completed its reorganization and emerged from
Chapter 11.
|
(2)
|
Consists of three
ATR72-600s and two E195s.
|
(3)
|
CAC executed long-term
leases for six ATR72-600s to Emerald Airlines. As at March 31,
2022, three of the aircraft had been delivered, one additional
aircraft was delivered on April 25, 2022 and the remaining two
deliveries are expected in the second quarter of 2022.
|
(4)
|
On December 31, 2021,
Philippine Airlines successfully completed its restructuring under
Chapter 11 of the United States Bankruptcy Code. Two aircraft have
been retained under lease on revised terms and one was returned in
the first quarter of 2022.
|
(5)
|
RAS segment breakdown
includes the following aircraft earning lease revenue under the
CPA: 34 Dash 8-400s and 14 CRJ900s.
|
Use of Defined Terms
Capitalized terms used but not defined in this news release have
the meanings given to them in the MD&A which is available on
Chorus' website (www.chorusaviation.com) and under Chorus' profile
on SEDAR (www.sedar.com).
Investor Conference Call / Audio Webcast
Chorus will hold an analyst call at 9:00
a.m. ET on Friday, May 6, 2022, to discuss the first quarter
2022 financial results. The call may be accessed by dialing
1-888-664-6392. The call will be simultaneously audio webcast
via:
https://produceredition.webcasts.com/starthere.jsp?ei=1540083&tp_key=cc041ef05a
This is a listen-in only audio webcast.
The conference call webcast will be archived on Chorus' website
at www.chorusaviation.com under Investors > Reports >
Executive Management Presentations. A playback of the call
can also be accessed until midnight
ET, May 13, 2022, by dialing
toll-free1-888-390-0541, and using passcode 706664#
1NON-GAAP FINANCIAL MEASURES
This news
release references several non-GAAP financial measures to
supplement the analysis of Chorus' results. Chorus uses
certain non-GAAP financial measures, described below, to evaluate
and assess performance. These non-GAAP measures are generally
numerical measures of a company's financial performance, financial
position, or cash flows, that include or exclude amounts from the
most comparable GAAP measure. As such, these measures are not
recognized for financial statement presentation under GAAP, do not
have a standardized meaning, and are therefore not likely to be
comparable to similar measures presented by other public
entities.
Adjusted Net Income, Adjusted EBT and Adjusted
EBITDA
Adjusted net income and Adjusted net income per Share
are used by Chorus to assess performance without the effects of
unrealized foreign exchange gains or losses on long-term debt and
lease liability related to aircraft, signing bonuses, employee
separation program costs, impairment provisions, lease repossession
costs net of security packages realized, Dash 8-300 inventory
provision, defined benefit pension curtailment, integration costs,
strategic advisory fees and the applicable tax expense (recovery).
Chorus manages its exposure to currency risk on such long-term debt
by billing the lease payments within the CPA in the underlying
currency (US dollars) related to the aircraft debt. These items are
excluded because they affect the comparability of Chorus' financial
results, period-over-period, and could potentially distort the
analysis of trends in business performance. Excluding these items
does not imply they are non-recurring due to ongoing currency
fluctuations between the Canadian and US dollar.
EBT is defined as earnings before income tax. Adjusted EBT (EBT
before signing bonuses, employee separation program costs,
impairment provisions, lease repossession costs net of security
packages realized, Dash 8-300 inventory provision, defined benefit
pension curtailment, integration costs, strategic advisory fees and
other items such as foreign exchange gains and losses) is a
non-GAAP financial measure used by Chorus as a supplemental
financial measure of operational performance. Management believes
Adjusted EBT assists investors in comparing Chorus' performance by
excluding items, which it does not believe will re-occur over the
longer-term (such as signing bonuses, employee separation program
costs, impairment provisions, lease repossession costs net of
security packages realized, Dash 8-300 inventory provision, defined
benefit pension curtailment, integration costs and strategic
advisory fees) as well as items that are non-cash in nature such as
foreign exchange gains and losses.
EBITDA is defined as earnings before net interest expense,
income taxes, depreciation and amortization, and impairment and is
a non-GAAP financial measure that is used frequently by companies
in the aviation industry as a measure of performance. Adjusted
EBITDA (EBITDA before signing bonuses, employee separation program
costs, strategic advisory fees, impairment provisions, lease
repossession costs net of security packages realized, Dash 8-300
inventory provision, defined benefit pension curtailment and
integration costs, and other items such as foreign exchange gains
or losses) is a non-GAAP financial measure used by Chorus as a
supplemental financial measure of operational performance.
Management believes Adjusted EBITDA assists investors in comparing
Chorus' performance by excluding items, which it does not believe
will re-occur over the longer-term (such as signing bonuses,
employee separation program costs, impairment provisions, lease
repossession costs net of security packages realized, Dash 8-300
inventory provision, defined benefit pension curtailment,
integration costs and strategic advisory fees) as well as items
that are non-cash in nature such as foreign exchange gains and
losses. Adjusted EBITDA should not be used as an exclusive measure
of cash flow because it does not account for the impact of working
capital growth, capital expenditures, debt repayments and other
sources and uses of cash, which are disclosed in the statements of
cash flows, forming part of Chorus' financial statements.
Forward-Looking Information
This news release includes
'forward-looking information'. Forward-looking information is
identified by the use of terms and phrases such as "anticipate",
"believe", "could", "estimate", "expect", "intend", "may", "plan",
"potential", "predict", "project", "will", "would", and similar
terms and phrases, including references to assumptions. Such
information may involve but is not limited to comments with respect
to strategies, expectations, planned operations or future actions.
Forward-looking information relates to analyses and other
information that are based on forecasts of future results,
estimates of amounts not yet determinable and other uncertain
events. Forward-looking information, by its nature, is based on
assumptions, including those referenced below, and is subject to
important risks and uncertainties. Any forecasts or forward-looking
predictions or statements cannot be relied upon due to, among other
things, external events, changing market conditions and general
uncertainties of the business. Such statements involve known and
unknown risks, uncertainties and other factors that may cause
actual results, performance or achievements to differ materially
from those indicated in the forward-looking information.
Examples of forward-looking information in this news release
include the discussion in the Outlook section, as well as
statements regarding expectations as to Chorus' future liquidity
and financial strength and contracted revenues, the recovery of air
traffic in Canada and around the
world, Chorus' future growth and the completion of pending or
planned transactions. Actual results may differ materially from
results indicated in forward-looking information for a number of
reasons, including Chorus' ability to successfully integrate
Falko's operations and employees and realize the anticipated
benefits of the acquisition transaction; the potential impact of
the completion of the acquisition transaction on relationships,
including with employees, suppliers, customers, investors and other
providers of capital; Falko's ability to successfully launch a new
fund in the second quarter of 2022 on the terms currently
contemplated or at all; deviations from the key economic
assumptions described in the Outlook section; a prolonged duration
of the COVID-19 outbreak (including as a result of the emergence of
new COVID-19 variants) and/or further restrictive measures to
minimize its public health impacts, the evolving impact of COVID-19
on Chorus' contractual counterparties, changes in aviation industry
and general economic conditions, the continued payment (in whole or
in part) of amounts due under the CPA and/or aircraft lease
agreements with CAC's customers, the risk of disputes under the CPA
and/or aircraft lease agreements with CAC's customers, Chorus'
ability to pay its indebtedness and otherwise remain in compliance
with its debt covenants, the risk of cross defaults under debt
agreements and other significant contracts, the risk of asset
impairments and provisions for expected credit losses, a failure to
conclude transactions (including potential financings) referenced
in this news release and in Chorus' public disclosure record
available at www.sedar.com. The forward-looking statements
contained in this news release represent Chorus' expectations as of
the date of this news release (or as of the date they are otherwise
stated to be made) and are subject to change after such date.
Chorus disclaims any intention or obligation to update or revise
such statements to reflect new information, subsequent events or
otherwise, except as required by applicable securities laws.
Readers are cautioned that the foregoing factors and risks are not
exhaustive.
About Chorus Aviation Inc.
Chorus is the world's
largest aircraft lessor focused solely on investing in the regional
aircraft leasing space and a global provider of integrated regional
aviation solutions including asset management. Chorus' vision
is to deliver regional aviation to the world. Headquartered in
Halifax, Nova Scotia, Chorus is
comprised of Falko Regional Aircraft Limited, a market-leading
aircraft asset management company, Chorus Aviation Capital a
leading, global lessor of regional aircraft, and Jazz Aviation and
Voyageur Aviation - companies that have long histories of safe
operations with excellent customer service. Chorus provides a full
suite of regional aviation support services that
encompasses every stage of an aircraft's lifecycle, including
aircraft acquisitions and leasing; aircraft refurbishment,
engineering, modification, repurposing and preparation; contract
flying; aircraft and component maintenance, disassembly, and parts
provisioning.
Chorus Class A Variable Voting Shares and Class B Voting Shares
trade on the Toronto Stock Exchange under the trading symbol 'CHR'.
Chorus 6.00% Senior Debentures, 5.75% Senior Unsecured Debentures,
and 6.00% Convertible Senior Unsecured Debentures trade on the
Toronto Stock Exchange under the trading symbols 'CHR.DB',
'CHR.DB.A', 'CHR.DB.B','CHR.DB.C' respectively.
www.chorusaviation.com
SOURCE Chorus Aviation Inc.