WEST HARRISON, N.Y., August 11, 2022--(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.
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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Attn: Francisco X. Gonzalez, CFO