WEST HARRISON, NY–(BUSINESS WIRE)–Sky Harbor Group Corporation (NYSE American: SKYH, SKYH WS) (“SHG” or the “Company”), an aviation infrastructure company building the nation’s first home base solutions (“HBS”) network , for business aircraft, today announced its financial results for the quarter ended June 30, 2022.
Tal Keinan, Chairman and CEO, commented, “Sky Harbor continued to accelerate its pace of development in the second quarter of 2022. The company entered into a new ground lease at Addison Airport, Dallas, Texas (“ADS”), and will soon begin construction of a Sky Harbor campus. Construction projects continue to move forward and we look forward to beginning flight operations at Nashville International Phase 2 in late August and Miami OPA Locka Phase 1 in October. After demonstrating the Sky Harbor business model throughout Throughout its cycle, from site selection to full flight operations, Sky Harbor looks forward to aggressively expanding its network in the coming quarters.
Second Quarter 2022 Financial and Business Highlights:
On April 29, 2022, our wholly-owned subsidiary outside of the Obligated Group for our Private Activity Obligations purchased the underlying ground lease at Miami-Opa Locka Airport from the sub-lessor for approximately $8.5 million. dollars, and now leases 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 reduce 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 City of Addison, Texas located in ADS (“ADS Lease”). The term of the ADS lease is 40 years from completion of construction with no further extension options, which is the maximum term allowed by the City.
SHG has 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 Harbor Group Corporation
Sky Harbor Group Corporation is an aviation infrastructure development company building the nation’s first home base solutions (“HBS”) network for business aircraft. We develop, lease and manage general aviation hangars across the United States, targeting airfields in the fastest growing markets with large aircraft populations and high hangar demand. Our HBS campuses feature exclusive private hangars and a full range of dedicated services specifically designed for home-based aircraft. To learn more, visit www.skyharbour.group.
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 financial condition, results of operations, earnings outlook and outlook for SHG may include statements for the period following the completion of the business combination. When used in this press release, the words “plan”, “believe”, “expect”, “anticipate”, “intend”, “outlook”, “estimate”, “expect “, “project”, “continue”, “could”, “may”, “could”, “possible”, “potential”, “predict”, “should”, “would” and other similar words and expressions (or the negative versions of these words or phrases) are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are based on SHG’s management’s current expectations, if any, 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 anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, those discussed and identified in public documents filed or to be filed with the SEC by SHG, including the documents described above, relating to the following: expectations regarding strategies and future financial performance of SHG, including its future business plans, expansion plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, prices, operating expenses, market trends, liquidity , cash flow and uses of cash, capital expenditures and SHG’s ability to invest in growth initiatives; SHG’s ability to scale and construct 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 financing for its operations and future growth; developments and projections regarding SHG’s competitors and industry; the ability to recognize the expected 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 the pandemic could adversely affect SHG’s business activities and 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 SHG’s management prove incorrect, actual results may differ materially 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.