Chorus Aviation Inc T.CHR

Alternate Symbol(s): CHRRF | T.CHR.DB.A | T.CHR.DB.B | T.CHR.DB.C

Industrials Airlines

Chorus Aviation Inc. is a global aviation solutions provider and asset manager, focused on regional aviation. The Company’s primary business activities include contract flying, aircraft leasing, managing aircraft on behalf of fund investors and other third-party aircraft investors and/or owners, as well as maintenance, repair and overhaul services and pilot training. The Company operates through two segments: Regional Aviation Services and Regional Aircraft Leasing. Its subsidiaries include Falko Regional Aircraft, a pure play regional aircraft asset manager and lessor, and managing investments on behalf of third-party fund investors; Jazz Aviation, a regional airline in Canada and provider of regional air services under the Air Canada Express brand; Voyageur Aviation, a provider of specialty charter, aircraft modifications, parts provisioning and in-service support services, and Cygnet Aviation Academy, an accredited training academy preparing pilots for direct entry into airlines.

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Chorus Aviation Inc > Q1 results

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Comment by Tedious16on May 12, 2021 7:53pm

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Post# 33188710

RE:Q1 results

Chorus Aviation Announces First Quarter 2021 Financial Results

May 12th, 2021

Q1 2021 Key Metrics

Net loss of $38.1 million, or $0.24 per basic share; a period-over-period decrease of $20.8 million due to one-time restructuring costs related to the 2021 capacity purchase agreement (‘CPA’) amendments of $81.8 million as outlined below, offset by the changes in unrealized foreign exchange of $45.4 million and income taxes.
Adjusted net income¹ of $15.7 million, or $0.10 per basic share; a decrease of $8.1 million quarter-over-quarter primarily due to the impact of COVID-19.
Adjusted EBITDA¹ of $84.0 million; a decrease of $4.5 million over first quarter 2020.
Liquidity of $171.3 million.
Collected approximately 62% of lease revenue billed in the first quarter consistent with fourth quarter 2020 collections.

Year-to-date Highlights

Revised CPA with Air Canada, enhancing Jazz’s position as the exclusive Air Canada Express operator of 70-78 seat regional capacity until the end of 2025 and is currently the sole provider of Air Canada Express services.
Completed a public offering and concurrent private placement for gross proceeds of $145.1 million.
Remarketed three Dash 8-400s to two new leasing customers, Sky Alps of Italy (two aircraft) and one Dash 8-400 to National Jet Express, a subsidiary of Australian aviation operator, Cobham Aviation Services.
Secured a three-year contract with Purolator for air cargo charter services, executing on Chorus’ growing capabilities in this market segment.
Awarded a 3-year contract to upgrade and modify Transport Canada’s National Aerial Surveillance Program fleet of Dash 8-100 and Dash 7 aircraft with new surveillance equipment.
Awarded a new five-year contract to provide fixed-wing air ambulance service for Ambulance New Brunswick further extending its 25-year relationship.