Both may be bargains long term, but if I had to choose one stock, I’d pick CHR. I am saddened by the impact these service cancellations have on our employees, suppliers and the affected communities many of which have lost their only link to Canada’s domestic and global air service networks. Chorus received $10.4 million or approximately 28% of lease revenue billed in the second quarter from its lessees. Management believes adjusted EBT assists investors in comparing Chorus' performance by excluding items, which it does not believe will reoccur over the longer-term (such as signing bonuses, employee separation program costs, impairment provisions, lease repossession costs net of security packages recovered and strategic advisory fees) as well, as items that are non-cash in nature such as foreign exchange gains and losses. In the second quarter of 2020, Chorus reported adjusted EBITDA of $91.0 million, an increase of $5.3 million over the second quarter of 2019. 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. The Canadian and provincial governments need to look to other G20 countries that have implemented safe, thoughtful, practical and science-based approaches to strategically easing travel restrictions in order to enable business and economies to restart and succeed within this new normal. On June 30, 2020, Aeromexico filed for voluntary Chapter 11 petitions in the United States in order to implement a financial restructuring. Approximately 50% of our third-party leased fleet is now flying with the number of flight hours up from the low points of this past spring. Aflați mai multe despre modul în care folosim informațiile dvs. Contingent upon qualification, Voyageur plans to utilize the Canada Emergency Wage Subsidy for the remainder of the program to December 31, 2020. Adjusted EBT and 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. Find out all the key statistics for CHORUS AVIATION INC (CHR.TO), including valuation measures, fiscal year financial statistics, trading record, share statistics and more. It is mandatory to procure user consent prior to running these cookies on your website. increased aircraft leasing under the CPA. "The COVID-19 crisis, provincial and federal government-imposed travel restrictions and border closures continue to have a devastating effect on passenger demand for Canadian air travel. increased aircraft leasing under the CPA. The following table provides the number of closed and pending and/or delayed transactions announced to date: As of August 12, 2020, there were 64 committed aircraft in the Regional Aircraft Leasing segment. With $228 million in liquidity, we are well positioned to manage through an extended recovery period and to participate in the growth of the aviation industry in the future," stated Joe Randell, President and Chief Executive Officer, Chorus. I am saddened by the impact these service cancellations have on our employees, suppliers and the affected communities many of which have lost their only link to Canada's domestic and global air service networks. ", "Since the start of this crisis, we've had to make very difficult but necessary decisions, including the reduction to our workforce by approximately 65%, or almost 3,200 employees. The mandatory two-week quarantine requirement in Nova Scotia, as an example, makes doing business very difficult. Voyageur currently represents less than 10% of Chorus’ consolidated revenue and net income. As expected, regional aircraft have been affirmed as fundamentally important to most countries’ domestic transportation networks. Adjusted EBT (EBT before signing bonuses, employee separation program costs, impairment provisions, lease repossession costs net of security packages recovered, 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. And, of course, this is pricing in the Covid effect. 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. Forward-looking information involves 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. Contingent upon qualification, Jazz plans to utilize the Canada Emergency Wage Subsidy for the remainder of the program to December 31, 2020. Details are provided in the Outlook section of Chorus' Management's Discussion and Analysis ('MD&A') dated August 12, 2020. These are unprecedented times; I respect and understand the tough choice our partner, Air Canada, has had to make. "The global aviation industry continues to be significantly challenged by the effects of the COVID-19 epidemic. CAC is in the process of repossessing two CRJ900s previously on lease to CityJet pursuant to a negotiated termination agreement which provides for the early termination of the leases and return of the aircraft to CAC. The 2020 results were impacted by: Adjusted net income was $45.5 million year-to-date, an increase over 2019 of $2.9 million due to: Net income decreased $60.5 million over 2019 due to the change in net unrealized foreign exchange on long-term debt of $48.8 million, $15.5 million on non-cash impairment provisions, $2.0 million on lease repossession costs net of the Flybe security package recovered, and increased employee separation program costs of $2.1 million; offset by the previously noted increase of $2.9 million in adjusted net income, tax recovery on adjusted items of $3.0 million and decreased signing bonuses of $2.0 million related to the Jazz pilot collective agreement. Earlier today, Flybe Limited ('Flybe') ceased operating and was placed in administration. Voyageur currently represents less than 10% of Chorus' consolidated revenue and net income. On April 17, 2020, CityJet entered an examinership process in Ireland. This news release references several non-GAAP financial measures to supplement the analysis of Chorus’ results. For advanced charting, view our full-featured. Chorus is a global provider of integrated regional aviation solutions. Contingent upon qualification, Jazz plans to utilize the Canada Emergency Wage Subsidy for the remainder of the program to December 31, 2020. All pending acquisitions and lease commitments are subject to satisfaction of customary conditions precedent to closing. (unaudited)(expressed in thousands of Canadian dollars), Capital expenditures, excluding aircraft acquisitions and ESP. ... Price/Book . As of June 30, 2020, Chorus Aviation Capital's lease deferral receivable was $38.4 million. Since March 31, 2020, Jazz implemented significant permanent and temporary employee reductions impacting 65% of its workforce. Chorus had three ATR 72-600 and five Dash 8-400 aircraft on lease with Flybe. Further, capitalized terms used but not defined in the Outlook section have the meanings given to them in the MD&A which is available on Chorus' website (www.chorusaviation.com) and SEDAR (www.sedar.com). The mandatory two-week quarantine requirement in Nova Scotia, as an example, makes doing business very difficult. a reduction in other revenue due to a decrease in third-party MRO activity, lower aircraft part sales, and reduced contract flying in Jazz and Voyageur due to the economic impact of COVID-19; decreased capitalization of major maintenance overhauls on owned CPA aircraft of. ", "Overall, our portfolio of leased aircraft is holding up well. Please try again by refreshing your browser or contact us with details of your problem. Our assessment of the economic impact of COVID-19 on Chorus Aviation Capital's overall leasing portfolio with a net book value of $1.5 billion, led to a non-cash impairment provision of $9.5 million in the quarter, representing less than 1% of Chorus' leased aircraft portfolio." Copyright 2020, Chorus Aviation, All Rights Reserved. Detailed price information for Chorus Aviation Inc (CHR-T) from The Globe and Mail including charting and trades. Price to book was at 0.59 as of yesterday. Chorus had three ATR 72-600 and five Dash 8-400 aircraft on lease with Flybe. All pending acquisitions and lease commitments are subject to satisfaction of customary conditions precedent to closing. Action needs to be taken by government to ensure Canada has an efficient and accessible air transportation network across our vast country. It excludes any potential additional investments in third-party aircraft, beyond these already committed. msn back to msn home money. Their continued commitment, resilience and focus on safety have been critical," concluded Mr. Randell. Voyageur's MRO and parts sales operations experienced lower demand during the quarter due to the impact of COVID-19. As noted, these aircraft represent only a small portion of the value of our leased aircraft portfolio.