HALIFAX, Aug. 13, 2019 /CNW/ - Chorus Aviation Inc. ('Chorus') (TSX: CHR) announced it has refiled its Second Quarter 2019 Management's Discussion and Analysis of Results of Operations and Financial Condition ('MD&A') to correct an error in the Adjusted net income per basic Share figures reported therein.
On pages 3, 34 and 38 of the MD&A, the references to Adjusted net income per basic Share of $0.19 for the quarter and $0.32 for the year-to-date period have been amended to reflect the correct figures of $0.16 and $0.28, respectively. The Adjusted net income per basic Share figures contained in Chorus' news release issued earlier today titled "Chorus Aviation Announces Second Quarter 2019 Financial Results" reflected the same error and should be read as amended by this news release.
Chorus' unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2019 filed earlier today are not affected by the error described above.
NON-GAAP FINANCIAL MEASURES
Adjusted net income and Adjusted net income per Share are non-GAAP financial measures. Chorus uses these and other non-GAAP financial measures to evaluate and assess performance. Non-GAAP measures are generally numerical measures of a company's financial performance 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.
A reconciliation of non-GAAP measures to their nearest GAAP measures is provided in the MD&A.
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, foreign exchange gains or losses on cash held on deposit for investment in the regional aircraft leasing business, one-time signing bonuses, employee separation program costs and strategic advisory fees. 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.
Capitalized terms used but not defined in this news release have the meanings given to them in the MD&A.
About Chorus Aviation Inc.
Headquartered in Halifax, Nova Scotia, Chorus was incorporated on September 27, 2010. Chorus' vision is to deliver regional aviation to the world. Chorus has been leasing its owned regional aircraft into Jazz's Air Canada Express operation since 2011, and established Chorus Aviation Capital to become a leading, global provider of regional aircraft leases. Chorus also owns Jazz Aviation LP and Voyageur Aviation Corp. – companies that have long histories of safe and solid operations that deliver excellent customer service in the areas of contract flying operations, engineering, fleet management, and maintenance, repair and overhaul. Together, the Chorus group of companies can provide a full suite of regional aviation support services. Chorus Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol 'CHR'. www.chorusaviation.com
SOURCE Chorus Aviation Inc.
For further information: Chorus Media Contacts: Manon Stuart, Halifax, Nova Scotia, 902.873.5054, [email protected]; Debra Williams, Toronto, Ontario, 905. 671.7769, [email protected]; Chorus Analyst Contact: Nathalie Megann, Halifax, Nova Scotia 902.873.5094, [email protected]