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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Harbor Diversified Inc (PK) | USOTC:HRBR | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.001 | -0.06% | 1.694 | 1.56 | 1.73 | 1.74 | 1.675 | 1.675 | 15,934 | 21:00:10 |
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
13-3697002
|
|
(State of incorporation)
|
(I.R.S. Employer
Identification No.)
|
|
W6390 Challenger Drive, Suite 203
Appleton, WI
|
54914-9120
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange
on which registered
|
||
None
|
None
|
None
|
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated
filer
|
☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☐ |
• |
the dependence of the business of our subsidiary, Air Wisconsin Airlines LLC (
“
Air Wisconsin
”
), on a capacity purchase agreement (the
“
United capacity purchase agreement
”
) with United Airlines, Inc. (
“
United
”
), given United is currently Air Wisconsin
’
s sole airline partner, particularly given the risks and uncertainties associated with the novel coronavirus (
“
COVID-19
”
) pandemic;
|
• |
the possibility that United does not extend the United capacity purchase agreement on commercially reasonable terms or at all;
|
• |
three major airlines, including United, have announced that they intend to significantly reduce or discontinue the use of
50-seat
aircraft, including the
CRJ-200
regional jet comprising Air Wisconsin’s fleet, which may limit Air Wisconsin’s opportunities for growth with United and its ability to enter substitute arrangements with another airline partner in the future;
|
• |
the possibility that United could provide Air Wisconsin with inefficient flight schedules, or change the expected utilization of Air Wisconsin’s aircraft under the United capacity purchase agreement;
|
• |
the duration and spread of the ongoing global
COVID-19
pandemic and its variants, and the related impact on the business, results of operations, financial condition and liquidity of Air Wisconsin, in particular, and the airline industry, generally;
|
• |
the amounts Air Wisconsin is paid or reimbursed under the United capacity purchase agreement may be less than the costs incurred;
|
• |
the extent to which Air Wisconsin’s current growth opportunities and strategic operating plan are restricted based on factors impacting the airline industry;
|
• |
the supply of qualified pilots to the airline industry, pilot attrition, and the costs associated with hiring and training pilots;
|
• |
Air Wisconsin’s reliance on only one aircraft type, aircraft manufacturer and engine manufacturer, and the potential issuance of operating restrictions on this aircraft or engine type;
|
• |
Air Wisconsin’s significant amount of debt and other contractual obligations;
|
• |
the significant portion of Air Wisconsin’s workforce that is represented by labor unions and the terms of its collective bargaining agreements;
|
• |
the impact of losing key personnel or inability to attract additional qualified personnel;
|
• |
the negative impact of information technology security breaches and other such infrastructure disruptions on Air Wisconsin’s operations;
|
• |
aircraft and engine maintenance costs; and
|
• |
the impact of the application of accounting guidance, including the requirement to defer a significant amount of revenue under the United capacity purchase agreement, on our financial condition and results of operations.
|
June 30, 2021
|
December 31, 2020 | |||||||
(unaudited)
|
||||||||
Assets
|
||||||||
Current Assets
|
||||||||
Cash and cash equivalents
|
$
|
34,076
|
|
$ | 130,373 | |||
Restricted cash
|
|
932
|
|
820 | ||||
Marketable securities
|
|
118,284
|
|
— | ||||
Accounts receivable, net
|
|
11,777
|
|
7,977 | ||||
Spare parts and supplies, net
|
|
5,115
|
|
5,937 | ||||
Contract costs
|
|
504
|
|
433 | ||||
Prepaid expenses and other
|
|
5,670
|
|
2,310 | ||||
|
|
|
|
|||||
Total Current Assets
|
|
176,358
|
|
147,850 | ||||
|
|
|
|
|||||
Property and Equipment
|
||||||||
Flight property and equipment
|
|
258,925
|
|
258,981 | ||||
Ground property and equipment
|
|
8,028
|
|
8,127 | ||||
Less accumulated depreciation and amortization
|
|
(130,663
|
)
|
(117,717 | ) | |||
|
|
|
|
|||||
Net Property and Equipment
|
|
136,290
|
|
149,391 | ||||
|
|
|
|
|||||
Other Assets
|
||||||||
Operating lease
right-of-use
|
|
20,609
|
|
8,582 | ||||
Intangibles
|
|
5,300
|
|
5,300 | ||||
Long-term investments
|
|
4,275
|
|
4,275 | ||||
Long-term contract costs
|
|
351
|
|
566 | ||||
Long-term notes receivable
|
|
45,411
|
|
32,440 | ||||
Other
|
|
3,212
|
|
2,049 | ||||
|
|
|
|
|||||
Total Other Assets
|
|
79,158
|
|
53,212 | ||||
|
|
|
|
|||||
Total Assets
|
$
|
391,806
|
|
$ | 350,453 | |||
|
|
|
|
|||||
Liabilities and Stockholders’ Equity
|
||||||||
Current Liabilities
|
||||||||
Accounts payable
|
$
|
13,431
|
|
$ | 11,773 | |||
Accrued payroll and employee benefits
|
|
13,504
|
|
14,761 | ||||
Current portion of operating lease liability
|
|
4,917
|
|
1,361 | ||||
Other accrued expenses
|
|
325
|
|
345 | ||||
Contract liabilities
|
|
40,057
|
|
18,443 | ||||
Income taxes payable
|
— | 107 | ||||||
Current portion of long-term debt (stated principal amount of $12,238 as of June 30, 2021 and $20,922 as of December 31, 2020)
|
|
14,618
|
|
23,652 | ||||
|
|
|
|
|||||
Total Current Liabilities
|
|
86,852
|
|
70,442 | ||||
|
|
|
|
|||||
Other Long-Term Liabilities
|
||||||||
Long-term debt (stated principal amount of $67,259 as of June 30, 2021 and $86,066 as of December 31, 2020)
|
|
74,119
|
|
94,186 | ||||
Long-term promissory note
|
|
4,275
|
|
4,275 | ||||
Deferred tax liability
|
|
6,348
|
|
6,200 | ||||
Long-term operating lease liability
|
|
12,995
|
|
4,351 | ||||
Long-term contract liabilities
|
|
4,818
|
|
7,780 | ||||
Deferred revenues, net of current portion
|
|
25,438
|
|
30,720 | ||||
Other
|
|
2,774
|
|
2,774 | ||||
|
|
|
|
|||||
Total Long-Term Liabilities
|
|
130,767
|
|
150,286 | ||||
|
|
|
|
|||||
Total Liabilities
|
|
217,619
|
|
220,728 | ||||
Commitments and Contingencies (Note 8)
|
||||||||
Mezzanine Equity (Note 10)
|
||||||||
Series C Convertible Redeemable Preferred Stock, $0.01 par value, 4,000,000 shares authorized, issued and outstanding as of June 30, 2021 and December 31, 2020
|
|
13,200
|
|
13,200 | ||||
Stockholders’ Equity
|
||||||||
Common Stock, $0.01 par value: 100,000,000 shares authorized and 55,481,140 issued; and 54,269,833 and 54,863,305 shares outstanding as of June 30, 2021 and December 31, 2020, respectively
|
|
555
|
|
555 | ||||
Additional
paid-in
capital
|
|
287,825
|
|
288,221 | ||||
Retained deficit
|
|
(126,024
|
)
|
(171,770 | ) | |||
Cost of repurchased stock
|
|
(1,369
|
)
|
(481 | ) | |||
|
|
|
|
|||||
Total Stockholders’ Equity
|
|
160,987
|
|
116,525 | ||||
|
|
|
|
|||||
Total Liabilities and Stockholders’ Equity
|
$
|
391,806
|
|
$ | 350,453 | |||
|
|
|
|
Three Months Ended
June 30, |
Six Months Ended
June 30, |
|||||||||||||||
2021
|
2020 |
2021
|
2020 | |||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Operating Revenues
|
||||||||||||||||
Contract revenues
|
$
|
52,845
|
|
$
|
16,753 |
$
|
102,601
|
|
$
|
83,815 | ||||||
Contract services and other
|
|
15
|
|
22 |
|
33
|
|
39 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Operating Revenue
s
|
|
52,860
|
|
16,775 |
|
102,634
|
|
83,854 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating Expenses
|
||||||||||||||||
Payroll and related costs
|
|
25,012
|
|
23,407 |
|
47,763
|
|
55,033 | ||||||||
Aircraft fuel and oil
|
|
44
|
|
5 |
|
57
|
|
36 | ||||||||
Aircraft maintenance, materials and repairs
|
|
10,078
|
|
1,499 |
|
18,532
|
|
15,510 | ||||||||
Aircraft rent
|
|
44
|
|
2,411 |
|
67
|
|
5,763 | ||||||||
Other rents
|
|
1,263
|
|
1,541 |
|
2,185
|
|
3,050 | ||||||||
Depreciation, amortization and obsolescence
|
|
6,499
|
|
6,666 |
|
12,999
|
|
13,607 | ||||||||
Payroll Support Program
|
|
(22,256
|
)
|
(15,175 | ) |
|
(50,170
|
)
|
(15,175 | ) | ||||||
Purchased services and other
|
|
5,572
|
|
4,366 |
|
11,340
|
|
10,411 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Operating Expenses
|
|
26,256
|
|
24,720 |
|
42,773
|
|
88,235 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Income (Loss) From Operations
|
|
26,604
|
|
(7,945 | ) |
|
59,861
|
|
(4,381 | ) | ||||||
|
|
|
|
|
|
|
|
|||||||||
Other Income (Expense)
|
||||||||||||||||
Interest income
|
|
456
|
|
40 |
|
826
|
|
265 | ||||||||
Interest expense
|
|
(327
|
)
|
(449 | ) |
|
(689
|
)
|
(877 | ) | ||||||
Gain (loss) on marketable securities
|
|
43
|
|
|
—
|
|
|
(14
|
)
|
|
—
|
|
||||
Gain on extinguishment of debt
|
|
228
|
|
|
—
|
|
|
228
|
|
|
—
|
|
||||
Other, net
|
|
68
|
|
— |
|
68
|
|
(19 | ) | |||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other
Income
(Expense)
|
|
468
|
|
(409 | ) |
|
419
|
|
(631 | ) | ||||||
|
|
|
|
|
|
|
|
|||||||||
Net Income (Loss) Before Taxes
|
|
27,072
|
|
(8,354 | ) |
|
60,280
|
|
(5,012 | ) | ||||||
Income Tax Expense (Benefit)
|
|
6,551
|
|
(17 | ) |
|
14,534
|
|
(1,089 | ) | ||||||
|
|
|
|
|
|
|
|
|||||||||
Net Income (Loss)
|
$
|
20,521
|
|
$ | (8,337 | ) |
$
|
45,746
|
|
$ | (3,923 | ) | ||||
Preferred stock dividends
|
|
198
|
|
198 |
|
396
|
|
363 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net
I
ncome
loss
(
)
available to common stockholders
|
$
|
20,323
|
|
$ | (8,535 | ) |
$
|
45,350
|
|
$ | (4,286 | ) | ||||
|
|
|
|
|
|
|
|
|||||||||
Basic earnings (loss) per share
|
$
|
0.37
|
|
$ | (0.16 | ) |
$
|
0.83
|
|
$ | (0.08 | ) | ||||
Diluted earnings (loss) per share
|
$
|
0.28
|
|
$ | (0.16 | ) |
$
|
0.63
|
|
$ | (0.08 | ) | ||||
Weighted average common shares:
|
||||||||||||||||
Basic
|
54,466 | 54,863 | 54,664 | 54,863 | ||||||||||||
Diluted
|
71,455 | 54,863 | 71,613 | 54,863 |
|
|
Mezzanine Equity -
Series C Convertible Redeemable Preferred Stock |
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Repurchased
Stock |
|
|
Common
Stock |
|
|
Additional
Paid-In
Capital |
|
|
Retained
Deficit |
|
|
Cost of
Repurchased Stock |
|
|
Total
Stockholders’ Equity |
|
|||||||||
Balance, December 31, 2020
|
|
|
4,000 |
|
|
$
|
13,200 |
|
|
|
54,863 |
|
|
|
618 |
|
|
$
|
555 |
|
|
$
|
288,221 |
|
|
$
|
(171,770 |
)
|
|
$
|
(481 |
)
|
|
$
|
116,525 |
|
Net income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
45,746 |
|
|
|
—
|
|
|
|
45,746 |
|
Dividend
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(396 |
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(396 |
)
|
Repurchased stock
|
|
|
—
|
|
|
|
—
|
|
|
|
(593 |
)
|
|
|
593 |
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(888 |
)
|
|
|
(888 |
)
|
Balance, June 30, 2021 (unaudited)
|
|
|
4,000 |
|
|
$
|
13,200 |
|
|
|
54,270 |
|
|
|
1,211 |
|
|
$
|
555 |
|
|
$
|
287,825 |
|
|
$
|
(126,024 |
)
|
|
$
|
(1,369 |
)
|
|
$
|
160,987 |
|
|
|
Mezzanine Equity -
Series C Convertible Redeemable Preferred Stock |
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Repurchased
Stock |
|
|
Common
Stock |
|
|
Additional
Paid-In
Capital |
|
|
Retained
Deficit |
|
|
Cost of
Repurchased Stock |
|
|
Total
Stockholders’ Equity |
|
|||||||||
Balance, March 31, 2021 (unaudited)
|
|
|
4,000 |
|
|
$
|
13,200 |
|
|
|
54,863 |
|
|
|
618 |
|
|
$
|
555 |
|
|
$
|
288,023 |
|
|
$
|
(146,545 |
)
|
|
$
|
(481 |
)
|
|
$
|
141,552 |
|
Net income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
20,521 |
|
|
|
—
|
|
|
|
20,521 |
|
Dividend
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(198 |
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(198 |
)
|
Repurchased stock
|
|
|
—
|
|
|
|
—
|
|
|
|
(593 |
)
|
|
|
593 |
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(888 |
)
|
|
|
(888 |
)
|
Balance, June 30, 2021 (unaudited)
|
|
|
4,000 |
|
|
$
|
13,200 |
|
|
|
54,270 |
|
|
|
1,211 |
|
|
$
|
555 |
|
|
$
|
287,825 |
|
|
$
|
(126,024 |
)
|
|
$
|
(1,369 |
)
|
|
$
|
160,987 |
|
|
|
Mezzanine Equity -
Series C Convertible Redeemable Preferred Stock |
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Repurchased
Stock |
|
|
Common
Stock |
|
|
Additional
Paid-In
Capital |
|
|
Retained
Deficit |
|
|
Cost of
Repurchased Stock |
|
|
Total
Stockholders’ Equity |
|
|||||||||
Balance, December 31, 2019
|
|
|
—
|
|
|
$
|
—
|
|
|
|
54,863 |
|
|
|
618 |
|
|
$
|
555 |
|
|
$
|
288,980 |
|
|
$
|
(211,533 |
)
|
|
$
|
(481 |
)
|
|
$
|
77,521 |
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(3,923 |
)
|
|
|
—
|
|
|
|
(3,923 |
)
|
Dividend
|
|
|
—
|
|
|
|
198 |
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(363 |
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(363 |
)
|
Preferred Stock
|
|
|
4,000 |
|
|
|
13,200 |
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Balance, June 30, 2020 (unaudited)
|
|
|
4,000 |
|
|
$
|
13,398 |
|
|
|
54,863 |
|
|
|
618 |
|
|
$
|
555 |
|
|
$
|
288,617 |
|
|
$
|
(215,456 |
)
|
|
$
|
(481 |
)
|
|
$
|
73,235 |
|
|
|
Mezzanine Equity -
Series C Convertible Redeemable Preferred Stock |
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Repurchased
Stock |
|
|
Common
Stock |
|
|
Additional
Paid-In
Capital |
|
|
Retained
Deficit |
|
|
Cost of
Repurchased Stock |
|
|
Total
Stockholders’ Equity |
|
|||||||||
Balance, March 31, 2020 (unaudited)
|
|
|
4,000 |
|
|
$
|
13,365 |
|
|
|
54,863 |
|
|
|
618 |
|
|
$
|
555 |
|
|
$
|
288,815 |
|
|
$
|
(207,119 |
)
|
|
$
|
(481 |
)
|
|
$
|
81,770 |
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(8,337 |
)
|
|
|
—
|
|
|
|
(8,337 |
)
|
Dividend
|
|
|
—
|
|
|
|
33 |
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(198 |
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(198 |
)
|
Balance, June 30, 2020 (unaudited)
|
|
|
4,000 |
|
|
$
|
13,398 |
|
|
|
54,863 |
|
|
|
618 |
|
|
$
|
555 |
|
|
$
|
288,617 |
|
|
$
|
(215,456 |
)
|
|
$
|
(481 |
)
|
|
$
|
73,235 |
|
|
|
Six Months Ended
June 30, |
|
|||||
|
|
2021
|
|
|
2020
|
|
||
|
|
(unaudited)
|
|
|
(unaudited)
|
|
||
Cash Flows From Operating Activities
|
|
|
||||||
Net income (loss)
|
$
|
45,746
|
|
$
|
(3,923 | ) | ||
Adjustments to reconcile net
income (
los
s
)
to net cash provided by operating activities:
|
||||||||
Depreciation, amortization and obsolescence allowance
|
|
12,999
|
|
13,607 | ||||
Aircraft acquisition
|
|
—
|
|
786 | ||||
Amortization of contract costs
|
|
(1,346
|
)
|
(1,866 | ) | |||
Amortization of engine overhauls
|
|
724
|
|
815 | ||||
Deferred income taxes
|
|
148
|
|
(4 | ) | |||
Loss on disposition of property and equipment
|
|
42
|
|
241 | ||||
Loss on marketable securities
|
|
14
|
|
|
—
|
|
||
Gain in extinguishment of debt
|
|
(228
|
)
|
|
—
|
|
||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
|
(3,530
|
)
|
(571 | ) | |||
Notes receivable
|
|
(12,971
|
)
|
|
—
|
|
||
Spare parts and supplies
|
|
462
|
|
(141 | ) | |||
Prepaid expenses and other
|
|
(4,523
|
)
|
(1,837 | ) | |||
Operating lease
right-of-use
|
|
173
|
|
3,375 | ||||
Accounts payable
|
|
1,658
|
|
(8,179 | ) | |||
Accrued payroll and employee benefits
|
|
(1,257
|
)
|
(819 | ) | |||
Other accrued expenses
|
|
(20
|
)
|
839 | ||||
Long-term deferred revenues
|
|
(5,282
|
)
|
20,979 | ||||
Payroll Support Program deferred credit
|
|
—
|
|
5,324 | ||||
Contract liabilities
|
|
19,998
|
|
(1,701 | ) | |||
Income taxes payable
|
|
(107
|
)
|
(40 | ) | |||
Other long-term liabilities
|
|
—
|
|
647 | ||||
|
|
|
|
|||||
Net Cash Provided by Operating Activities
|
|
52,700
|
|
27,532 | ||||
|
|
|
|
|||||
Cash Flows From Investing Activities
|
||||||||
Additions to property and equipment
|
|
(171
|
)
|
(6,379 | ) | |||
Proceeds on disposition of property and equipment
|
|
11
|
|
5 | ||||
Investments in marketable securities
|
|
(118,568
|
)
|
|
—
|
|
||
|
|
|
|
|||||
Net Cash Used in Investing Activities
|
|
(118,728
|
)
|
(6,374 | ) | |||
|
|
|
|
|||||
Cash Flows From Financing Activities
|
||||||||
Repayments of long-term debt
|
|
(28,873
|
)
|
|
—
|
|
||
Proceeds from note payable
|
|
—
|
|
10,000 | ||||
Dividends paid
|
|
(396
|
)
|
(165 | ) | |||
Repurchase
of
common stock
|
|
(888
|
)
|
|
—
|
|
||
|
|
|
|
|||||
Net Cash (Used in) Provided by Financing Activities
|
|
(30,157
|
)
|
9,835 | ||||
|
|
|
|
|||||
(Decrease) Increase in Cash, Cash Equivalents and Restricted Cash
|
|
(96,185
|
)
|
30,993 | ||||
Cash, Cash Equivalents and Restricted Cash, beginning of period
|
|
131,193
|
|
70,273 | ||||
|
|
|
|
|||||
Cash, Cash Equivalents and Restricted Cash, end of period
|
$
|
35,008
|
|
$
|
101,266 | |||
|
|
|
|
Three Months Ended
June 30,
2021
|
Six Months Ended
June 30,
2021
|
|||||||
Net gains (losses) recognized during the period on equity securities
|
$ | 43 | $ | (14 | ) | |||
Less: Net losses recognized during the period on equity securities sold during the period
|
(40 | ) | (40 | ) | ||||
|
|
|
|
|||||
Unrealized gains recognized during the period on equity securities held as of June 30, 2021
|
$ | 83 | $ | 26 | ||||
|
|
|
|
Total
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
Marketable securities – exchange-traded funds and mutual funds
|
$
|
118,284 |
$
|
118,284 |
$
|
— |
$
|
— | ||||||||
Long-term investments – bonds (see Note 6)
|
4,275 | — | 4,275 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total
|
$ | 122,559 | $ | 118,284 | $ | 4,275 | $ | — | ||||||||
|
|
|
|
|
|
|
|
(1)
|
Reduced or deferred employee-related costs, including:
|
|
(i)
|
Offered voluntary short-term unpaid leaves to employees and furloughing certain employees, and
|
|
(ii)
|
Deferred the employer’s portion of employees’ social security tax payments.
|
(2)
|
Reduced other
non-employee
costs, including:
|
|
(i)
|
Delayed planned
non-essential
heavy airframe maintenance events primarily as a result of reduced flight schedules,
|
|
(ii)
|
Delayed
non-essential
maintenance events associated with engines and rotable parts primarily as a result of reduced flight schedules,
|
|
(iii)
|
Sought concessions from third-party suppliers, and
|
|
(iv)
|
Reduced or suspending certain discretionary spending.
|
June 30, 2021
|
Owned
|
Leased
|
||||||
CRJ-200
|
64 | — | ||||||
|
|
|
|
|||||
June 30, 2020
|
Owned
|
Leased
|
||||||
CRJ-200
|
62 | 2 | ||||||
|
|
|
|
June 30,
2021 |
December 31,
2020 |
|||||||
Notes, due December 31, 2025 (4.0%)
|
$
|
68,740
|
|
$ | 80,850 | |||
Credit Agreement, due through 2022 (5.0%)
|
|
9,997
|
|
26,988 | ||||
SBA Loan, due 2025 (1.0%)
|
|
10,000
|
|
10,000 | ||||
|
|
|
|
|||||
Total debt
|
|
88,737
|
|
117,838 | ||||
Less: current maturities
|
|
14,618
|
|
23,652 | ||||
|
|
|
|
|||||
Total Long-Term Debt
|
$
|
74,119
|
|
$ | 94,186 | |||
|
|
|
|
Fiscal Year
|
Amount
|
|||
July 2021 through December 2021
|
$
|
2,084 | ||
2022
|
18,577 | |||
2023
|
11,897 | |||
2024
|
11,644 | |||
2025
|
44,535 | |||
|
|
|||
Total
|
$ | 88,737 | ||
|
|
Weighted-average remaining lease term
|
4.04 years |
|
||
Weighted-average discount rate
|
5.71% |
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2021
|
2020 |
2021
|
2020 | |||||||||||||
Operating lease costs
|
$
|
1,110
|
|
$
|
2,548 |
$
|
1,876
|
|
$
|
6,864 | ||||||
Short-term lease costs
|
|
163
|
|
623 |
|
309
|
|
1,139 | ||||||||
Variable lease costs
|
|
34
|
|
(88 | ) |
|
67
|
|
(59 | ) | ||||||
Lease termination expense
|
|
—
|
|
869 |
|
—
|
|
869 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Lease Costs
|
$
|
1,307
|
|
$
|
3,952 |
$
|
2,252
|
|
$
|
8,813 | ||||||
|
|
|
|
|
|
|
|
Fiscal Year
|
Amount
|
|||
July 2021 through December 2021
|
$ | 2,949 | ||
2022
|
5,897 | |||
2023
|
5,712 | |||
2024
|
3,236 | |||
2025
|
2,525 | |||
Thereafter
|
579 | |||
|
|
|||
Total lease payments
|
20,898 | |||
Less imputed interest
|
(2,986 | ) | ||
|
|
|||
Total Lease Liabilities
|
$
|
17,912 | ||
|
|
Total
|
July
through December 2021 |
2022
|
2023
|
2024
|
2025
|
Thereafter
|
||||||||||||||||||||||
Aircraft Notes Principal
|
$ | 59,500 | $ | — | $ | 3,500 | $ | 7,000 | $ | 7,000 | $ | 42,000 | $ | — | ||||||||||||||
Aircraft Notes Interest
|
9,240 | 1,190 | 2,380 | 2,170 | 1,890 | 1,610 | — | |||||||||||||||||||||
Other Loans Principal
|
19,997 | 894 | 12,697 | 2,727 | 2,754 | 925 | — | |||||||||||||||||||||
Other Loans Interest
|
823 | 282 | 328 | 51 | 24 | 138 | — | |||||||||||||||||||||
Operating Lease Obligations
|
20,898 | 2,949 | 5,897 | 5,712 | 3,236 | 2,525 | 579 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total
|
$
|
110,458 |
$
|
5,315 |
$
|
24,802 |
$
|
17,660 |
$
|
14,904 |
$
|
47,198 | $ | 579 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Net income (loss)
|
$
|
20,521
|
|
$
|
(8,337 | ) |
$
|
45,746
|
|
$
|
(3,923 | ) | ||||
Preferred stock dividends
|
|
198
|
|
198 |
|
396
|
|
363 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income (loss) applicable to common stockholders
|
$
|
20,323
|
|
$
|
(8,535 | ) |
$
|
45,350
|
|
$
|
(4,286 | ) | ||||
|
|
|
|
|
|
|
|
|||||||||
Weighted average common shares outstanding
|
||||||||||||||||
Shares used in calculating basic earnings per share
|
|
54,466
|
|
54,863 |
|
54,664
|
|
54,863 | ||||||||
Stock option
|
|
489
|
|
— |
|
449
|
|
— | ||||||||
Series C Preferred
|
|
16,500
|
|
— |
|
16,500
|
|
— | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares used in calculating diluted earnings per share
|
$
|
71,455
|
|
$
|
54,863 |
$
|
71,613
|
|
$
|
54,863 | ||||||
|
|
|
|
|
|
|
|
|||||||||
Earnings (loss) allocated to common stockholders per common share
|
||||||||||||||||
Basic
|
$
|
0.37
|
|
$
|
(0.16 | ) |
$
|
0.83
|
|
$
|
(0.08 | ) | ||||
Diluted
|
$
|
0.28
|
|
$
|
(0.16 | ) |
$
|
0.63
|
|
$
|
(0.08 | ) |
June 30, 2021
|
December 31, 2020
|
|||||||
Gross Carrying Amount
|
Gross Carrying Amount
|
|||||||
Trade names and air carrier certificate
|
$
|
5,300 |
$
|
5,300 | ||||
|
|
|
|
|||||
Total
|
$
|
5,300
|
|
$ | 5,300 | |||
|
|
|
|
• |
On July 6, 2021, Air Wisconsin received the second and final payment of $16,665 from the Treasury pursuant to the
PSP-3
Agreement.
|
|
•
|
|
enhance Air Wisconsin’s aircraft cleaning and sanitation procedures;
|
|
•
|
|
provide gloves, masks, and other personal protective equipment for crew members;
|
|
•
|
|
provide options to Air Wisconsin’s employees who are diagnosed with
COVID-19,
including pay protection and extended leave options;
|
|
•
|
|
implement workforce social distancing, mask requirements and other protection measures, and enhanced cleaning of our facilities;
|
|
•
|
|
add work from home flexibility for administrative employees; and
|
|
•
|
|
provide regular, ongoing communication regarding impacts of the
COVID-19
pandemic, including health and safety protocols and procedures.
|
|
|
Three Months Ended
June 30, |
|
|
|
|
|
|
|
|||||||
|
|
2021
|
|
|
2020
|
|
|
Change
|
|
|||||||
Operating Data:
|
|
|
|
|
||||||||||||
Available Seat Miles (ASMs) (in thousands)
|
|
|
273,948
|
|
|
|
78,258
|
|
|
|
195,690
|
|
|
|
250.1
|
%
|
Actual Block Hours
|
|
|
24,393
|
|
|
|
6,324
|
|
|
|
18,069
|
|
|
|
285.7
|
%
|
Actual Departures
|
|
|
17,736
|
|
|
|
4,709
|
|
|
|
13,027
|
|
|
|
276.6
|
%
|
Revenue Passenger Miles (RPMs) (in thousands)
|
|
|
224,175
|
|
|
|
20,182
|
|
|
|
203,993
|
|
|
|
1,010.8
|
%
|
Average Stage Length (in miles)
|
|
|
316
|
|
|
|
343
|
|
|
|
(27
|
)
|
|
|
(7.9
|
)%
|
Contract Revenue Per Available Seat Mile (CRASM) (in cents)
|
|
|
19.29
|
¢
|
|
|
21.40
|
¢
|
|
|
(2.11
|
)¢
|
|
|
(9.9
|
)%
|
Passengers
|
|
|
699,987
|
|
|
|
57,192
|
|
|
|
642,795
|
|
|
|
1,123.9
|
%
|
|
|
Three Months Ended
June 30, |
|
|
|
|
|
|
|
|||||||
|
|
2021
|
|
|
2020
|
|
|
Change
|
|
|||||||
Operating Revenues ($ in thousands):
|
|
|
|
|
||||||||||||
Contract Revenues
|
|
$
|
52,845
|
|
|
$
|
16,753
|
|
|
$
|
36,092
|
|
|
|
215.4
|
%
|
Contract Services and Other
|
|
|
15
|
|
|
|
22
|
|
|
|
(7
|
)
|
|
|
(31.8
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Revenues
|
|
$
|
52,860
|
|
|
$
|
16,775
|
|
|
$
|
36,085
|
|
|
|
215.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
|
|
|
|
|
|
|||||||
|
|
2021
|
|
|
2020
|
|
|
Change
|
|
|||||||
Operating Expenses ($ in thousands):
|
|
|
|
|
||||||||||||
Payroll and Related Costs
|
|
$
|
25,012
|
|
|
$
|
23,407
|
|
|
$
|
1,605
|
|
|
|
6.9
|
%
|
Aircraft Fuel and Oil
|
|
|
44
|
|
|
|
5
|
|
|
|
39
|
|
|
|
780.0
|
%
|
Aircraft Maintenance, Materials and Repairs
|
|
|
10,078
|
|
|
|
1,499
|
|
|
|
8,579
|
|
|
|
572.3
|
%
|
Aircraft Rent
|
|
|
44
|
|
|
|
2,411
|
|
|
|
(2,367
|
)
|
|
|
(98.2
|
)%
|
Other Rents
|
|
|
1,263
|
|
|
|
1,541
|
|
|
|
(278
|
)
|
|
|
(18.0
|
)%
|
Depreciation, Amortization and Obsolescence
|
|
|
6,500
|
|
|
|
6,666
|
|
|
|
(166
|
)
|
|
|
(2.5
|
)%
|
Payroll Support Program
|
|
|
(22,256
|
)
|
|
|
(15,175
|
)
|
|
|
(7,081
|
)
|
|
|
46.7
|
%
|
Purchased Services and Other
|
|
|
5,571
|
|
|
|
4,366
|
|
|
|
1,205
|
|
|
|
27.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Expenses
|
|
$
|
26,256
|
|
|
$
|
24,720
|
|
|
$
|
1,536
|
|
|
|
6.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, |
||||||||||||||||
2021
|
2020
|
Change
|
||||||||||||||
Operating Data:
|
||||||||||||||||
Available Seat Miles (ASMs) (in thousands)
|
|
479,686
|
|
519,162 | (39,476 | ) | (7.6 | )% | ||||||||
Actual Block Hours
|
|
43,993
|
|
44,202 | (209 | ) | (0.5 | )% | ||||||||
Actual Departures
|
|
31,597
|
|
29,901 | 1,696 | 5.7 | % | |||||||||
Revenue Passenger Miles (RPMs) (in thousands)
|
|
350,533
|
|
313,702 | 36,831 | 11.7 | % | |||||||||
Average Stage Length (in miles)
|
|
312
|
|
351 | (39 | ) | (11.1 | )% | ||||||||
Contract Revenue Per Available Seat Mile (CRASM) (in cents)
|
|
21.39
|
¢
|
16.14 | ¢ | 5.25 | ¢ | 32.5 | % | |||||||
Passengers
|
|
1,100,604
|
|
865,246 | 235,358 | 27.2 | % |
Six Months Ended
June 30, |
||||||||||||||||
2021
|
2020 |
Change
|
||||||||||||||
Operating Revenues ($ in thousands):
|
||||||||||||||||
Contract Revenues
|
$
|
102,601
|
|
$ | 83,815 | $ | 18,786 | 22.4 | % | |||||||
Contract Services and Other
|
|
33
|
|
39 | (6 | ) | (15.4 | )% | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Operating Revenues
|
$
|
102,634
|
|
$ | 83,854 | $ | 18,780 | 22.4 | % | |||||||
|
|
|
|
|
|
|
|
Six Months Ended
June 30, |
||||||||||||||||
2021
|
2020 |
Change
|
||||||||||||||
Operating Expenses ($ in thousands):
|
||||||||||||||||
Payroll and Related Costs
|
$
|
47,763
|
|
$ | 55,033 | $ | (7,270 | ) | (13.2 | )% | ||||||
Aircraft Fuel and Oil
|
|
57
|
|
36 | 21 | 58.3 | % | |||||||||
Aircraft Maintenance, Materials, and Repairs
|
|
18,532
|
|
15,510 | 3,022 | 19.5 | % | |||||||||
Aircraft Rent
|
|
67
|
|
5,763 | (5,696 | ) | (98.8 | )% | ||||||||
Other Rents
|
|
2,185
|
|
3,050 | (865 | ) | (28.4 | )% | ||||||||
Depreciation, Amortization, and Obsolescence
|
|
13,000
|
|
13,607 | (607 | ) | (4.5 | )% | ||||||||
Payroll Support Program
|
|
(50,170
|
)
|
(15,175 | ) | (34,995 | ) | 230.6 | % | |||||||
Purchased Services and Other
|
|
11,339
|
|
10,411 | 928 | 8.9 | % | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Operating Expenses
|
$
|
42,773
|
|
$ | 88,235 | $ | (45,462 | ) | (51.5 | )% | ||||||
|
|
|
|
|
|
|
|
Six Months Ended
June 30, |
||||||||||||||||
2021
|
2020 |
Change
|
||||||||||||||
Net cash provided by operating activities
|
$
|
52,700
|
|
$ | 27,532 | $ | 25,168 | 91.4 | % | |||||||
Net cash used in investing activities
|
|
(118,728
|
)
|
(6,374 | ) | (112,354 | ) | 1,762.7 | % | |||||||
Net cash (used in) provided by financing activities
|
|
(30,157
|
)
|
9,835 | (39,992 | ) | (406.6 | )% |
Total
|
July
through December 2021 |
2022
|
2023
|
2024
|
2025
|
Thereafter
|
||||||||||||||||||||||
Aircraft Notes Principal
|
$ | 59,500 | $ | — | $ | 3,500 | $ | 7,000 | $ | 7,000 | $ | 42,000 | $ | — | ||||||||||||||
Aircraft Notes Interest
|
9,240 | 1,190 | 2,380 | 2,170 | 1,890 | 1,610 | — | |||||||||||||||||||||
Other Loans Principal
|
19,997 | 894 | 12,697 | 2,727 | 2,754 | 925 | — | |||||||||||||||||||||
Other Loans Interest
|
823 | 282 | 328 | 51 | 24 | 138 | — | |||||||||||||||||||||
Operating Lease Obligations
|
20,898 | 2,949 | 5,897 | 5,712 | 3,236 | 2,525 | 579 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total
|
$ | 110,458 | $ | 5,315 | $ | 24,802 | $ | 17,660 | $ | 14,904 | $ | 47,198 | $ | 579 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
• |
actual or potential changes in economic conditions, including disruptions in the credit markets, recession, inflation, increased interest rates, or fluctuations in currency exchange rates;
|
• |
actual or potential changes in political conditions, including wars, outbreak of hostilities, terrorism, or other political instability;
|
• |
changes in demand for airline travel or tourism and changes in consumer preferences, perceptions, discretionary spending, or demographic trends;
|
• |
changes in the competitive environment due to pricing, industry consolidation, or other factors; and
|
• |
labor disputes, strikes, work stoppages, or similar matters impacting employees.
|
• |
at least 75% of Air Wisconsin’s voting equity securities must be owned and controlled, directly and indirectly, by persons or entities who are citizens of the United States;
|
• |
at least 51% of Air Wisconsin’s total outstanding equity securities must be owned and controlled by U.S. citizens and no more than 49% of Air Wisconsin’s equity securities may be held, directly or indirectly, by persons or entities who are not U.S. citizens and are from countries that have entered into “open skies” air transport agreements with the U.S. which allow unrestricted access on air service routes between the United States and the applicable foreign country and to points beyond the foreign country on flights serving the foreign country; and
|
• |
citizens of foreign countries that have not entered into “open skies” air transport agreements with the U.S. may hold no more than 25% of Air Wisconsin’s total outstanding equity securities.
|
• |
the impact of the
COVID-19
pandemic or other pandemics and widespread outbreaks of communicable diseases on passenger demand for air travel, tourism, discretionary spending, consumer behavior and economic conditions;
|
• |
actual or anticipated fluctuations in our financial and operating results from period to period;
|
• |
future announcements regarding fleet strategy changes by major air carriers, including regarding any decision to reduce or eliminate 50-seat aircraft;
|
• |
the repayment, restructuring or refinancing of Air Wisconsin’s debt obligations and our actual or perceived need for additional capital;
|
• |
the illiquidity of the Company’s common stock;
|
• |
market perceptions about our financial stability generally, and relative to our competitors, and perceptions about the financial stability of Air Wisconsin’s business partners;
|
• |
market perceptions regarding Air Wisconsin’s operating performance, reliability and customer service, and the operating performance, reliability and customer service of its business partners and competitors;
|
• |
factors and perceptions impacting the airline industry generally, including future passenger demand for air travel;
|
• |
announcements of significant contracts, acquisitions or divestitures by us or Air Wisconsin’s competitors, including any new or amended capacity purchase agreement with United or another airline partner;
|
• |
bankruptcies or other financial issues impacting Air Wisconsin’s business partners or competitors;
|
• |
purchases or sales of shares of the Company’s common stock pursuant to the Company’s publicly announced stock repurchase program or otherwise;
|
• |
threatened or actual litigation and government investigations;
|
• |
changes in the regulatory environment impacting Air Wisconsin’s business and industry;
|
• |
speculative trading practices of the Company’s stockholders and other market participants;
|
• |
perceptions about securities that are traded on the OTC Market;
|
• |
the impact of the application of accounting guidance; and
|
• |
general political or economic conditions.
|
• |
prohibit the transfer of any shares of the Company’s capital stock that would result in (i) any person or entity becoming a “Five-Percent Stockholder” (as defined under Treasury Regulation
Section 1.382-T(g))
of the Company’s then-outstanding capital stock, or (ii) an increase in the percentage ownership of any person or entity who is already a “Five-Percent Stockholder” of the Company’s then-outstanding capital stock;
|
• |
authorize the Board of Directors, without stockholder approval, to authorize and issue preferred stock with powers, preferences and rights that may be senior to the Company’s common stock, that could dilute the interest of, or impair the voting power of, holders of the Company’s common stock and could also have the effect of discouraging, delaying or preventing a change of control;
|
• |
establish advance notice procedures that stockholders must comply with in order to nominate candidates to the Board of Directors and propose matters to be brought before an annual or special meeting of the Company’s stockholders, which may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to obtain control of the Company;
|
• |
give the Board of Directors exclusive authority to set the number of directors and increase or decrease the number of directors by one or more resolutions, which may prevent stockholders from being able to fill vacancies on the Board of Directors;
|
• |
authorize a majority of the Board of Directors to appoint a director to fill a vacancy created by the expansion of the Board of Directors or the resignation, death, or removal of a director, which may prevent stockholders from being able to fill vacancies on the Board of Directors; and
|
• |
restrict the ability of stockholders to call special meetings of stockholders.
|
Total number
of shares purchased
(1)
|
Average price
paid per share |
Dollar value of
shares repurchased |
Approximate
dollar value of shares remaining available under stock repurchase program |
|||||||||||||
April 1 - April 30, 2021
|
297,185 | $ | 1.22 | $ | 363,324 | $ | 636,676 | |||||||||
May 1 - May 31, 2021
|
296,287 | 1.73 | 512,857 | 1,123,819 | ||||||||||||
June 1 - June 30, 2021
|
— | — | — | 2,100,000 | ||||||||||||
Total
|
593,472 | $ | 1.48 | $ | 876,181 | $ | 2,100,000 |
(1)
|
All shares were repurchased as part of the Company’s publicly announced stock repurchase program. In addition, all shares were repurchased pursuant to a trading plan adopted pursuant to Rule
10b5-1
under the Exchange Act and in compliance with Rule
10b-18
under the Exchange Act.
|
|
Incorporated by Reference
|
|||||||||||||||||||||
Exhibit
Number
|
Exhibit Description
|
Form
|
File
No.
|
Exhibit
|
Filing
Date
|
Provided
Herewith
|
||||||||||||||||
10.1† | Second Amendment to Capacity Purchase Agreement, dated April 23, 2021, between United Airlines, Inc. and Air Wisconsin Airlines LLC. |
10-Q
|
001-34584
|
10.3 | May 17, 2021 | |||||||||||||||||
31.1* | Certification of Principal Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended. | X | ||||||||||||||||||||
31.2* | Certification of Principal Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended. | X | ||||||||||||||||||||
32.1** | Certifications of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | X | ||||||||||||||||||||
101.INS | Inline XBRL Instance Document. | X | ||||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | X | ||||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | X | ||||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | X | ||||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | X | ||||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | X | ||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* |
Filed herewith.
|
** |
The certifications attached as Exhibit 32.1 accompany this Quarterly Report on Form
10-Q
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, shall not be deemed “filed” by the registrant for purposes of Section 18 of the Exchange Act, and shall not be incorporated by reference into any of the registrant’s filings under the Securities Act or the Exchange Act, whether made before or after the date of this Quarterly Report, irrespective of any general incorporation language contained in any such filing.
|
† |
Portions of this exhibit are redacted pursuant to Item 601(b)(10)(iv) of Regulation
S-K.
The registrant agrees to furnish supplementally an unredacted copy of the exhibit to the Securities and Exchange Commission upon request.
|
HARBOR DIVERSIFIED, INC.
|
||||||
Date: August 13, 2021 | By: |
/s/
Christine R. Deister
|
||||
Christine R. Deister | ||||||
Chief Executive Officer and Secretary | ||||||
Harbor Diversified, Inc. | ||||||
(Principal Executive Officer)
|
||||||
Date: August 13, 2021 | By: |
/s/
Liam Mackay
|
||||
Liam Mackay | ||||||
Chief Financial Officer
Air Wisconsin Airlines LLC
|
||||||
(Principal Financial Officer)
|
||||||
Date: August 13, 2021 | By: |
/s/
Gregg Garvey
|
||||
Gregg Garvey | ||||||
Senior Vice President, Chief Accounting Officer and Treasurer | ||||||
Air Wisconsin Airlines LLC | ||||||
(Principal Accounting Officer)
|
1 Year Harbor Diversified (PK) Chart |
1 Month Harbor Diversified (PK) Chart |
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