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47north

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  1. Yeah not quite a zero yet: https://www.mayoclinic.org/coronavirus-covid-19/map/florida I guess the current strategy is to ignore it and hope it goes away: https://www.nytimes.com/2021/06/04/world/florida-covid-19-cases-vaccine.html
  2. BC has said they will not be issuing vaccine passports or requiring proof of vaccination. They will provide vaccination records and support verification for international travel.
  3. The project was actually started by the BC Liberals, which is our version of a Conservative party. Not saying the NDP should have gone ahead with it, but if the project fails people of all political stripes will be responsible.
  4. Chorus Aviation announces second quarter 2020 financial results and market update August 12th, 2020 Recent Highlights Net income of $29.2 million, or $0.18 per basic share; a period-over-period decrease of $9.7 million due to the global economic impact of COVID-19 on its results, partially offset by a change in unrealized foreign exchange of $6.3 million. Adjusted net income1 of $21.6 million, or $0.13 per basic share; a decrease of $2.5 million quarter-over-quarter due to the economic impact of COVID-19 noted above. Adjusted EBITDA1 of $91.0 million; an increase of $5.3 million over second quarter 2019 primarily generated by the growth in aircraft leasing. Liquidity, inclusive of available credit, was $189.0 million as at June 30, 2020. Aircraft transactions completed post the second quarter further increased liquidity by $39.0 million, bringing total liquidity to $228.0 million. Third-party leasing revenue collected in July grew to 38%, up from approximately 28% in June 2020. HALIFAX, NS, Aug. 12, 2020 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) today announced second quarter 2020 financial results and an update on the impact of COVID-19. "The global aviation industry continues to be significantly challenged by the effects of the COVID-19 epidemic. Our focus remains on ensuring the safety of our employees and passengers and maintaining ample liquidity. The team has dramatically reduced costs, curtailed capital investment and raised new funding. 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. "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. While these may have been necessary in the beginning, Canada’s federal and interprovincial travel restrictions are now one of the most severe in the world. The mandatory two-week quarantine requirement in Nova Scotia, as an example, makes doing business very difficult. 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. Unlike other countries, Canada has not provided sector support to the aviation industry." "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. At the end of the second quarter, Air Canada announced the discontinuation of 21 Air Canada Express regional routes operated by Jazz, and the closure of eight Jazz-managed stations at regional airports. 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. These are unprecedented times; I respect and understand the tough choice our partner, Air Canada, has had to make. Without regional air service, many businesses, academia and tourism operators will struggle. Action needs to be taken by government to ensure Canada has an efficient and accessible air transportation network across our vast country." "While the industry remains challenged and fragile, we are encouraged by some positive signs of a resurgence. As expected, regional aircraft have been affirmed as fundamentally important to most countries’ domestic transportation networks. Regional aviation is generally resuming flying earlier and at a quicker pace than long-haul travel. For example, in the second quarter our Air Canada Express operation flew approximately 9% of the block hours flown in the same period last year; however, we expect this to increase to be between 20% and 30% for the balance of this year compared to 2019. 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." "The prolonged uncertainty and instability triggered by the pandemic has caused most aircraft lessors around the world to provide rent deferrals to lessees and to review asset valuations. 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." "Overall, our portfolio of leased aircraft is holding up well. Approximately 28% of lease revenue was collected in the second quarter and subsequently increased to approximately 38% in July. Although the industry remains under significant stress, we are encouraged by the improving traffic trends and the utilization of regional aircraft when compared with other aircraft types." "We recognize the revitalization of the regional sector will be protracted, sporadic and will extend well into 2021 and beyond. We are taking all reasonable measures to protect and preserve our company and the value we’ve created for our shareholders. I extend my gratitude to all our employees who have done tremendous work to ensure we weather this crisis. Their continued commitment, resilience and focus on safety have been critical," concluded Mr. Randell. Second Quarter Summary 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. The Regional Aircraft Leasing segment’s adjusted EBITDA increased by $8.2 million primarily related to the growth in aircraft earning leasing revenue partially offset by a $1.1 million expected credit loss provision related to management’s assessment of its lessees’ credit risk. The Regional Aviation Services segment’s adjusted EBITDA decreased by $2.9 million. The second quarter results were impacted by: a reduction in other revenue due to a decrease in third-party maintenance, repair and overhaul (‘MRO’) activity, lower aircraft part sales, and reduced contract flying in Voyageur due to the economic impact of COVID-19; decreased capitalization of major maintenance overhauls on owned aircraft operated under the capacity purchase agreement (‘CPA’) between Jazz and Air Canada of $2.9 million over the previous period; and expected credit loss and inventory provisions of $1.3 million in Voyageur; partially offset by decreased stock-based compensation of $2.6 million due to the change in the Share price inclusive of the change in fair value of the Total Return Swap; increased aircraft leasing under the CPA; and decreased general administrative expenses. Adjusted net income was $21.6 million for the quarter, a decrease of $2.5 million due to: an increase in depreciation of $5.9 million primarily related to additional aircraft in the Regional Aircraft Leasing segment; an increase in net interest costs of $3.2 million primarily related to the 5.75% Unsecured Debentures, the unsecured revolving credit facility and additional aircraft debt in the Regional Aircraft Leasing segment; and a decrease of $1.8 million due to a loss of $0.4 million versus a gain of $1.4 million on disposal of property and equipment; partially offset by a $5.3 million increase in adjusted EBITDA as previously described; a $2.5 million decrease in income tax expense resulting from a reduction in EBT1 combined with a decrease in certain provincial tax rates and non-deductible expenses of $5.0 million offset by a tax recovery on adjusted items of $2.5 million; and a decrease of $0.6 million in realized foreign exchange and unrealized foreign exchange losses on working capital. Net income decreased $9.8 million due to the previously noted $2.5 million decrease in adjusted net income, $9.5 million on impairment provisions and $8.0 million on lease repossession costs; offset by the change in net unrealized foreign exchange on long-term debt of $6.3 million, tax recovery on adjusted items of $2.5 million and decreased employee separation program costs of $1.4 million. Year-to-date Summary Chorus reported adjusted EBITDA of $179.6 million year-to-date, an increase of $19.2 million over 2019. The Regional Aircraft Leasing segment’s adjusted EBITDA increased by $24.7 million which was primarily due to the growth in aircraft earning leasing revenue partially offset by a $1.1 million expected credit loss provision related to management’s assessment of its lessees’ credit risk. The Regional Aviation Services segment’s adjusted EBITDA decreased by $5.5 million. The 2020 results were impacted by: 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 $1.3 million over the previous period; and expected credit loss and inventory provisions of $1.3 million in Voyageur; partially offset by decreased stock-based compensation of $5.2 million due to the change in the Share price inclusive of the change in fair value of the Total Return Swap and increased aircraft leasing under the CPA. Adjusted net income was $45.5 million year-to-date, an increase over 2019 of $2.9 million due to: a $19.2 million increase in adjusted EBITDA as previously described; a decrease in income tax expense of $2.9 million resulting from a reduction in EBT combined with a decrease in certain provincial tax rates and non-deductible expenses of $5.9 million offset by a tax recovery on adjusted items of $3.0 million; and a decrease of $2.0 million in realized foreign exchange and unrealized foreign exchange losses on working capital; partially offset by an increase in depreciation of $11.7 million primarily related to additional aircraft in the Regional Aircraft Leasing segment and impairment on aircraft; an increase in net interest costs of $7.6 million primarily related to additional aircraft debt in the Regional Aircraft Leasing segment, the 5.75% Unsecured Debentures and the unsecured revolving credit facility; and a decrease of $1.8 million due to a loss of $0.4 million versus a gain of $1.4 million on disposal of property and equipment. 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 https://chorusaviation.com/chorus-aviation-announces-second-quarter-2020-financial-results-and-market-update/
  5. EVAS on the east coast is still operating 1900s for AC, but with the AC express markings removed. Not sure why. Air Georgian stopped operating 1900s for AC last year I believe
  6. They are still operating YYZ-IND this coming week according to the AC site. Must be with one of their CRJ 100s that weren’t transferred over.
  7. By limiting the number of seats to 39, it reduces the financial requirements as per the CTA. More info can be found here: https://otc-cta.gc.ca/eng/publication/financial-requirements-guide-canadian-air-carrier-licence-applicants It looks like they want to keep the aircraft on their OC without having resources to run it as a 50 seater. In other words they must be short of cash, which should be a big red flag for anyone wanting to do business with them.
  8. I would be very surprised if it’s WestJet. Swoop and the introduction of the 787 has the investment community wondering already if they have bitten off more than they can handle. Adding a merger/takeover of AT would add to that unease. My money is on AC. Similar fleet once the 310s are gone. Roll it all into Rouge and they’re done.
  9. Just curious why pilots are seeing the lowest take home pay ever since Jan 1st?
  10. It’s not a merger per se. According to the Jazz pilots’s agreement the Georgian pilots will come across with their DOH. There is a pilot bid this month that will include the positions created by bringing the CRJ200s back to Jazz. The Georgian pilots that choose to come to Jazz will be able to participate in the bid with their DOH. It doesn’t mean that they will maintain a CRJ position or their status as a captain as it depends on their DOH. Also there is a no layoff clause for Jazz pilots and any Jazz captain that is loses their status will be paid as a captain until they can hold a captain position again. With all the hiring at AC and elsewhere, doubtful that this will have lasting effect on any pilot at Jazz.
  11. Just because you can, doesn’t mean you should. Some Of the pilots I see in the terminals look pretty unkept Took me until I was in my forties to be able to grow a beard. It’s evident that some are in the same boat.
  12. Dr.Brendan Adams is great. Contact info here: https://www.aviationdoc.com/
  13. http://business.financialpost.com/feature/cabin-pressure-are-airline-contractors-cutting-corners-on-safety-to-earn-business
  14. The problem with the NPA is there are three proposed solutions: In addition, this NPA proposes that compliance with RESA requirements be achieved in the following ways: 1- adding prescribed length to existing runways, or 2 - installing an arresting system such as an Engineered Material Arresting System (EMAS), or 3 - reducing declared distances of runways. The easy way out for airports is to reduce the declared distances, which affects payload out of some airports.
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