Jazz Aviation honoured again as one of Canada’s Top Employers for Young People

HALIFAX, NS, Jan. 24, 2023 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) is proud to announce that subsidiary Jazz Aviation LP (‘Jazz’) is named one of Canada’s Top Employers for Young People 2023 by Mediacorp Canada Inc. This is the eleventh year Jazz has been recognized in this category.

“We’re proud of our commitment to creating a supportive workplace where young people can learn and thrive,” said Randolph deGooyer, President, Jazz. “They are the leaders of tomorrow who offer valuable perspectives as we look to the future of Jazz.”

This special designation recognizes the employers that offer the nation’s best workplaces and programs for young people just starting their careers. These organizations are Canada’s leaders in attracting and retaining younger employees. Areas examined when evaluating each employer include, mentorship and training programs as well as career management programs.

About Chorus Aviation Inc.

Chorus’ vision is to deliver regional aviation to the world. Headquartered in Halifax, Nova Scotia, Chorus is an integrated provider of regional aviation solutions, including asset management services. Its principal subsidiaries are: Falko Regional Aircraft, the world’s largest asset manager and aircraft lessor focused solely on the regional aircraft leasing segment; Jazz Aviation, the sole provider of regional air services under the Air Canada Express brand; and Voyageur Aviation, a provider of specialty air charter, aircraft modification, and parts provisioning services to regional aviation customers around the world. Together, Chorus’ subsidiaries provide support services that encompass every stage of a regional aircraft’s lifecycle, including: aircraft acquisition and leasing; aircraft refurbishment, engineering, modification, repurposing and transition; contract flying; aircraft and component maintenance, disassembly, and parts provisioning.  www.chorusaviation.com

About Jazz Aviation LP

Jazz Aviation LP has a strong history in Canadian aviation with its roots going back to the 1930s. As the largest regional carrier in Canada and the sole operator of Air Canada Express flights, Jazz has a proven track record of industry leadership and exceptional customer service and has leveraged that strength to deliver value to all its stakeholders. flyjazz.ca

Jazz Aviation celebrates 12 years as Top Employer in Atlantic Canada and Nova Scotia

HALIFAX, NS, Jan. 19, 2023 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) is proud to announce that subsidiary Jazz Aviation LP (‘Jazz’) is named a Top Employer in Atlantic Canada and Nova Scotia by Mediacorp Canada Inc. for the twelfth consecutive year.

“We’re proud of our long history in this region and being an employer of choice for Nova Scotians and Atlantic Canadians,” said Randolph deGooyer, President, Jazz. “We’re very honoured to be recognized for providing a safe and inclusive work environment where employees have the tools they need to succeed.”

These special designations recognize employers in Nova Scotia and Atlantic Canada that lead their industries in offering exceptional places to work. Employers are evaluated on their physical workplaces; work and social atmospheres; health; financial and family benefits; vacation and time off; employee communications; performance management; training and skills development; and community involvement.

About Chorus Aviation Inc.

Chorus’ vision is to deliver regional aviation to the world. Headquartered in Halifax, Nova Scotia, Chorus is an integrated provider of regional aviation solutions, including asset management services. Its principal subsidiaries are: Falko Regional Aircraft, the world’s largest asset manager and aircraft lessor focused solely on the regional aircraft leasing segment; Jazz Aviation, the sole provider of regional air services under the Air Canada Express brand; and Voyageur Aviation, a provider of specialty air charter, aircraft modification, and parts provisioning services to regional aviation customers around the world. Together, Chorus’ subsidiaries provide support services that encompass every stage of a regional aircraft’s lifecycle, including: aircraft acquisition and leasing; aircraft refurbishment, engineering, modification, repurposing and transition; contract flying; aircraft and component maintenance, disassembly, and parts provisioning. www.chorusaviation.com

About Jazz Aviation LP

Jazz Aviation LP has a strong history in Canadian aviation with its roots going back to the 1930s. As the largest regional carrier in Canada and the sole operator of Air Canada Express flights, Jazz has a proven track record of industry leadership and exceptional customer service and has leveraged that strength to deliver value to all its stakeholders. flyjazz.ca

Chorus Aviation Announces Third Quarter 2022 Financial Results

Q3 2022 Financial Highlights

  • Net income of $23.6 million, a quarter-over-quarter increase of $37.6 million due  to the impact of Falko’s earnings and decreased unrealized foreign exchange losses of $10.4 million.
  • Adjusted net income of $41.7 million, an increase of $26.4 million quarter-over-quarter.
  • Earnings available to Common Shareholders of $13.1 million, or $0.06 per basic Common Share, inclusive of dividends declared on the Preferred Shares and non-controlling interest.
  • Adjusted earnings available to Common Shareholders of $31.2 million, or $0.15 per Common Share an increase of $15.9 million quarter-over-quarter inclusive of dividends declared on the Preferred Shares and non-controlling interest.
  • Adjusted EBITDA of $123.4 million, an increase of $45.3 million quarter-over-quarter.

Accomplishments

  • Chorus continued to generate strong cash flows and execute on its strategy to transition to an asset light leasing model in the quarter.
  • Chorus generated $100.9 million of cash during the third quarter 2022, largely due to asset sales net of debt repayments and the release of security over previously restricted cash. Chorus had cash flows from operations of $91.3 million in the third quarter, an increase of $8.5 million over third quarter 2021.  
  • Chorus repaid $219.7 million of debt in the third quarter of 2022, which included scheduled repayments of $81.1 million, $112.0 million of repayments on loans related to the eight CRJ900s sold in the quarter and a $26.6 million discretionary repayment on the Operating Credit Facility. On October 6, 2022, Chorus repaid the remaining balance on its Operating Credit Facility of US $19.0 million.
  • As a result of increased earnings and significantly lower debt balances, Chorus’ leverage ratio (Net debt to trailing 12-month Adjusted EBITDA) improved to 5.1 from 6.4 as at June 30, 2022.

HALIFAX, NS, Nov. 9, 2022 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) today announced third quarter 2022 financial results.

“With our first full quarter since the Falko acquisition now complete, I am pleased to report both the continued seamless integration of our leasing business under Falko and the achievement of its expected financial performance,” said Joe Randell, President and Chief Executive Officer, Chorus.

“We will continue to transition to an asset light model and will opportunistically explore asset sales, thereby creating additional shareholder value by generating incremental cash flows and paying down debt. In addition, we look forward to the closing of Falko’s next fund in the first half of 2023.”

“With the announcement of my planned retirement, I am working actively with incoming President and Chief Executive Officer, Colin Copp, to ensure a smooth transition in the first quarter of 2023. Colin has been an integral member of the Chorus leadership team for over two decades and his depth of knowledge across all aspects of our business will serve him well as he leads Chorus through 2023 and beyond.”

“I’d like to express my appreciation to all our employees for their tireless efforts as the aviation industry continued to rebuild capacity and I am confident that we are very well positioned to execute on new growth opportunities that will deliver positive returns to our shareholders and fund investors, and make Chorus an even more attractive company for customers, partners and employees,” concluded Mr. Randell.

Third Quarter Summary

In the third quarter of 2022, Chorus reported Adjusted EBITDA of $123.4 million, an increase of $45.3 million over the third quarter of 2021.

The RAL segment’s Adjusted EBITDA was $69.8 million, an increase of $43.7 million primarily due to Falko’s earnings, the recovered claims in the Virgin Australia bankruptcy, net gain on sale of assets as well as increased lease revenue from CACIL’s re-leased aircraft.

The RAS segment’s Adjusted EBITDA was $53.5 million, an increase of $1.6 million. Third quarter results were impacted by:

  • an increase in other revenue due to the sale of four Dash 8-100s that were held for resale and an increase in parts sales and contract flying partially offset by a decrease in third-party MRO activity; and
  • an increase in aircraft leasing revenue under the CPA of $1.2 million primarily due to a higher US dollar exchange rate; offset by
  • a decrease in capitalization of major maintenance overhauls on owned aircraft of $2.2 million;
  • an increase in stock-based compensation of $1.8 million due to the change in fair value of the Total Return Swap and one-time restructuring grants offset by a decrease in the Common Share price; and
  • an increase in general administrative expenses attributable to increased operations.

Adjusted net income was $41.7 million for the quarter, an increase of $26.4 million over the third quarter of 2021 due to:

  • a $45.3 million increase in Adjusted EBITDA as previously described; partially offset by
  • an increase in depreciation expense of $12.5 million primarily attributable to Falko;
  • an increase of $2.7 million in income tax expense; and
  • an increase in net interest costs of $4.0 million primarily related to interest on long-term debt assumed as part of the Falko Acquisition and interest on the Series C Debentures partially offset by the repayment of certain aircraft financings and the partial redemption of the 6.00% Debentures in December 2021.

Net income increased $37.6 million over the third quarter of 2021 due to:

  • the previously noted increase in Adjusted net income of $26.4 million;
  • a decrease in net unrealized foreign exchange losses of $10.4 million; and
  • a decrease in impairment provision of $6.3 million; partially offset by
  • an increase in lease repossession costs of $4.9 million; and
  • an increase in employee separation program costs of $0.4 million.

Year-to-Date Summary

Chorus reported Adjusted EBITDA of $311.5 million for 2022, an increase of $72.5 million over the same prior year period.

The RAL segment’s Adjusted EBITDA was $152.0 million, an increase of $71.9 million primarily due to the inclusion of five months of earnings from Falko, the recovered claims in the Virgin Australia and Aeromexico bankruptcies, net gain on sale of assets and increased lease revenue from CACIL’s re-leased aircraft.

The RAS segment’s Adjusted EBITDA was $159.5 million an increase of $0.6 million due to:

  • an increase in other revenue due to the sale of four Dash 8-100s that were held for resale and an increase in parts sales and contract flying partially offset by a decrease in third-party MRO activity;
  • an increase in aircraft leasing revenue under the CPA of $2.9 million primarily due to a higher US dollar exchange rate; and
  • an increase in capitalization of major maintenance overhauls on owned aircraft of $2.4 million; partially offset by
  • an increase in stock-based compensation of $6.2 million due to the change in fair value of the Total Return Swap and one-time restructuring grants offset by a decrease in the Common Share price; and
  • an increase in general administrative expenses attributable to increased operations.

Adjusted net income of $87.0 million, an increase of $44.6 million over the same prior year period due to:

  • a $72.5 million increase in Adjusted EBITDA as previously described; partially offset by
  • an increase in depreciation expense of $20.6 million primarily attributable to Falko;
  • a $5.9 million increase in income tax expense offset by lower income tax recoveries on adjusted items;
  • a decrease in gain on property and equipment of $1.6 million; and
  • a loss on fair value of investments of $0.6 million.

Net income of $6.1 million, an increase of $36.7 million over the same prior year period due to:

  • the previously noted increase in Adjusted net income of $44.6 million; and
  • one-time restructuring costs of $80.7 million in 2021 related to the 2021 CPA Amendments; offset by
  • a change in net unrealized foreign exchange of $23.2 million;
  • an increase in lease repossession costs of $16.6 million;
  • an increase in impairment provisions of $14.2 million in the RAL segment;
  • a decrease in income tax recoveries on adjusted items of $14.0 million;
  • an increase in restructuring credit loss provision of $10.4 million;
  • strategic advisory fees related to the Falko Acquisition of $8.5 million; and
  • an increase in employee separation program costs, exclusive of the cost attributable to the pilot early retirement program and signing bonuses of $1.7 million.

Outlook
Chorus completed the Falko Acquisition in the second quarter of 2022. This transformative transaction creates new opportunities for growth, through increased access to growth capital and a differentiated business model to maximize returns on aircraft assets.


Key Economic Assumptions:

  • The forecast assumes the launch in the first half of 2023 of a new investment fund managed by Falko with (i) a minimum of US $500.0 million in capital commitments and (ii) management fees and economic terms commensurate with those in Falko’s prior funds.
  • The forecast revenue is based on current contracted lease revenue and forecasted revenues for leased aircraft and asset management fees. Aircraft leasing revenue under the CPA and Fixed Margin revenue is expected to be US $114.7 million and $66.3 million, respectively in 2022.
  • The forecast uses weighted average statutory tax rates for each of the individual entities based on the jurisdiction in which the entity is taxable. The forecast uses a weighted average income tax rate of 20.0% based on average statutory tax rates of 26.5%, 12.5% and 19.0% in Canada, Ireland and United Kingdom, respectively. The actual weighted average income tax rates may vary due to the actual income in each country and foreign exchange rates.
  • The forecast assumes no disposals in 2022 of aircraft leased under the CPA and no disposals in the RAL segment in the fourth quarter of 2022.
  • The forecast uses a foreign exchange rate of 1.35 for the fourth quarter of 2022 to translate USD to CAD revenue and expenses.

Regional Aircraft Leasing

Following the onset of the COVID-19 pandemic, RAL received requests from many of its customers for some form of temporary rent relief, as they coped with an unprecedented reduction in demand for passenger air travel. Under rent relief arrangements, certain of which include lease term extensions, the repayment of the deferred amounts typically coincides with the lease term extensions. The gross lease receivable may decrease from the September 30, 2022 balance of US $97.4 million to approximately US $91.3 million by the end of 2022 due to rent relief arrangements and repayment expectations.

RAL’s lease deferral receivable exposure is also partially mitigated by security packages held of approximately US $19.0 million (December 31, 2021 – US $21.1 million).

More information can be found at chorusaviation.com/chorus-aviation-announces-third-quarter-2022-financial-results/

About Chorus Aviation Inc.
Chorus’ vision is to deliver regional aviation to the world. Headquartered in Halifax, Nova Scotia, Chorus is an integrated provider of regional aviation solutions, including asset management services. Its principal subsidiaries are: Falko Regional Aircraft, the world’s largest asset manager and aircraft lessor focused solely on the regional aircraft leasing segment; Jazz Aviation, the sole provider of regional air services under the Air Canada Express brand; and Voyageur Aviation, a provider of specialty air charter, aircraft modification, and parts provisioning services to regional aviation customers around the world. Together, Chorus’ subsidiaries provide support services that encompass every stage of a regional aircraft’s lifecycle, including: aircraft acquisition and leasing; aircraft refurbishment, engineering, modification, repurposing and transition; contract flying; aircraft and component maintenance, disassembly, and parts provisioning.

Jazz Aviation Wins at Canada’s Safest Employer Awards

HALIFAX, NS, Oct. 21, 2022 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) is proud to announce that subsidiary Jazz Aviation LP (‘Jazz’) was named among Canada’s Safest Employers 2022, winning the Public Transportation category. Canada’s Safest Employers awards were announced at a gala event in Toronto last evening.

“The foundation of Jazz’s award-winning safety culture is our employees,” said Randolph deGooyer, President, Jazz. “We value feedback and have strong reporting principles – both of which demonstrate our collective focus on safety as core to our business every day.”

At Jazz, safety is our top priority, and we continue to challenge ourselves to further advance safety. Recent achievements include improved data collection and investigation using smart form technology for a streamlined response and investigation process. Additionally, we have enhanced the use of our historical safety data to support extended analysis of safety trends for improved management of hazards.

This is Jazz’s sixth consecutive year accepting awards at the Canada’s Safest Employers event. Last year, Jazz received an Excellence award, and in 2020 and 2019, Jazz won gold – all for the Public Transportation category. In 2018, Jazz was awarded silvers in the Transportation and Psychological Safety categories; and in 2017, Jazz won gold in the Transportation category.

Launched in 2011, Canada’s Safest Employers awards recognize companies from across Canada with outstanding accomplishments in promoting the health and safety of their employees. Companies are evaluated on a wide range of occupational safety and health (‘OSH’) elements, including employee training, OSH management systems, incident investigation, emergency preparedness, and innovative health and safety initiatives.

About Chorus Aviation Inc.

Chorus’ vision is to deliver regional aviation to the world. Headquartered in Halifax, Nova Scotia, Chorus is an integrated provider of regional aviation solutions, including asset management services. Its principal subsidiaries are: Falko Regional Aircraft, the world’s largest asset manager and aircraft lessor focused solely on the regional aircraft leasing segment; Jazz Aviation, the sole provider of regional air services to Air Canada; and Voyageur Aviation, a provider of specialty air charter, aircraft modification, and parts provisioning services to regional aviation customers around the world. Together, Chorus’ subsidiaries provide support services that encompass every stage of a regional aircraft’s lifecycle, including: aircraft acquisition and leasing; aircraft refurbishment, engineering, modification, repurposing and transition; contract flying; aircraft and component maintenance, disassembly, and parts provisioning. www.chorusaviation.com.

About Jazz

Jazz Aviation LP has a strong history in Canadian aviation with its roots going back to the 1930s. As the largest regional carrier in Canada and the sole operator of Air Canada Express flights, Jazz has a proven track record of industry leadership and exceptional customer service and has leveraged that strength to deliver value to all its stakeholders. flyjazz.ca

Chorus Aviation Announces President & Chief Executive Officer Succession

HALIFAX, NS, Sept. 14, 2022 /CNW/ – The Board of Directors of Chorus Aviation Inc. (‘Chorus’ or the ‘Company’) (TSX: CHR) announced today that Joseph (Joe) Randell plans to retire as President and Chief Executive Officer, in the first quarter of 2023, following the Company’s reporting of its 2022 year-end results.  His retirement will follow a 37-year leadership career in regional aviation. Upon Mr. Randell’s retirement, Colin Copp, currently the Chief Operating Officer, Chorus and President, Chorus Aviation Services, will be appointed President and Chief Executive Officer of Chorus.  

“I am delighted to announce Colin Copp as our next CEO,” said Paul Rivett, Chair of the Chorus Board of Directors. Mr. Rivett continued, “Chorus is fortunate to have a CEO successor in Colin Copp, with such an in-depth knowledge of the business and its culture.  Colin has played an instrumental role in Chorus’ evolution, displaying a proven ability to think strategically, to communicate his vision and to successfully execute on the intended plans. The Board looks forward to working with Colin and is confident in Colin’s ability to guide Chorus through the next exciting chapter of growth and diversification.”

Mr. Copp has been the Chief Operating Officer of Chorus and President of Chorus Aviation Services, including Jazz Aviation and Voyageur Aviation, since March 2019.  Previously, he was the President of Jazz Aviation. He has been with the Company and its predecessors for over 30 years, with leadership experience in key roles across operations, administration, and labour relations.  Colin holds a Masters’ Degree in Business Administration, is a Certified Negotiator and Chartered Mediator and holds a designation from the Institute of Corporate Directors (ICD.D). He is currently a Board member of the Air Transport Association of Canada and the Aerospace Industries Association of Canada.

“Colin has been an integral member of my leadership team for almost two decades and has proven to be an exemplary leader with demonstrated skills in handling complicated change management issues and multi-stakeholder negotiations,” said Joe Randell. “He has built strong relationships across the aviation industry and elevated Jazz and Voyageur to new levels of performance.  I am confident Colin will adeptly and successfully lead Chorus through the next transformative phase, and I look forward to working closely with Colin, and the rest of the executive team, as he transitions to the CEO role.”

Mr. Randell’s regional aviation career spans four decades. He was the founding President of Air Nova, having started the Atlantic Canada-based airline in 1986 with two aircraft serving five destinations.  He will retire having built a global company with approximately 5,000 employees, which includes the largest regional airline in Canada, a market leading aircraft asset management company and the world’s largest aircraft lessor solely focused on the regional segment. Mr. Randell has provided stable leadership and successfully executed a long-term vision for Chorus through the most challenging periods for the aviation industry.  In 2020, he was inducted into the Canadian Aviation Hall of Fame in recognition of his significant contribution in advancing Canadian aviation.

“Joe is widely recognized as the founder and builder of regional aviation in Canada,” said Mr. Rivett. “He has been a true visionary, continuing to re-invent the business through various cycles and trends in the industry.  Joe is equally respected for his ethics and integrity, which has resulted in many strong industry and community relationships and partnerships.  His own personal values have shaped an award-winning corporate culture.  On behalf of the Board and the employees of the Chorus companies, I thank Joe for his long-standing dedication and commitment, including his support through the upcoming transition.”

About Chorus Aviation Inc.

Chorus’ vision is to deliver regional aviation to the world. Headquartered in Halifax, Nova Scotia, Chorus is an integrated provider of regional aviation solutions, including asset management services. Its principal subsidiaries are: Falko Regional Aircraft, the world’s largest asset manager and aircraft lessor focused solely on the regional aircraft leasing segment; Jazz Aviation, the sole provider of regional air services to Air Canada; and Voyageur Aviation, a provider of specialty air charter, aircraft modification, and parts provisioning services to regional aviation customers around the world. Together, Chorus’ subsidiaries provide support services that encompass every stage of a regional aircraft’s lifecycle, including: aircraft acquisition and leasing; aircraft refurbishment, engineering, modification, repurposing and transition; contract flying; aircraft and component maintenance, disassembly, and parts provisioning.

www.chorusaviation.com.

Chorus Aviation Announces Agreements to Trade 8 Aircraft for Net Proceeds of USD $45 Million

HALIFAX, NS, Aug. 29, 2022 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) today announced that its subsidiary, Falko Regional Aircraft Limited (‘Falko’) has executed agreements to sell 8 wholly owned aircraft that had previously been on lease, for net proceeds of approximately USD $45 million after related debt repayments and estimated tax provisions. The Falko team has an extensive track record of opportunistically selling aircraft, having completed over 160 aircraft sales.

“I’m pleased to report that the first trading transaction of the Chorus/Falko era is taking place. This deal is transacting at one time book value and will generate net free cash flow of approximately USD $45 million,” stated Joe Randell, President and Chief Executive Officer, Chorus.

Mr. Randell continued, “The recent Falko acquisition has made Chorus a market leading regional aircraft asset manager and the world’s largest aircraft lessor focused solely on the regional aircraft leasing space, significantly advancing our growth and diversification strategy.”

“The sale of these Chorus owned aircraft decreases debt and leverage while generating cash flows from trading. We will continue to look for opportunistic asset sale transactions to increase shareholder value,” concluded Mr. Randell.

This transaction is expected to close before the end of the third quarter of 2022 and is not expected to materially change the financial forecast set out in Chorus’ news release dated August 4, 2022.

About Chorus Aviation Inc. 
Chorus’ vision is to deliver regional aviation to the world. Headquartered in Halifax, Nova Scotia, Chorus is an integrated provider of regional aviation solutions, including asset management services.   Its principal subsidiaries are: Falko Regional Aircraft, the world’s largest asset manager and aircraft lessor focused solely on the regional aircraft leasing segment; Jazz Aviation, the sole provider of regional air services to Air Canada; and Voyageur Aviation, a provider of specialty air charter, aircraft modification, and parts provisioning services to regional aviation customers around the world.  Together, Chorus’ subsidiaries provide support services that encompass every stage of a regional aircraft’s lifecycle, including: aircraft acquisition and leasing; aircraft refurbishment, engineering, modification, repurposing and transition; contract flying; aircraft and component maintenance, disassembly, and parts provisioning.

Chorus Aviation Announces Second Quarter 2022 Financial Results

Q2 2022 Financial Highlights

  • Net loss of $40.4 million, a quarter-over-quarter decrease of $61.9 million primarily due to anticipated aircraft repossessions and lease restructurings resulting in provisions of $45.6 million on CACIL’s aircraft portfolio, unrealized foreign exchange losses of $34.3 million and strategic advisory fees of $5.7 million, offset by an increase in Adjusted net income of $16.2 million.
  • Net loss available to Common Shareholders of $46.3 million, or $0.24 loss per basic Common Share, inclusive of dividends declared on Preferred Shares and non-controlling interest.
  • Adjusted net income available to Common Shareholders of $21.7 million, or $0.11 per Common Share an increase of $10.3 million quarter-over-quarter inclusive of dividends declared on Preferred Shares and non-controlling interest.
  • Adjusted net income of $27.6 million, an increase of $16.2 million quarter-over-quarter primarily due to an increase in earnings in the RAL segment related to the Falko Business.
  • Adjusted EBITDA of $104.9 million, an increase of $28.0 million quarter-over-quarter.

Accomplishments

  • Completed the Falko acquisition for US $843.7 million, inclusive of assumed debt.
  • Second quarter results included two months of earnings from the Falko Business, increasing net income by $5.7 million and Adjusted EBT by $9.5 million.
  • Integration of the Falko Business progressing as anticipated.
  • Expanded owned, managed and/or operated fleet to 381 aircraft (including 35 aircraft in a servicing capacity).

HALIFAX, NS, Aug. 4, 2022 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) today announced second quarter 2022 financial results.

“With our first quarter since the Falko acquisition now complete, I am happy to see Falko delivering the expected results. In addition, the integration of Falko is progressing very well as both organizations share similar leadership styles and cultures. 

We have already begun to see the Falko asset management platform demonstrate its contribution to the diversification and flexibility of our business.  In June we announced the addition of 35 turboprop aircraft in a servicing capacity on behalf of a syndicate of banks further expanding our asset management business and demonstrating Falko’s ability to broaden its customer base,” stated Joe Randell, President and Chief Executive Officer, Chorus.

Mr. Randell continued: “The Falko acquisition has made Chorus a market leading regional aircraft asset manager and the world’s largest aircraft lessor focused solely on the regional aircraft leasing space thereby significantly advancing our growth and diversification strategy. We now expect to derive approximately 50% of our 2022 annual Adjusted EBITDA from the Regional Aviation Leasing (RAL) segment of our business. We have begun the process of launching Falko’s next fund and are pleased with the early response. We will continue to transition our focus to an asset light model and will opportunistically explore asset sales, where appropriate, to create additional shareholder value through paying down debt and generating incremental cash flows.”

“In the second quarter we recorded a $45.6 million provision related to anticipated aircraft repossessions and lease restructurings. All our other customers are operating in compliance with lease agreements. This provision does not impact our longer-term outlook for the business,” added Mr. Randell.

“I sincerely thank the Chorus group of employees for all their hard work and dedication, and in particular our frontline employees, for their continued focus on the safety and well-being of passengers in what has been a challenging environment. Our Jazz operation continues to ramp up, and Voyageur’s parts provisioning and sales continue to hit new milestones as larger contracts won in 2021 progress as planned. We remain optimistic that these trends will continue to build momentum and we are very well positioned to execute on new growth opportunities that will deliver positive returns to our shareholders, fund investors, customers, and employees,” Mr. Randell concluded.

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Voyageur Aviation expands portfolio with parts provisioning of ATR aircraft type

HALIFAX, NS, July 12, 2022 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) announced that its subsidiary, Voyageur Aviation Corp. (‘Voyageur’), has added ATR 42 and 72 aircraft types to its product offering, further diversifying Chorus’ business and cross-company support capabilities.

“The growth momentum for Voyageur Avparts continues,” said Gary Gilbert, Vice President Avparts, Voyageur. “Expanding our parts sales and provisioning with ATR components was a logical next move for Voyageur, especially given Chorus’ recent acquisition of Falko Regional Aircraft – further bolstering Chorus’ position as a premier full-service provider in regional aviation. We are fortunate to capitalize on our companies’ synergies to further support regional aircraft customers at every stage of an aircraft’s lifecycle.”

Voyageur’s Avparts division specializes in Used Serviceable Material (‘USM’) support for regional aircraft types, including Bombardier/Mitsubishi CRJ, De Havilland Dash 8, and ATR. Core services include parts sale and provisioning, component repair and overhaul management, inventory leasing and consignment programs, and aircraft end-of-life and disassembly.

About Voyageur Aviation Corp.

Voyageur is an integrated provider of specialized aviation services, including contract flying operations both internationally and domestically, and offers advanced engineering and maintenance capabilities. Headquartered in North Bay, Ontario, Voyageur delivers innovative solutions to customers with unique aviation requirements and operates under the core principles of comprehensive safety management, quality assurance, and client-dedicated solutions. www.voyav.com

About Chorus Aviation Inc.

Chorus’ vision is to deliver regional aviation to the world. Headquartered in Halifax, Nova Scotia, Chorus is an integrated provider of regional aviation solutions, including asset management services. Its principal subsidiaries are: Falko Regional Aircraft, the world’s largest asset manager and aircraft lessor focused solely on the regional aircraft leasing segment; Jazz Aviation, the sole provider of regional air services to Air Canada; and Voyageur Aviation, a provider of specialty air charter, aircraft modification, and parts provisioning services to regional aviation customers around the world. Together, Chorus’ subsidiaries provide support services that encompass every stage of a regional aircraft’s lifecycle, including: aircraft acquisition and leasing; aircraft refurbishment, engineering, modification, repurposing and transition; contract flying; aircraft and component maintenance, disassembly, and parts provisioning. www.chorusaviation.com

Chorus Aviation Announces Expansion of Assets Under Management

HALIFAX, NS, June 21, 2022 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) today announced that its wholly owned subsidiary, Falko Regional Aircraft Limited (“Falko”), has expanded its portfolio of assets under management.

Falko has added a total of 35 turboprop aircraft to its portfolio in a servicing capacity on behalf of a syndicate of banks. 

Joe Randell, President and Chief Executive Officer, Chorus stated “I’m pleased to see the continued expansion of our asset management business and to demonstrate the ability of Falko to continue to diversify its customer base.”

“This transaction further validates our belief in the attractiveness of the regional aircraft market and in Falko, as a market-leading aircraft asset management company,” Mr. Randell concluded.

This transaction is not expected to impact the financial forecast set out in Chorus’ news release dated May 5, 2022.

About Chorus Aviation Inc.

Chorus’ vision is to deliver regional aviation to the world. Headquartered in Halifax, Nova Scotia, Chorus is an integrated provider of regional aviation solutions, including asset management services.   Its principal subsidiaries are: Falko Regional Aircraft, the world’s largest aircraft lessor and asset manager focused solely on the regional aircraft leasing segment; Jazz Aviation, the sole provider of regional air services to Air Canada; and Voyageur Aviation, a provider of specialty air charter, aircraft modification, and parts provisioning services to regional aviation customers around the world.  Together, Chorus’ subsidiaries provide support services that encompass every stage of a regional aircraft’s lifecycle, including: aircraft acquisition and leasing; aircraft refurbishment, engineering, modification, repurposing and transition; contract flying; aircraft and component maintenance, disassembly, and parts provisioning. www.chorusaviation.com

Chorus Aviation publishes 2021 corporate sustainability report

HALIFAX, NS, May 24, 2022 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) today published its 2021 corporate sustainability report, available online at www.chorusaviation.com/sustainability. The report highlights Chorus’ commitment to building a sustainable future and improving transparency and accountability in relation to environmental, social and governance (“ESG”) issues.

“In 2021, we transformed our corporate sustainability initiatives into an ESG strategy that aligns with our values and the issues that matter most to our stakeholders,” stated Joe Randell, President and Chief Executive Officer, Chorus. “The corporate sustainability report discusses our ESG performance in 2021 and articulates our ESG strategy with reference to measurable targets that will challenge us to make tangible improvements in the years to come.”

Chorus established its ESG strategy by:

  • aligning to globally recognized frameworks such as the Global Reporting Index (GRI) and United Nations Sustainable Development Goals (UN SDGs);
  • undertaking a materiality assessment to identify key ESG issues that are important to its stakeholders and its business;
  • developing a purpose statement that resonates with stakeholders in its ecosystem;
  • reconfiguring its sustainability governance structure to focus on initiatives, quantification, and stakeholder engagement; and
  • challenging Chorus to continually improve by establishing ambitious, long-term goals and targets.

Chorus’ ESG strategy includes a detailed implementation road map that will focus the organization on key initiatives to achieve its sustainability goals.

“We are proud of the progress we have made in our commitment to sustainability, and we look forward to implementing our ESG strategy,” concluded Mr. Randell.

About Chorus Aviation Inc.

Chorus’ vision is to deliver regional aviation to the world. Headquartered in Halifax, Nova Scotia, Chorus is an integrated provider of regional aviation solutions, including asset management services.   Its principal subsidiaries are: Falko Regional Aircraft, the world’s largest aircraft lessor and asset manager focused solely on the regional aircraft leasing segment; Jazz Aviation, the sole provider of regional air services to Air Canada; and Voyageur Aviation, a provider of specialty air charter, aircraft modification, and parts provisioning services to regional aviation customers around the world.  Together, Chorus’ subsidiaries provide support services that encompass every stage of a regional aircraft’s lifecycle, including: aircraft acquisition and leasing; aircraft refurbishment, engineering, modification, repurposing and transition; contract flying; aircraft and component maintenance, disassembly, and parts provisioning.