The Airport sustained an overall loss of $(32,521) with an adjusted net profit (without depreciation, amortization, grant or PFC revenues) of $112,899 in April. Year over year it amounts to an increase in profit of close to 67% in comparison to April of last year in which we had an adjusted net profit of $67,582 (see Summary of Airport Revenues & Expenses).
Propellers Restaurant sales were down by approximately $1K compared to this month last year; however, Cost of Goods Sold (COGS) and other expenses were held down considerably causing the impact to be far less significant than last year’s.
Flightways sales decreased a little over $84K compared to April of last year. Their COGS and expenses were held down as well resulting in an increase in net income over last year. Fuel sales and flowage fees were down approximately $79K, rental fees were up by a little over $6K in the same time period.
Minimum rents were used for the car rental revenues for April as they were not available at the time of closing.
Compared to this month last year, labor and benefits expenses were down approximately $11K; repairs and maintenance expenses were down a little under $2K; utilities and other services expenses showed little change; insurance costs were down around $3K and administrative expenses were down by almost $3K over last year.
Update on Airport Improvement Project 39:
AIP 39 — Construct Airport Perimeter Fencing & Wildlife Hazard Management:
Cash flow was positive for the month (see the Cash Flow Summary).
· Average sale per enplanement passenger is $2.29 this month. It increased by $.03 from last month. Jennifer Wright did not develop this particular reporting criteria until October 2014 so year over year comparisons are not available.
· Total expenses were down 25 percent versus 2014. This year’s total expenses was $6,797. 2014 the expenses were $9,140.
· Gross Sales this month was $8,340 versus 2014 $9,656. Due to level of enplanement decreasing slightly, Propeller’s sales decreased by 15% in comparison with last year.
· Cost of goods sold were decreased by 42%. April’s COGS are $2,931in contrast to 2014 $5,124.
· Net Loss was decreased by 69% for the month of April. This month was $1386 and last year it was $4,608.
· Jennifer Wright will continue to maintain projected net loss decreased by $35,000.