The Airport sustained an overall loss of $75,566.00 with an adjusted net profit (without depreciation, amortization, grant or Passenger Facility Charges revenues) of $81,912.00 in July. Year over year it amounts to an increase in profit of close to 50% in comparison to July of last year in which we had an adjusted net profit of $43,693.00 (see Summary of Airport Revenues & Expenses).
Propellers Restaurant sales were down by approximately $2,400.00 in July compared to the same month last year; however, the cost of goods sold (COGS) and other expenses were held down again this month causing the impact to be far less significant than last year’s in which we had a loss of $3,160 compared to this year’s loss of $1,009.00.
Flightways sales decreased by around $22,000.00 compared to July of last year. Their COGS and expenses were held down resulting in an increase in net income over last year. Fuel sales and flowage fees were down approximately $28,000.00 compared to last year, rental fees were up compared to last year this time as well. Actual rents from the rental car agencies were available at the time of closing.
Compared to this month last year, labor and benefits expenses were down approximately $9,000.00; repairs and maintenance expenses were up about $11,000.00; utilities and other services expenses again showed little change; insurance costs were down around $1,000.00 and administrative expenses were down by almost $6K over last year.
Tenants Past Due 60 Days or More: See report with financials.
Update on Airport Improvement Project 39:
AIP 39—Construct Airport Perimeter Fencing & Wildlife Hazard Management:
Grant Balance: $1,039,755.00.
Cash flow was negative for the month (see the Cash Flow Summary).
· Total expenses were decreased by $2,005.00 year over year. 2015 indicated 79% went to labor and benefits.
· Gross sales declined by $2,430.00 year over year for July. Food sales were down 62%, drink sales down 10%, alcohol sales up 21%, and vending up 11%.
· July 2014 the profit sales were at 50%. Profit on sales increased year over year by 16%. The Propeller’s 2016 Strategic Plan is to increase profitability by 5%. This indicates a point in the right direction.
· Costs of goods sold were decreased by $2,570.00 year over year. In July 2014 $5,400.00 Cost of goods were sold. In July 2015 $2,840.00 was sold.