HALIFAX, NS, June 12, 2024 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) today released its 2023 Sustainability Report, which highlights Chorus’ environmental, social and governance accomplishments for the year.
“As a leading regional aviation solutions provider, we recognize our responsibility to conduct ourselves sustainably while growing our business,” said Colin Copp, President and Chief Executive Officer, Chorus. “As reflected in our 2023 Sustainability Report, we are committed to doing our part and continually identifying areas for positive impact.”
The report includes disclosure of Chorus’ greenhouse gas emissions, an update on progress against our diversity targets and new disclosure on responsible procurement. The report is available online at www.chorusaviation.com/sustainability.
About Chorus Aviation Inc.
Chorus is a leading, global aviation solutions provider and asset manager, focused on regional aviation. Our principal subsidiaries are: Falko Regional Aircraft, the leading pure play regional aircraft asset manager and lessor, managing investments on behalf of third-party fund investors; Jazz Aviation, the largest regional operator in Canada and provider of regional air services under the Air Canada Express brand; Voyageur Aviation, a leading provider of specialty charter, aircraft modifications, parts provisioning and in-service support services; and Cygnet Aviation Academy, an industry leading accredited training academy preparing pilots for direct entry into airlines. Together, Chorus’ subsidiaries provide 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; and pilot training. www.chorusaviation.com
HALIFAX, NS, May 30, 2024 /CNW/ – Chorus Aviation Inc. (“Chorus”) (TSX: CHR) subsidiary Jazz Aviation LP (“Jazz”) is pleased to announce an agreement with France-based, Expliseat – award-winning manufacturer of ultra-light aircraft seats with a focus on sustainability, durability, and passenger comfort. This agreement is part of a $10 million investment in Jazz’s Air Canada Express cabin modernization for its Dash 8-400 aircraft.
“The investment in lighter and more sustainable seats for our Dash 8-400 fleet, which are fully customized to our rigorous Air Canada Express passenger experience standards, will reduce fuel consumption and lower emissions, demonstrating our commitment to minimizing environmental impact and a greener future for aviation,” said Randolph deGooyer, President, of Jazz.
The installation of Expliseat’s titanium and composite fibre TiSeat 2V seats will modernize the passenger experience onboard Jazz’s Dash 8-400 aircraft. The innovative lightweight seats will provide a weight reduction of 360 kilograms per aircraft resulting in significant decreases in CO2 emissions and creating operational efficiencies and added range. The agreement includes 25 Dash 8-400 aircraft from Jazz’s Air Canada Express fleet.
“We are very proud to announce our new top-tier customer, Jazz – operator of Air Canada Express and longstanding partner of Air Canada, both known for the quality of their product offering. By ordering 25 cabins, this airline endorsement is contributing to Expliseat’s current growth trajectory. We thank Jazz for their strong vote of confidence in our product, which has been designed for the comfort of passengers and the objective of decarbonization,” said Amaury Barberot, Chairman and CEO of Expliseat.
The customization features include design and materials for enhanced comfort, personal electronic device holders and offer improved aesthetics for an elevated customer experience while providing a more sustainable solution and increased product reliability.
“We have committed to improve the customer experience at Air Canada and that includes at Jazz, our Express partner. This investment not only provides our customers with greater comfort and a more appealing cabin design, but it will also help increase our baggage payload, which is very important to our customers,” said Ranbir Singh, Director, Regional Airlines and Markets at Air Canada.
About Chorus
Chorus is a global aviation solutions provider and asset manager, focused on regional aviation. Our principal subsidiaries are: Falko Regional Aircraft, the leading pure play regional aircraft asset manager and lessor, managing investments on behalf of third-party fund investors; Jazz Aviation, the largest regional operator in Canada and provider of regional air services under the Air Canada Express brand; Voyageur Aviation, a leading provider of specialty charter, aircraft modifications, parts provisioning and in-service support services; and Cygnet Aviation Academy, an industry leading accredited training academy preparing pilots for direct entry into airlines. Together, Chorus’ subsidiaries provide 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; and pilot training. Chorusaviation.com
About Jazz Aviation LP
Jazz is the largest regional airline in Canada and the primary operator of Air Canada Express flights to 68 destinations across North America. Jazz is one of Canada’s Best Diversity Employers; was an inaugural class recipient for an Indigenous Reconciliation award from the Government of Canada; a Top Employer for Atlantic Canada and Nova Scotia; and an Award of Excellence winner in the Public Transportation category at Canada’s Safest Employers. These strengths, along with Jazz’s proven track record of industry leadership and exceptional customer service, create and deliver value to stakeholders. Jazz is a wholly owned subsidiary of Chorus Aviation Inc. Flyjazz.ca
Achieves first quarter targets, increases guidance
Q1 2024 Highlights:
Free Cash Flow of $102.1 million, compared to $73.1 million for Q1 2023, primarily derived from operating cash flows and net proceeds of $38.0 million related to the sale of two A220-300s, one ATR72-500 and two engines.
Leverage Ratio improved to 3.4 at March 31, 2024 from 3.6 at December 31, 2023, primarily through long-term debt repayments of $134.6 million since December 31, 2023.
Net income of $12.3 million, compared to $32.0 million for Q1 2023.
Adjusted Earnings available to Common Shareholders of $11.8 million, compared to $21.5 million for Q1 2023.
Adjusted Earnings available to Common Shareholders of $0.06 per Common Share, basic, compared to $0.11 for Q1 2023.
Adjusted EBITDA of $109.1 million, compared to $118.1 million for Q1 2023.
Purchased and cancelled 938,216 Common Shares under the current NCIB during the quarter.
Purchased one King Air 350 in the first quarter of 2024 and leased it to the Canadian Department of National Defence as an addition to Voyageur’s existing contract for in-service-support of the manned airborne intelligence surveillance and reconnaissance (MAISR) program.
Falko executed a sale and purchase agreement with Nordic Aviation Capital to acquire a portfolio of 24 Embraer aircraft on behalf of Fund II.
HALIFAX, NS, May 6, 2024 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) today announced its first quarter 2024 financial results.
“Throughout the first quarter, Chorus continued to perform well and delivered results in line with our guidance. We made solid progress on debt reduction and generation of cash flows from operations and asset sales,” said Colin Copp, President and Chief Executive Officer, Chorus. “Chorus generated Free Cash Flow of $102.1 million compared to $73.1 million in Q1 2023, and improved its Leverage Ratio to 3.4 at March 31, 2024 from 3.6 at December 31, 2023.”
“We expect continued strong cash generation and are increasing our 2024 guidance for consolidated Adjusted EBITDA and Free Cash Flow, as well as the majority of guidance for RAL, including net proceeds from asset sales,” commented Mr. Copp.
“Improving value for our shareholders is our top priority. We acknowledge the pace of transitioning our leasing business to an asset light model has been slow. As such, we have been working hard for several months to explore options to accelerate the monetization of the asset value in our leasing business,” said Mr. Copp.
“Between November 2022 and March 2024, we repurchased and cancelled 10.5 million shares, representing 5.2% of the outstanding shares at the time of the NCIB launch in 2022,” continued Mr. Copp. “In the first quarter of 2024, the average price for shares we purchased under the NCIB was $2.06. At our current market price, we intend to continue to utilize our NCIB.”
First Quarter Summary
In the first quarter of 2024, Chorus reported Adjusted EBITDA of $109.1 million, a decrease of $9.0 million compared to the first quarter of 2023.
The RAL segment’s Adjusted EBITDA was $55.0 million, a decrease of $6.6 million compared to the first quarter of 2023 primarily due to:
a decrease in lease revenue of $9.9 million primarily due to lower market lease rates on re-leased aircraft, lower maintenance reserve releases and the sale of aircraft in 2024; and
increased general administrative expense; partially offset by
a decrease in expected credit loss (“ECL“) provisions of $3.1 million due to improved credit ratings on certain lessees; and
an increase in the net gain on sale of assets of $3.0 million.
The RAS segment’s Adjusted EBITDA was $62.4 million, a decrease of $1.5 million compared to the first quarter of 2023 primarily due to:
a decrease in aircraft leasing revenue under the CPA of $4.5 million primarily due to a change in lease rates on certain aircraft; and
a decrease in other revenue of $1.6 million primarily due to Voyageur’s decreased revenue in parts sales, contract flying and MRO activity; partially offset by
an improvement in the Controllable Cost Guardrail of $2.0 million; and
an increase in capitalization of major maintenance overhauls on owned aircraft of $1.9 million.
Corporate Adjusted EBITDA was $(8.4) million compared to $(7.4) million in the first quarter of 2023 primarily due to an increase in stock-based compensation of $1.2 million due to the change in fair value of the Total Return Swap offset by a decrease in the Common Share price.
Adjusted Net Income was $24.1 million for the quarter, a decrease of $6.7 million compared to the first quarter of 2023 primarily due to:
a $9.0 million decrease in Adjusted EBITDA as previously described;
an increase in depreciation expense of $4.7 million primarily attributable to a change in depreciation estimates on certain aircraft and capital expenditures; and
a negative change in foreign exchange of $2.0 million; partially offset by
a decrease of $5.1 million in income tax expense;
a decrease in net interest costs of $3.0 million; and
a positive change in the fair value on investments and derivatives of $0.9 million.
Net income decreased $19.7 million compared to the first quarter of 2023 primarily due to:
the previously noted decrease in Adjusted Net Income of $6.7 million; and
a negative change in net unrealized foreign exchange of $14.6 million; partially offset by
a decrease in lease repossession costs of $1.6 million.
Consolidated Financial Analysis
This section provides detailed information about Chorus’ performance for the three months ended March 31, 2024 compared to the three months ended March 31, 2023.
(unaudited)(expressed in thousands of Canadian dollars)
Three months ended March 31,
2024
2023
Change
Change
$
$
$
%
Operating revenue
426,184
415,252
10,932
2.6
Operating expenses
376,348
353,349
22,999
6.5
Operating income
49,836
61,903
(12,067)
(19.5)
Net interest expense
(22,454)
(25,458)
3,004
(11.8)
Foreign exchange (loss) gain
(12,652)
4,031
(16,683)
(413.9)
Gain on fair value of investments and derivatives
3,065
1,892
1,173
62.0
Income before income tax
17,795
42,368
(24,573)
(58.0)
Income tax expense
(5,485)
(10,349)
4,864
(47.0)
Net income
12,310
32,019
(19,709)
(61.6)
Net income attributable to non-controlling interest
3,491
490
3,001
612.4
Net income attributable to Shareholders
8,819
31,529
(22,710)
(72.0)
Preferred Share dividends declared
(8,848)
(8,871)
23
(0.3)
(Loss) earnings attributable to Common Shareholders
(29)
22,658
(22,687)
(100.1)
Adjusted EBITDA
109,061
118,056
(8,995)
(7.6)
Adjusted EBT
29,927
41,789
(11,862)
(28.4)
Adjusted Net Income
24,107
30,824
(6,717)
(21.8)
About Chorus Aviation Inc. Chorus is a global aviation solutions provider and asset manager, focused on regional aviation. Our principal subsidiaries are: Falko Regional Aircraft, the leading pure play regional aircraft asset manager and lessor, managing investments on behalf of third-party fund investors; Jazz Aviation, the largest regional operator in Canada and provider of regional air services under the Air Canada Express brand; Voyageur Aviation, a leading provider of specialty charter, aircraft modifications, parts provisioning and in-service support services; and Cygnet Aviation Academy, an industry leading accredited training academy preparing pilots for direct entry into airlines. Together, Chorus’ subsidiaries provide 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; and pilot training.
HALIFAX, NS, April 9, 2024 /CNW/ – Jazz Aviation LP (“Jazz”) is proud to announce its win at the Nova Scotia Professional HR Awards in the Inclusion, Diversity, Equity and Accessibility category. This award is given by the Chartered Professionals in Human Resources of Nova Scotia organization.
“Congratulations to our HR team for this award. Their demonstrated commitment to fostering inclusivity helps build a more equitable society and ultimately enriches our organization,” said Randolph deGooyer, President, Jazz.
The Nova Scotia Professional HR Award for Inclusion, Diversity, Equity and Accessibility is given to an organization that has implemented programs into the company’s overall strategy that establishes a culture of inclusion, advances truth and reconciliation, removes barriers and increases accessibility, and actualizes the full value of diversity.
About Jazz Aviation LP
Jazz is the largest regional airline in Canada and the primary operator of Air Canada Express flights to 73 destinations across North America. Jazz is one of Canada’s Best Diversity Employers; was an inaugural class recipient for an Indigenous Reconciliation award from the Government of Canada; a Top Employer for Atlantic Canada and Nova Scotia; and an Award of Excellence winner in the Public Transportation category at Canada’s Safest Employers. These strengths, along with Jazz’s proven track record of industry leadership and exceptional customer service, create and deliver value to stakeholders. Jazz is a wholly owned subsidiary of Chorus Aviation Inc. Flyjazz.ca
HALIFAX, NS, March 26, 2024 /CNW/ – Jazz Aviation LP (“Jazz”) is honoured to announce its inclusion among Atlantic Canada’s Top Employers for a 13th consecutive year. With strong roots in Atlantic Canada, Jazz takes immense pride in representing the region on a national stage as the primary operator of regional flying for Air Canada. Jazz employs over 950 Atlantic Canadians in seven locations throughout the four Atlantic provinces.
“We are thrilled to reaffirm our position as one of Atlantic Canada’s Top Employers for the 13th year,” said Randolph deGooyer, President, Jazz. “Our consistent success underscores the dedication of our team and the strength of our values – listening to one another, collaborating effectively, and continuously striving for improvement.”
This special designation recognizes employers in 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 Jazz Aviation LP
Jazz is the largest regional airline in Canada and the primary operator of Air Canada Express flights to 73 destinations across North America. In addition to today’s award as one of Atlantic Canada’s Top Employers, Jazz was recently named among Canada’s Best Diversity Employers, was an inaugural class recipient for an Indigenous Reconciliation award from the Government of Canada for outstanding commitment to reconciliation with Indigenous peoples, a Top Employer for Nova Scotia, and an Award of Excellence winner in the Public Transportation category at Canada’s Safest Employers. These strengths, along with Jazz’s proven track record of industry leadership and exceptional customer service, create and deliver value to stakeholders. Jazz is a wholly owned subsidiary of Chorus Aviation Inc. (TSX: CHR). Flyjazz.ca
HALIFAX, NS, March 5, 2024 /CNW/ – Jazz Aviation LP (‘Jazz’) is proud to be recognized as one of Canada’s Best Diversity Employers by Mediacorp Canada Inc. for the thirteenth consecutive year.
“The importance of supporting our employees by providing inclusive workplaces and programs is an ongoing commitment,” said Randolph deGooyer, President, Jazz. “Being recognized for a thirteenth consecutive year demonstrates both consistency and growth in our dedication, and we’re very proud to receive this award.”
Canada’s Best Diversity Employers recognizes the nation’s top employers who have exceptional workplace diversity and inclusiveness programs. The competition recognizes successful diversity initiatives in a variety of areas, including programs for employees from five groups: women; members of visible minorities; persons with disabilities; Indigenous peoples; and lesbian, gay, bisexual and transgender/transsexual (LGBT) people.
About Jazz Aviation LP
Jazz is the largest regional airline in Canada and the primary operator of Air Canada Express flights to 73 destinations across North America. In addition to today’s award as one of Canada’s Best Diversity Employers, Jazz was an inaugural class recipient for an Indigenous Reconciliation award from the Government of Canada for outstanding commitment to reconciliation with Indigenous peoples, a Top Employer for Atlantic Canada and Nova Scotia, and an Award of Excellence winner in the Public Transportation category at Canada’s Safest Employers. These strengths, along with Jazz’s proven track record of industry leadership and exceptional customer service, create and deliver value to stakeholders. Jazz is a wholly owned subsidiary of Chorus Aviation Inc. (TSX: CHR). Flyjazz.ca
Results demonstrate strengthened balance sheet and progress on key strategic priorities
Annual Highlights:
Adjusted EBITDA of $458.7 million, compared to $441.0 million for 2022.
Strong Free Cash Flow of $331.4 million, primarily derived from operating cash flows.
Achieved Leverage Ratio target for 2023, improving from 4.4 at December 31, 2022 to 3.6 at December 31, 2023.
Net income of $106.1 million, compared to $51.9 million for 2022.
Adjusted earnings available to Common Shareholders of $57.9 million, compared to $92.9 million for 2022.
Jazz entered into a new agreement with its pilots to address the changing wage environment and enhance pilot capacity.
Falko concluded 57 aircraft transactions in 2023, including new leases, lease extensions, sale and leasebacks and purchase of aircraft with leases attached, utilizing third party capital.
Falko executed a sales agreement for two aircraft in support of the asset light strategy for net proceeds of US $21.9 million.
Voyageur had its best year ever with strong growth in parts sales and specialty MRO and defence, while securing long-term contracts for defence and air ambulance services.
Q4 Financial Highlights:
Net income of $36.6 million, compared to $45.9 million for Q4 2022.
Adjusted earnings available to Common Shareholders of $8.8 million, compared to $22.3 million for Q4 2022.
Adjusted earnings available to Common Shareholders of $0.05 per Common Share, basic, compared to $0.11 for Q4 2022.
Adjusted EBITDA of $116.7 million, compared to $129.5 million for Q4 2022.
HALIFAX, NS, Feb. 22, 2024 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) today announced its fourth quarter and year-end 2023 financial results.
“We executed and made steady progress on key aspects of our strategy, delivering on the 2023 financial guidance. That led to strong adjusted EBITDA and Free Cash Flows, allowing for the repayment of over $340 million in debt and a reduction in our Leverage Ratio from 4.4x to 3.6x,” said Colin Copp, President and Chief Executive Officer, Chorus. “Looking forward, we are forecasting strong Free Cash Flows in 2024, which will further contribute to our deleveraging goals. We recognize that robust cash generation and a strengthened balance sheet are essential to our future growth and value creation for our shareholders.”
“Jazz continued to generate predictable earnings and cash flows under its long-term contract with Air Canada, while Voyageur made meaningful strides with two consecutive years of record growth in parts sales, defence and specialty MRO segments,” commented Mr. Copp. “With the recovery in regional aircraft leasing markets and related improvements in airline credits, Falko successfully completed fifty-seven aircraft transactions in 2023; and additionally, signed letters of intent for a further thirty aircraft transactions. Additionally, the execution of a sales agreement for two aircraft for net proceeds of US $21.9 million helped advance our asset light strategy. Going forward, we continue to look for optimal opportunities to sell aircraft assets as valuations strengthen.”
“Throughout 2023, Chorus’ businesses demonstrated progress, contributing to our overall strategy,” said Mr. Copp. “Looking ahead, with our significant skills and deep experience across all aspects of aviation, Chorus is well-positioned for growth as an industry leader.”
Fourth Quarter Summary
In the fourth quarter of 2023, Chorus reported Adjusted EBITDA of $116.7 million, a decrease of $12.8 million compared to the fourth quarter of 2022.
The RAL segment’s Adjusted EBITDA was $62.1 million, a decrease of $5.4 million compared to the fourth quarter of 2022 primarily due to:
a decrease in the net gain on sale of assets of $8.2 million related to the sale of wholly-owned aircraft in 2022;
a decrease in lease revenue of $7.0 million due to the sale of wholly-owned aircraft in 2022 and lower market lease rates on re-leased aircraft; and
increased general administrative expense; partially offset by
a decrease in ECL provisions of $11.9 million related to improved credit ratings on certain lessees.
The RAS segment’s Adjusted EBITDA was $61.3 million, a decrease of $6.2 million compared to the fourth quarter of 2022 primarily due to:
a decrease in aircraft leasing revenue under the CPA of $3.3 million, primarily due to a change in lease rates on certain aircraft offset by a higher US dollar exchange rate;
a decrease in other revenue of $2.0 million primarily due to Voyageur’s decrease in parts sales and contract flying offset by an increase in MRO activity; and
a decrease in capitalization of major maintenance overhauls on owned aircraft of $1.7 million; partially offset by
a decrease in general administrative expenses.
Corporate Adjusted EBITDA was $(6.7) million compared to $(5.4) million in the fourth quarter of 2022 primarily due to an increase in stock-based compensation of $1.2 million due to an increase in the Common Share price offset by the change in fair value of the Total Return Swap.
Adjusted net income was $20.2 million for the quarter, a decrease of $11.6 million compared to the fourth quarter of 2022 primarily due to:
a $12.8 million decrease in Adjusted EBITDA as previously described; and
an increase in depreciation expense of $3.0 million primarily attributable to capital expenditures incurred in 2022 on re-leased aircraft as well as a change in depreciation estimates on certain aircraft; partially offset by
a decrease in net interest costs of $4.5 million.
Net income decreased $9.2 million compared to the fourth quarter of 2022 primarily due to:
the previously noted decrease in Adjusted net income of $11.6 million;
a change in net unrealized foreign exchange of $21.3 million; and
an increase in impairment provisions of $4.9 million primarily related to the planned repossession of two aircraft from one lessee; partially offset by
a change in realized foreign exchange on the settlement of intercompany loans of $26.4 million; and
a decrease in lease repossession costs of $2.1 million.
Annual Summary
Chorus reported Adjusted EBITDA of $458.7 million for 2023, an increase of $17.6 million compared to the same prior year period.
The RAL segment’s Adjusted EBITDA was $237.1 million, an increase of $17.6 million compared to the same prior year period primarily due to:
an increase in lease revenue of $26.5 million due to four additional months of lease revenue versus the same period in 2022 for Falko, the release of end of lease (“EOL“) compensation and maintenance reserves of $13.9 million and a higher US dollar exchange rate offset by a decrease in lease revenue due to the sale of wholly-owned aircraft in 2022 and recovered claims in the Virgin Australia and Aeromexico bankruptcies recorded in 2022 of $10.9 million; partially offset by a decrease in net gain on sale of assets of $10.9 million related to the sale of wholly-owned aircraft in 2022.
The RAS segment’s Adjusted EBITDA was $249.3 million, an increase of $0.5 million compared to the same prior year period primarily due to:
an increase in other revenue of $5.0 million primarily due to Voyageur’s increase in parts sales and MRO activity offset by a decrease in contract flying; and
a decrease in general administrative expenses; partially offset by
a contracted decrease in Fixed Margin of $3.0 million; and
a decrease in capitalization of major maintenance overhauls on owned aircraft of $4.0 million.
Corporate Adjusted EBITDA was $(27.7) million compared to $(27.2) million in 2022, primarily due to:
an increase in stock-based compensation of $1.7 million due to an increase in the Common Share price offset by the change in fair value of the Total Return Swap; partially offset by
a decrease in general administrative expenses related to salaries, wages and benefits, professional fees, and travel expenses.
Adjusted net income of $98.0 million, a decrease of $20.8 million compared to the same prior year period primarily due to:
an increase in depreciation expense of $25.3 million primarily attributable to capital expenditures incurred in 2022 on re-leased aircraft as well as a change in depreciation estimate on certain aircraft and four additional months of depreciation for Falko;
an increase of $13.5 million in income tax expense primarily due to derecognition of deferred tax assets on repossessed aircraft and certain non-deductible expenses; and
a change in net foreign exchange of $2.9 million; partially offset by
a $17.6 million increase in Adjusted EBITDA as previously described;
a decrease in net interest costs of $2.3 million; and
an increase of $1.0 million on the fair value of investments.
Net income of $106.1 million, an increase of $54.2 million compared to the same prior year period primarily due to:
the Defined Benefit Pension Revenue of $29.9 million;
a change in realized foreign exchange on the settlement of intercompany loans of $26.4 million;
a decrease in lease repossession costs of $14.3 million;
a change in net foreign exchange of $13.1 million;
a decrease in restructuring ECL of $10.4 million; and
a decrease in strategic advisory fees of $8.5 million; partially offset by
the previously noted decrease in Adjusted net income of $20.8 million;
an increase in income tax expenses on adjusted items of $18.4 million; and
an increase in impairment provisions of $10.1 million.
About Chorus Aviation Inc.
Chorus is a global aviation solutions provider and asset manager, focused on regional aviation. Our principal subsidiaries are: Falko Regional Aircraft, the leading pure play regional aircraft asset manager and lessor, managing investments on behalf of third-party fund investors; Jazz Aviation, the largest regional operator in Canada and provider of regional air services under the Air Canada Express brand; Voyageur Aviation, a leading provider of specialty charter, aircraft modifications, parts provisioning and in-service support services; and Cygnet Aviation Academy, an industry leading accredited training academy preparing pilots for direct entry into airlines. Together, Chorus’ subsidiaries provide 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; and pilot training.
HALIFAX, NS, Jan. 10, 2024 /CNW/ – Jazz Aviation LP (‘Jazz’) had a successful holiday travel season with strong operational performance leading the airline into 2024.
For the holiday travel period of December 18, 2023, to January 3, 2024, Jazz safely operated over 6,000 Air Canada Express flights with an on-time performance result of 77.8 per cent and a flight completion rate of 98.1 per cent. On-time performance is based on the industry standard metric of arrivals within 15 minutes of scheduled time.
“Our readiness planning, the professionalism of employees, and strong collaboration with our partner Air Canada are credited with this solid operational performance,” said Randolph deGooyer, President, Jazz. “This is an outstanding improvement over the significant operational challenges faced by the airline industry during last year’s holiday season. Other highlights of our preparedness include increased staffing levels, fleet flexibility and reliability, and the weather played a cooperative role as well.”
Additionally, this past holiday season, Jazz celebrated 30 years of its Searching for Santa program – an employee-led initiative featuring ground events and brief charter flights to the ‘North Pole’ for some of its communities’ most deserving families and organizations. This year Jazz hosted nearly 350 children at events in Halifax, Montreal, Toronto, Calgary, and Vancouver. A commemorative video on this magical tradition is available here.
About Jazz Aviation LP
Jazz is the largest regional airline in Canada and the primary operator of Air Canada Express flights to destinations across North America. Jazz is one of Canada’s Top Employers for Young People and a Best Diversity Employer with an award-winning safety culture. Most recently, Jazz was included in the inaugural class of recipients for an Indigenous Reconciliation award from the Government of Canada for outstanding commitment to reconciliation with Indigenous peoples. These strengths, along with Jazz’s proven track record of industry leadership and exceptional customer service, create and deliver value to stakeholders. Jazz is a wholly owned subsidiary of Chorus Aviation Inc. (TSX: CHR). Flyjazz.ca
HALIFAX, NS, Nov. 28, 2023 /CNW/ – Today, Jazz Aviation LP (‘Jazz’) announces its selection as one of Nova Scotia’s Top Employers for 2024 by Mediacorp Canada Inc. for the thirteenth consecutive year.
“We’re proud to call Nova Scotia the home of our airline operation that spans North America,” said Randolph deGooyer, President, Jazz. “Jazz has a long history in this region, and we’re honoured to provide a supportive workplace for approximately 1,000 Nova Scotians.”
These special designations recognize employers in Nova Scotia 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 Jazz Aviation LP
Jazz Aviation LP is the largest regional carrier in Canada and the primary operator of Air Canada Express flights to destinations across North America. Jazz is one of Canada’s Top Employers for Young People and a Best Diversity Employer with an award-winning safety culture. Most recently, Jazz was included in the inaugural class of recipients for an Indigenous Reconciliation award from the Government of Canada for outstanding commitment to reconciliation with Indigenous peoples. These strengths, along with Jazz’s proven track record of industry leadership and exceptional customer service, create and deliver value to stakeholders. Jazz is a subsidiary of Chorus Aviation Inc. – a leading global aviation solutions provider and asset manager focused on regional aviation. Chorus Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol ‘CHR’. Flyjazz.ca
HALIFAX, NS, Nov. 23, 2023 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) is pleased to announce that its subsidiary Jazz Aviation LP (‘Jazz’) has received an inaugural year Indigenous Reconciliation award from the Government of Canada’s Employment Equity Achievement Awards on November 22, 2023. The Indigenous Reconciliation award recognizes employers who have demonstrated outstanding commitment to reconciliation with Indigenous peoples.
“Jazz is proud to have an employee base that reflects the diversity of the communities we serve,” said Randolph deGooyer, President, Jazz. “Our commitment to Indigenous reconciliation is focused on Indigenous youths interested in or already pursing careers in aviation, providing safe and healthy workplaces for our current and future Indigenous employees, and continuing to seek knowledge and sharing awareness and learning with non-Indigenous employees.”
Contributing to Jazz’s recognition for Indigenous reconciliation are initiatives such as its Diversity Blueprint and stated commitments on how diversity as a core foundation is put into practice through policies, procedures, and the identification and elimination of barriers faced by Indigenous employees. Further, an Indigenous Employee Resource Group holds space for information sharing, connections, and education and training opportunities; a Leave for Traditional Indigenous Practices policy was developed in consultation with Indigenous employees; and this past July, seven Indigenous employees represented Jazz by volunteering and participating in an immersive experience at the 2023 North American Indigenous Games.
Jazz’s commitment to Indigenous youths and those interested in a career in aviation includes its annual Indspire scholarships, recruitment resources dedicated to Indigenous candidates, and engaging with Indigenous educational institutions and employment organizations to share opportunities in aviation.
“I am so proud of where I come from and so grateful that I’ve always been able to embrace my identity as a Mohawk within Jazz,” said Lily Dailleboust, Flight Attendant, Jazz. “I always feel I’m being treated with the utmost respect from everyone I encounter; Jazz really understands community.”
“This is outstanding recognition for Jazz and an honour to be included in the inaugural class of award recipients for Indigenous reconciliation,” said Colin Copp, President and Chief Executive Officer, Chorus.
About Jazz Aviation LP
Jazz Aviation LP is the largest regional carrier in Canada and the primary operator of Air Canada Express flights to destinations across North America. Jazz is one of Canada’s Top Employers for Young People and a Best Diversity Employer with an award-winning safety culture. These strengths, along with Jazz’s proven track record of industry leadership and exceptional customer service, create and deliver value to stakeholders. Flyjazz.ca
About Chorus Aviation Inc.
Chorus is a leading, global aviation solutions provider and asset manager, focused on regional aviation. Our principal subsidiaries are: Falko Regional Aircraft, the leading pure play regional aircraft asset manager and lessor, managing investments on behalf of third-party fund investors; Jazz Aviation, the largest regional operator in Canada and provider of regional air services under the Air Canada Express brand; Voyageur Aviation, a leading provider of specialty charter, aircraft modifications, parts provisioning and in-service support services; and Cygnet Aviation Academy, an industry leading accredited training academy preparing pilots for direct entry into airlines. Together, Chorus’ subsidiaries provide 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; and pilot training.
