GREAT LAKES AVIATION LTD

CIK:0000914397|SEC Filings

Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
Statements of Operations - USD ($)	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Operating Revenues:
Passenger	$ 3,342,439	$ 8,147,891	$ 11,429,643	$ 23,208,086
Public service	6,314,010	8,190,285	21,293,874	21,035,344
Freight, charter, and other	34,677	40,330	123,724	123,595
Total operating revenues	9,691,126	16,378,506	32,847,241	44,367,025
Operating expenses:
Salaries, wages, and benefits	4,213,032	4,797,153	13,771,581	15,832,953
Aircraft fuel	1,737,478	4,454,621	6,004,688	12,937,966
Aircraft maintenance, materials, and repairs	1,185,368	746,730	5,142,754	3,371,064
Depreciation and amortization	1,108,164	1,532,579	4,140,331	4,742,283
Other rentals and landing fees	431,186	668,183	2,602,651	3,259,683
Other operating expenses	2,127,709	3,290,289	6,739,395	10,497,015
Total operating expenses	10,802,937	15,489,555	38,401,400	50,640,964
Operating income (loss)	(1,111,811)	888,951	(5,554,159)	(6,273,939)
Other expense:
Interest expense, net of interest income of $275, $319, $692 and $639, respectively	(1,200,725)	(1,258,928)	(3,697,813)	(3,376,231)
Loss before income taxes	(2,312,536)	(369,977)	(9,251,972)	(9,650,170)
Income tax benefit (expense)	(681,115)	134,647	1,843,773	3,534,891
Net loss	$ (2,993,651)	$ (235,330)	$ (7,408,199)	$ (6,115,279)
Net loss per share:
Basic	$ (0.33)	$ (0.03)	$ (0.83)	$ (0.68)
Diluted	$ (0.33)	$ (0.03)	$ (0.83)	$ (0.68)
Weighted average shares outstanding:
Basic	8,974,990	8,974,990	8,974,990	8,974,990
Diluted	8,974,990	8,974,990	8,974,990	8,974,990

Statements of Cash Flows - USD ($)	9 Months Ended
Statements of Cash Flows - USD ($)	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (7,408,199)	$ (6,115,279)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	4,140,331	4,742,283
Loss on property and equipment	122,790	107,421
Amortization of debt issuance costs	405,907	625,219
Deferred tax benefit	(1,833,279)	(3,529,012)
Change in current operating items:
Accounts receivable and other receivables	1,498,226	1,464,938
Inventories	195,762	1,500,399
Prepaid expenses and other assets	(98,290)	901,418
Accounts payable	(239,318)	(1,048,405)
Accrued interest, unearned revenue and other liabilities	1,287,359	(544,360)
Net cash used in operating activities	(1,928,711)	(1,895,378)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of flight equipment and other property and equipment	(1,851,275)	(759,949)
Net cash flows used in investing activities	(1,851,275)	(759,949)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of notes payable and long-term debt		(1,452,000)
Proceeds from borrowing	2,500,000	2,000,000
Payment for debt issuance costs		(564,436)
Net cash provided by (used in) financing activities	2,500,000	(16,436)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(1,279,986)	(2,671,763)
Cash and Cash Equivalents:
Beginning of period	2,202,273	6,597,927
End of period	922,287	3,926,164
Supplementary disclosures of cash flow information:
Cash paid during the period for interest	$ 2,575,556	2,720,975
Cash paid during the period for income taxes		$ 5,661

Balance Sheets - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 922,287	$ 2,202,273
Accounts receivable and other receivables	3,838,967	5,337,193
Inventories	6,382,657	6,578,419
Prepaid expenses and other current assets	3,389,690	1,785,433
Deferred income taxes	1,273,111	1,249,365
Total current assets	15,806,712	17,152,683
Property and equipment:
Flight equipment	126,392,996	126,252,883
Other property and equipment	10,769,976	10,692,328
Less accumulated depreciation and amortization	(95,749,344)	(93,119,738)
Total property and equipment	41,413,628	43,825,473
Other assets	1,371,485	3,283,360
Total assets	58,591,825	64,261,516
Current liabilities:
Long-term debt payable on demand	27,500,000
Accounts payable	1,938,058	2,177,376
Accrued interest, unearned revenue and other liabilities	3,419,287	2,131,928
Total current liabilities	32,857,345	4,309,304
Long-term debt		25,000,000
Deferred income taxes	1,895,474	3,705,007
Total liabilities	$ 34,752,819	$ 33,014,311
Commitments and contingencies
Preferred stock; $0.01 par value; Authorized: 25,000,000 shares. No shares issued or outstanding
Common stock; $0.01 par value; Authorized: 50,000,000 shares. 8,974,990 shares issued and outstanding	$ 89,750	$ 89,750
Paid-in capital	31,494,609	31,494,609
Accumulated deficit	(7,745,353)	(337,154)
Total stockholders' equity	23,839,006	31,247,205
Total liabilities and stockholders' equity	$ 58,591,825	$ 64,261,516