"While we were modestly encouraged by the increases in flying by our lessees and our Air Canada Express operation, this fall has seen the further proliferation of the COVID-19 virus worldwide and a corresponding stalling in the resumption of flying activities," stated CEO Joe Randell. In fact, we delivered the third of five new A220-300s to Air Baltic of Latvia in September. Chorus says it expects Jazz to operate at 20- to 30-per cent of its capacity in the fourth and first quarters due to travel restriction and mandatory quarantines. We are taking all reasonable measures to protect and preserve our company. You expect liquidity to remain relatively stable in Q4 with the extension of the CAE - CAC loan deferral and your financing of the six CRJ900s. It sounds as though receivable headwinds in leasing are expected to be partially offset by security packages. The Halifax-based company’s shares dipped as low as $3.23 before climbing to $3.60 in midday trading, down 10 cents or 2.7 per cent. I'd like to follow that up. So it's hard to really give you a lot of guidance around that. So you've got the 13 aircraft, essentially out by large. These deferrals allow us to defer payments of principal and interest to the end of the year, providing us the ability to better match our debt payments with the lease deferral arrangements. I'll now turn the call over to Joe Randell. That’s great. And then as far as layering things, in we have a couple more A220s to come in. You know, it is a dynamic situation in the marketplace. In 2018, Jazz was awarded silver in the transportation and psychological safety categories. Chorus Aviation shares dip after third-quarter results miss analyst expectations HALIFAX — Shares of Chorus Aviation Inc. fell as much as 12.7 per cent Wednesday after the regional aviation company reported third-quarter results that missed expectations … Adjusted net income was $10.9 million, an $18.2 million decrease over last year, which led to a decrease in adjusted EPS at $0.07 versus $0.18 last year. Okay. In the short term, the government of Canada needs to urgently consider assisting these service providers in rolling back these fee increases, to help encourage travel demand, thereby helping the economy and the transportation sector recover. First of all, I mean, Air Baltic, are they among the members of your lessee that are current with their payments? This report by The Canadian Press was first published Nov. 11, 2020. Chorus Aviation Inc. (OTC:CHRRF) Q3 2020 Earnings Conference Call November 11, 2020 8:30 a.m. Enter your email address to get a new one. That’s it for me, guys. There’s still a lot of unknowns. Pfizer vaccine data and anticipated financial aid from the Canadian government) have helped shift the narrative from survival to recovery,” said Walter Spracklin of RBC Dominion Services. Without this service, communities, businesses, academia, and tourism operators, will struggle. Net income decreased $3.7 million due to the previously noted $18.2 million decrease in adjusted net income, $11.2 million general impairment provision, and $0.7 million in lease repossession costs, offset by the change in net unrealized foreign exchange on long-term debt of $24.9 million, and tax recovery on adjusted items of $1.5 million. While our parts sales division is challenged due to the pandemic, our MRO activity has increased after winning several new contracts in the second quarter. He said demand for air service will only return when people have confidence that their health and safety are protected, and when the requirement for quarantine is reduced or eliminated. And the other side to note too, back to our disclosure, we did pay all the equity requirements on all the CRJ900s in Q3. Adjusted profits plunged 62.6 per cent to $10.9 million or seven cents per share, compared with $29.1 million or 18 cents per share in the third quarter of 2019. Please be advised that today's conference is being recorded. Aircraft-related acquisitions are expected to be between $417 million and $426 million, down $64 million from previous disclosure, as a result of two aircraft for an undisclosed customer to be moved to 2021, and a decrease in foreign exchange rates. I’d now like to turn the call over to your moderator for today, Nathalie Megann, Vice President, Investor Relations and Corporate Affairs. "Overall, while domestic air travel demand continues to remain suppressed … we believe that recent developments (ie. And then last one for me. HALIFAX — Shares of Chorus Aviation Inc. fell as much as 12.7 per cent Wednesday after the regional aviation company reported third-quarter results that missed expectations as it continues to feel the effects of COVID-19. Unfortunately, COVID-19 continues to spread around the world. I applaud Air Canada's efforts in working with Mcmaster Health Labs and the Greater Toronto Airport Authority, to demonstrate the validity of testing as a means to ease travel restrictions and quarantine requirements. [Operator Instructions] Konark Gupta with Scotiabank, your line is open. I understand that I can withdraw my consent at any time. Okay. Operator, we're open to call - we open the call to questions from the analyst community when you’re ready. And then these additions in terms of the Air Baltic A220s, I mean, should be additive to the earnings power of that portfolio going forward? This is Jazz's fourth consecutive year accepting awards at The Canada's Safest Employers event. Canadian airlines are significant contributors to economic growth in Canada. The $4.1 million reduction in earnings related to the credit provision you've taken, is that related to a single entity, or is that multiple airlines that you've taken some provisions on? Thanks. Please go ahead. In the quarter, our CPA flying increased from 10% to 23% over the second quarter of this year. This is really the norm in the specialized contract flying business. {* forgotPassword_sendButton *}, {* backButton *} As previously reported, Aeromexico filed for voluntary Chapter 11 petitions in the United States on June 30, in order to implement a financial restructuring. This concludes today's call. And the CRJ900s will be delivered by the end of the year. And we - like I always assume that this would get back-filled somehow, with some sort of leasing revenue. We recognize the recovery of passenger traffic will be protracted, sporadic, and will extend well into 2021 and beyond. Because some of the discussion in this call may be forward-looking, I direct your attention to the caution regarding forward-looking information and statements, which are subject to various risks, uncertainties and assumptions that are included or referenced in our Management's Discussion and Analysis of the results and operations of Chorus Aviation Inc. for the period ended September 30, 2020, the Outlook section and other sections of our MD&A where such statements appear.