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Sunday, April 18, 2021

Air Wisconsin Airlines; the Rise of Harbor Diversified Inc (OTCMKTS: HRBR)

Harbor Diversified Inc (OTCMKTS: HRBR) is making an explosive move up the charts on a massive surge of volume quickly emerging as among the most exciting stories in small caps. HRBR is quickly getting noticed by top traders and the stock has exploded northbound off its $0.05 base.

HRBR is listed as dark/defunct on OTCMarkets Group however the Company’s filings are up to date with a recent 10Q and 10k filed. HRBR is doing spectacular numbers thanks to Air Wisconsin Airlines recently reporting $67 million in revenues for the 3 months ended March 31, 2020 as well as $4.4 million net income for the quarter.

Harbor Diversified Inc (OTCMKTS: HRBR) is the parent Company of a consolidated group of subsidiaries, including AWAC Aviation, Inc. which owns and operates Air Wisconsin Airlines LLC; a regional air carrier that, as of December 31, 2019, provided scheduled passenger service to 81 cities in 31 states with an average of approximately 284 daily departures under an agreement with United Airlines, Inc.. Harbor Diversified, Inc. is also the direct parent of three other subsidiaries: (1) Lotus Aviation Leasing, LLC which leases flight equipment to Air Wisconsin, (2) Air Wisconsin Funding LLC which provides flight equipment financing to Air Wisconsin, and Harbor Therapeutics, Inc. which is a non-operating entity with no material assets. s of May 31, 2020, Air Wisconsin employs around 1,308 full-time employees and 24 part-time employees, of whom 1,057 were represented by unions, and the remainder were not. Air Wisconsin has never been the subject of a labor strike or labor action that materially impacted its operations.

Air Wisconsin operates a fleet of approximately 64 CRJ-200, 50 of which are owned by the Company and the rest are leased. The Airlines has a significant presence at both Chicago O’Hare and Washington-Dulles, two of United’s key domestic hubs. All of Air Wisconsin’s flights are operated as United Express pursuant to the terms of the United capacity purchase agreement.  The CRJ-200 regional jet offers many of the capabilities and amenities of larger commercial jet aircraft, including flight attendant service, a stand-up cabin, limited overhead and under seat storage, a lavatory and a galley that allows for in-flight snack and beverage service. The CRJ-200 regional jet has a speed comparable to larger aircraft operated by major airlines and has a range of approximately 1,585 miles.

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HRBR

The Company’s business strategy consists primarily of serving United and its customers through Air Wisconsin’s provision of regional airline services. We strive to serve as an efficient and reliable provider of flight services to United and to provide a high level of service to United and its customers in accordance with the United capacity purchase agreement. The Company also seeks to maintain a competitive cost structure. We focus on a disciplined cost control approach through responsible outsourcing of certain operating functions and diligent control of corporate and administrative costs, implementing company-wide efforts to improve our cost position.

On January 17, 2020, the Company completed an acquisition from Southshore Aircraft Holdings, LLC and its affiliated entities of three CRJ-200 regional jets, each having two General Electric engines, plus five additional GE engines.  On May 22, 2020, Air Wisconsin acquired eight additional CRJ-200 regional jets in a single transaction for an aggregate purchase price of $3.0 million. Air Wisconsin had leased each of these regional jets prior to the acquisition.

On June 1, 2020, Bombardier consummated an agreement with Mitsubishi Heavy Industries, Ltd. pursuant to which Mitsubishi purchased Bombardier’s regional jet program, including all aspects of the CRJ-200 regional jet, including type certificates, maintenance, support, refurbishment, marketing and sales activities. Air Wisconsin does not have any existing arrangements with Bombardier or Mitsubishi to acquire additional aircraft.

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HRBR just might be the most exciting story in small caps; HRBR recently acquired subsidiary Air Wisconsin Airlines a regional air carrier that provides scheduled passenger service to 81 cities in 31 states with an average of approximately 284 daily departures under an agreement with United Airlines, Inc. HRBR is listed as dark/defunct on OTCMarkets Group however the Company’s filings are up to date with a recent 10Q and 10k filed. HRBR is doing spectacular numbers thanks to Air Wisconsin Airlines recently reporting $67 million in revenues for the 3 months ended March 31, 2020 as well as $4.4 million net income for the quarter. Currently at $0.26 HRBR has 35.4 million shares outstanding. We will be updating on HRBR when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with HRBR.

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Disclosure: we hold no position in HRBR either long or short and we have not been compensated for this article.

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