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chorus aviation inc . CHORUS AVIATION ANNOUNCES FOURTH QUARTER AND YEAR- END 2020 FINANCIAL RESULTS Decreased passenger demand for aviation services due to global travel restrictions and health concerns related to COVID - 19 reduced certain of the key financial metrics for the fourth quarter and year ended December 31 , 2020 as shown below : Q4 2020 Highlights • • • • Net income of $ 9.2 million , or $ 0.06 per basic share ; a period - over - period decrease of $ 27.4 million , offset by a change in unrealized foreign exchange of $ 25.3 million . Adjusted net income of $ 7.7 million , or $ 0.05 per basic share ; a decrease of $ 15.6 million quarter - over - quarter . Adjusted EBITDA¹ of $ 82.0 million ; a decrease of $ 6.7 million over fourth quarter 2019 . Liquidity of approximately $ 201.0 million . As part of its liquidity strategy , Chorus successfully amended the repayment terms of certain of its loan agreements in the fourth quarter as outlined in the capital discussion below . Chorus purchased and started earning leasing revenue on five CRJ900s , bringing the total to eight delivered under the CPA in 2020 . Delivered final two of five new Airbus A220-300 aircraft to airBaltic of Latvia . Collected approximately 60 % of lease revenue billed in the fourth quarter ; a 10 % improvement over third quarter 2020 . 2020 Annual Highlights • Net income of $ 41.5 million , or $ 0.26 per basic share ; a period - over - period decrease of $ 91.7 million . Adjusted net income of $ 64.0 million , or $ 0.40 per basic share ; a decrease of $ 30.9 million year - over - year .