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chorus aviation inc . CHORUS AVIATION ANNOUNCES FIRST QUARTER 2021 FINANCIAL RESULTS Q1 2021 Key Metrics • • Net loss of $ 38.1 million , or $ 0.24 per basic share ; a period - over - period decrease of $ 20.8 million due to one - time restructuring costs related to the 2021 capacity purchase agreement ( ' CPA ' ) amendments of $ 81.8 million as outlined below , offset by the changes in unrealized foreign exchange of $ 45.4 million and income taxes . Adjusted net income of $ 15.7 million , or $ 0.10 per basic share ; a decrease of $ 8.1 million quarter - over - quarter primarily due to the impact of COVID - 19 . Adjusted EBITDA1 of $ 84.0 million ; a decrease of $ 4.5 million over first quarter 2020 . Liquidity of $ 171.3 million . Collected approximately 62 % of lease revenue billed in the first quarter consistent with fourth quarter 2020 collections . Year - to - date Highlights • Revised CPA with Air Canada , enhancing Jazz's position as the exclusive Air Canada Express operator of 70-78 seat regional capacity until the end of 2025 and is currently the sole provider of Air Canada Express services . Completed a public offering and concurrent private placement for gross proceeds of $ 145.1 million . Remarketed three Dash 8-400s to two new leasing customers , Sky Alps of Italy ( two aircraft ) and one Dash 8-400 to National Jet Express , a subsidiary of Australian aviation operator , Cobham Aviation Services . Secured a three - year contract with Purolator for air cargo charter services , executing on Chorus ' growing capabilities in this market segment . Awarded a 3 - year contract to upgrade and modify Transport Canada's National Aerial Surveillance Program fleet of Dash 8-100 and Dash 7 aircraft with new surveillance equipment .