Read below...excerpt from earnings call last week. The bad quarter was due to supply chain disruptions, a facility being closed and inability to deliver 3 aircraft before the end date. But they are working through the issues and are getting funding from the feds. They expect to make that up in Q2. UPSHOT: They are not spinning this as natural disaster which would be required to exempt them from WARN Act. Still no word on if they plan any severance. I'm owed PTO they should have paid Friday too. Talking with my lawyer today. Someone posted here that its best to not hire a Savannah lawyer due to GS undo influence in region. GREAT ADVICE! if you want to use my attorney to have a united front, comment below and I'll get you the info somehow
- I Also, someone posted here to make sure you record every call or conversation with GAC. Georgia law makes it legal to do so without you having to ask permission. Also good advice.
"...The biggest part of the story in the quarter was Gulfstream's inability to deliver 13 completed aircraft due to COVID-19 travel restrictions. We were able to pull two aircraft scheduled for the second quarter for delivery in the first quarter to somewhat mitigate the impact. So, net, we were down 11 scheduled deliveries. These planes are completed, the customers want them and they will be delivered as soon as travel restrictions are lifted and people feel safe traveling. The inability to make scheduled deliveries at the end of the quarter obviously did not permit us to recognize revenue and earnings on those planes. This is purely a timing issue. In fact, three of the aircraft have delivered this month, three are scheduled to deliver in May and the others are dependent on travel restrictions imposed by or on foreign countries. We are hopeful for prompt resolution of these issues...."