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Innovative Solutions & Support, Inc. Announces Fiscal 2011 First Quarter Financial Results

Dépèche transmise le 26 janvier 2011 par Business Wire

Innovative Solutions & Support, Inc. Announces Fiscal 2011 First Quarter Financial Results

Innovative Solutions & Support, Inc. Announces Fiscal 2011 First Quarter Financial Results

EXTON, Pa.--(BUSINESS WIRE)--Innovative Solutions & Support, Inc. (NASDAQ: ISSC) today announced its financial results for the first quarter of fiscal 2011, ending December 31, 2010.

Net revenues for the first quarter of fiscal 2011 were $6.5 million, up 42% compared to $4.6 million in the first quarter of fiscal 2010. The Company reported fiscal first quarter 2011 net income of $285,000, or $0.02 per fully diluted share, compared to a net loss of ( $1.1) million, or ($0.07) per fully diluted share, in the same quarter a year ago.

Geoffrey Hedrick, Chairman and Chief Executive Officer of Innovative Solutions & Support, Inc., said, “Both revenues and earnings in the quarter were markedly improved compared to a year ago and have us solidly on track to meet our growth objectives for fiscal 2011. Results once again reflect our versatile product portfolio and operational efficiency, which enable us to generate strong margins by quickly responding to the broad spectrum of opportunities arising across the varied commercial air transport, military and general aviation markets. We are working hard to expand our growth opportunities, adding value through new functionality to our product offerings, such as a Flight Management System, as well as achieving additional certifications in large and growing markets, such as the recent European certification of our B757 Flat Panel Display. With some of the industry’s most advanced product functionality, as well as certifications on an ever larger number of aviation platforms, we are well-prepared to capitalize on an even broader range of opportunities as the markets further rebound.”

For the first quarter of fiscal 2011, the Company generated over $1 million of positive cash flow. As a result, the Company’s cash position increased to $41.9 million at December 31, 2010, with no long term-debt. Backlog was substantially unchanged from the previous quarter at approximately $32 million.

Roman Ptakowski, President of the Company added, “This quarter we obtained European certification for our Flat Panel Display System upgrade of the B757 aircraft. This certification enabled us to win an initial B757 retrofit contract and to better address the large European commercial air transport market. We believe that the introduction of our new Flight Management System and Beta-3 GPS receivers will create growth opportunities, concentrated initially in the general aviation markets. Our financial strength allows us to make strategic investments that enhance our competitive positioning and generates shareholder value over the long term.”

Business Outlook

We are reaffirming our expectations for the second half of fiscal 2011 that will enable us to improve both the top and bottom line for the full year.

Conference Call

The Company will be hosting a conference call January 27, 2011 at 10:00 a.m. EST time to discuss these results and its business outlook. Please use the following dial in number to register your name and company affiliation for the conference call: 877-440-5804. The conference ID# is 6895041. The call will also be carried live on the Investor Relations page of the Company web site at www.innovative-ss.com.

About Innovative Solutions & Support, Inc.

Headquartered in Exton, PA. Innovative Solutions & Support, Inc. (www.innovative-ss.com) is a systems integrator engaged in the design, manufacture and marketing of Flat Panel Display Systems, Air Data equipment, Flight Information Computers, Engine and Fuel Measurement and Control Computers, and advanced monitoring systems that measure and display critical flight information. This includes data relative to aircraft separation, airspeed and altitude as well as fuel and critical engine parameters.

Certain matters contained herein that are not descriptions of historical facts are “forward-looking” (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in filings made by the Company with the Securities and Exchange Commission. Many of the factors that will determine the Company’s future results are beyond the ability of management to control or predict. Readers should not place undue reliance on forward-looking statements, which reflects management’s views only as of the date hereof. The Company undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

 
Innovative Solutions and Support, Inc.
Consolidated Balance Sheet
(unaudited)
 
 
      December 31,       September 30,
2010 2010

ASSETS

Current Assets
Cash and cash equivalents $ 41,940,410 $ 40,916,346
Accounts receivable, net 2,788,561 2,529,976
Inventories 4,298,500 4,656,392
Deferred income taxes 560,438 522,352
Prepaid expenses and other current assets   801,640     982,768  
 

Total current assets

50,389,549 49,607,834
 
Property and equipment, net 7,645,858 7,761,538
 
Other assets   197,110     221,150  
 
Total Assets $ 58,232,517   $ 57,590,522  
 

LIABILITIES AND SHAREHOLDERS' EQUITY

 
Current Liabilities
Current portion of capitalized lease obligations $ 9,908 $ 9,908
Accounts payable 816,152 543,877
Accrued expenses 2,400,652 2,585,060
Deferred revenue   301,688     157,933  
 
Total current liabilities 3,528,400 3,296,778
 
Long-term portion of capitalized lease obligations 12,571 15,560
Deferred revenue - 8,688
Deferred income taxes 688,203 649,929
Other liabilities   160,466     151,530  

 

Total Liabilities   4,389,640     4,122,485  
 
Commitments and contingencies - -
 
Shareholders' Equity
 

Preferred Stock, 10,000,000 shares authorized, $.001 par value, of which 200,000 shares are authorized as Class A Convertible stock. No shares issued and outstanding at December 31, 2010 and September 30, 2010

- -
 

Common stock, $.001 par value: 75,000,000 shares authorized, 18,252,925 and 18,244,701 issued at December 31, 2010 and September 30, 2010

18,254 18,245
 
Additional paid-in capital 46,921,697 46,831,646
Retained earnings 26,194,432 25,909,652

Treasury stock, at cost, 1,482,510 and 1,482,510 shares at December 31, 2010 and September 30, 2010, respectively

  (19,291,506 )   (19,291,506 )
 
Total Shareholders' Equity   53,842,877     53,468,037  
 
Total Liabilities and Shareholders' Equity $ 58,232,517   $ 57,590,522  
 
 
Innovative Solutions and Support, Inc.
Consolidated Statement of Operations
(unaudited)
 
 
      Three months ended
December 31,
2010       2009
 
Sales $ 6,529,811 $ 4,607,239
 
Cost of Sales   2,935,655     2,836,773  
 
Gross Profit 3,594,156 1,770,466
 
Operating expenses:
Research and development 1,353,607 1,164,705
Selling, general and administrative   2,089,349     2,151,139  
Total operating expenses 3,442,956 3,315,844
 
Operating (loss) income 151,200 (1,545,378 )
 
Interest income 47,592 22,974
Interest expense (458 ) (664 )
Other income   150,003     50,000  
 
(Loss) income before income taxes 348,337 (1,473,068 )
 
Income tax (benefit) expense   63,557     (327,895 )
 
Net (loss) income $ 284,780   $ (1,145,173 )
 
Net (loss) income per Common Share
Basic $ 0.02   $ (0.07 )
Diluted $ 0.02   $ (0.07 )
 
Weighted Average Shares Outstanding
Basic 16,770,415 16,745,379

Diluted

16,810,278 16,745,379
 

Business Wire

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