Innovative Solutions & Support, Inc. Announces First Quarter Fiscal 2019 Financial Results
Public Company Information:
EXTON, Pa.--(BUSINESS WIRE)--Innovative Solutions & Support, Inc. (“IS&S” or the “Company”) (NASDAQ: ISSC) today announced its financial results for the first quarter of fiscal 2019 ended December 31, 2018.
For the first quarter of fiscal 2019 the Company reported net sales of $4 million compared to net sales of $3.1 million in the first quarter a year ago. The Company reported net income of $139,000, or $0.01 per share, compared to a net loss of $882,000, or ($0.05) per share, in the first quarter of fiscal 2018.
Geoffrey Hedrick, Chairman and Chief Executive Officer of IS&S, said, “The results for the first quarter of fiscal 2019 reflect last year’s re-sizing of the Company and the increase in orders. Shahram and I will be available for questions after the formal earnings call is concluded.”
At December 31, 2018, the Company had $20.3 million of cash on hand, consistent with fiscal year end September 30, 2018.
New orders in the first quarter of fiscal 2019 were $4.7 million and backlog as of December 31, 2018 was $4.3 million, up from backlog of $3.6 million at September 30, 2018. Backlog excludes potential future sole-source production orders from the Pilatus PC-24, and the KC-46A programs, both of which the Company expects to remain in production for a decade. The Company expects that these contracts will add to production sales already in backlog.
The Company will be hosting a conference call on Thursday, February 7, 2018 at 10:00 a.m. ET to discuss these results, its business outlook and product development. Please use the following dial in number to register your name and company affiliation for the conference call: 877-883-0383 and enter the PIN Number 5787878. 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 that designs and manufactures flight guidance and cockpit display systems for Original Equipment Manufacturers (OEM’s) and retrofit applications. The company supplies integrated Flight Management Systems (FMS) and advanced GPS receivers for precision low carbon footprint navigation.
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 reflect 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 Sheets|
|Cash and cash equivalents||$||20,341,618||$||20,390,713|
|Accounts receivable, net||3,219,069||3,449,893|
|Prepaid expenses and other current assets||630,331||544,234|
|Total current assets||28,487,006||28,664,948|
|Property and equipment, net||8,719,249||8,786,737|
LIABILITIES AND SHAREHOLDERS' EQUITY
|Total current liabilities||2,955,925||3,349,614|
|Non-current deferred income taxes||129,617||129,594|
|Commitments and contingencies (See Note 6)|
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, 2018 and September 30, 2018
Common stock, $.001 par value: 75,000,000 shares authorized, 18,937,050 issued at December 31, 2018 and September 30, 2018
|Additional paid-in capital||51,783,779||51,783,779|
Treasury stock, at cost, 2,096,451 shares at December 31, 2018 and September 30, 2018
|Total shareholders' equity||34,293,891||34,154,470|
|Total liabilities and shareholders' equity||$||37,379,433||$||37,633,678|
|Innovative Solutions and Support, Inc.|
|Consolidated Statements of Operations|
Three months ended
|Cost of sales||1,811,847||1,593,268|
|Research and development||596,372||923,721|
|Selling, general and administrative||1,473,416||1,622,555|
|Total operating expenses||2,069,788||2,546,276|
|Operating income (loss)||96,015||(1,051,560||)|
|Income (loss) before income taxes||139,421||(1,020,505||)|
|Income tax expense (benefit)||-||(138,886||)|
|Net income (loss)||$||139,421||$||(881,619||)|
|Net income (loss) per common share:|
|Weighted average shares outstanding:|