Innovative Solutions & Support, Inc. Announces 144% Increase in 2nd Quarter Net Income.EXTON Exton is the name of a number of settlements: In the United Kingdom:
in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ISSC ISSC International Ship Security Certificate ISSC Interstate Shellfish Sanitation Conference ISSC International Social Sciences Council ISSC Integrated Systems Solutions Corporation ISSC Information Systems Steering Committee ISSC Information Systems Sub-Committee ) today announced the following record results for the 2nd quarter and for the Fiscal Year-To-Date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. Periods ended March 31, 2005:
Q2 FY 2005
-- Sales up 74% to a record $19.0 million
-- Net income up 144% to a record $6.3 million
-- EPS, diluted up 132% to a record $0.51 a share
Year-To-Date FY2005
-- Sales up 96% to a record $38.0 million
-- Net Income up 198% to a record $12.5 million
-- EPS, diluted up 191% to a record $1.02 a share
-- Cash Flow Record $10.5 million
-- Backlog up 9% to 29.4 million
Please refer to the accompanying schedules highlighting our Statement of Operations See Income statement. and Balance Sheet. A Company spokesperson commented: "In both the 1st and 2nd quarters we experienced very strong demand for our Air Data equipment. As compliance for Domestic Reduced Vertical Separation Minimum (DRVSM DRVSM Domestic Reduced Vertical Separation Minima ) passed the mandatory compliance date of January January: see month. 20, 2005, demand continued unabated un·a·bat·ed adj. Sustaining an original intensity or maintaining full force with no decrease: an unabated windstorm; a battle fought with unabated violence. through quarter two. As expected, demand for our Air Data equipment continues beyond the compliance date as a result of as many as 3,700 delayed DRVSM installations. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a January 10, 2005 article in Aviation Week & Space Technology magazine, 'only 6,100 business jets or 62% of the eligible fleet have been outfitted'." "As a result of the DRVSM opportunities discussed above, second quarter results were supported by continued demand for DRVSM products well after the mandatory implementation date of January 20, 2005. This contributed to record sales and record earnings per share in the first half of $38 million and $1.02 per share, respectively. EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. in the first half of this year exceeded EPS for the entire prior year by $0.02. The third quarter continues to show strong demand for developing orders for the Flat Panel product and creates optimism for a strong transition into the fourth quarter of FY05 and first quarter of FY06." The recent activity in Flat Panel orders and the FAA TSO (Time Sharing Option) Software that provides interactive communications for IBM's MVS operating system. It allows a user or programmer to launch an application from a terminal and interactively work with it. The TSO counterpart in VM is called CMS. Approval to the latest safety guidance, strengthens our optimism for a robust product demand in corporate aviation. A major modification center has placed significant initial orders for King Air Flat Panel Display A thin display screen for computer and TV usage. The first flat panels appeared on laptop computers in the mid-1980s, and the LCD technology became the standard. Stand-alone LCD screens became available for desktop computers in the mid-1990s and exceeded sales of CRTs for the first time Systems. Over 6,000 King Airs have been produced. In the military market, we have recent orders from our 3rd C-130 customer and are expecting orders from our 4th customer. There are in excess of 1,000 candidates for the IS&S C130 flight deck In the commercial market, IS&S has been notified of its selection to upgrade the primary flight and navigation displays for several specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. commercial air transport cockpits. At the 10:00 am Conference Call on Thursday Thursday: see week. , April 21, 2005 management will provide an upwardly revised outlook for quarter 3 and quarter 4. The General Aviation market (business jets) currently represents the largest demand for DRVSM solutions. In this market, Innovative Solutions is a leading supplier of Air Data equipment with certified See certification. solutions for Falcon, Cessna Citation The Cessna Citation is a marketing name used by Cessna for its lines of business jets. Rather than one particular model of aircraft, the name applies to several "families" of turbofan-powered aircraft which have been produced over the years. , Learjet Learjet is a manufacturer of business jets for civilian and military use. It was founded in the late 1950s by William Powell Lear Jr. as Swiss American Aviation Corporation. Learjet is now a subsidiary of Bombardier and marketed as the "Bombardier Learjet Family". , Gulfstream Gulfstream may refer to:
The company will host a conference call tomorrow morning, April 21, 2005 at 10:00 am local time (ET) to discuss these results and our business outlook. Please call in to participate at (888) 792-8459. Also, our web site (www.innovative-ss.com) will carry the conference call live and have it available for subsequent listening for a period of 30 days. Headquartered in Exton, PA. Innovative Solutions & Support, Inc. (www.innovative-ss.com) designs, manufactures and markets Air Data flight information computers, Flat Panel display systems and advanced monitoring systems that measure and display critical flight information. This includes data relative to aircraft separation, airspeed airspeed Noun the speed of an aircraft relative to the air in which it moves Noun 1. airspeed - the speed of an aircraft relative to the air in which it is flying speed, velocity - distance travelled per unit time and altitude altitude, vertical distance of an object above some datum plane, such as mean sea level or a reference point on the earth's surface. It is usually measured by the reduction in atmospheric pressure with height, as shown on a barometer or altimeter. as well as fuel measurements. Certain matters discussed in this news release, including operating and financial results for future periods, are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are subject to risks and uncertainties that could cause actual results to differ materially, either better or worse, from those discussed including other risks and uncertainties reflected in the Company's prospectus and Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. annual report on file with the SEC.
Innovative Solutions & Support, Inc.
Statement of Operations
Three months ended Six months ended
March 31, March 31,
------------------------------------------------
2004 2005 2004 2005
------------------------------------------------
Revenues $10,895,287 $19,001,021 $19,418,623 $37,979,825
Cost of Sales 3,662,841 5,777,273 7,144,252 11,959,415
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Gross profit 7,232,446 13,223,748 12,274,371 26,020,410
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Research and
development 1,488,893 1,548,468 2,498,169 2,819,999
Selling, general and
administrative 1,869,484 2,303,928 3,510,103 4,332,395
------------------------------------------------
Operating income 3,874,069 9,371,352 6,266,099 18,868,016
------------------------------------------------
Interest income 117,204 428,325 229,875 711,575
Interest expense (31,148) (39,395) (63,003) (79,134)
------------------------------------------------
Income before income
taxes 3,960,125 9,760,282 6,432,971 19,500,457
Income tax expense 1,386,044 3,486,443 2,251,540 7,033,815
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Net Income $2,574,081 $6,273,839 $4,181,431 $12,466,642
------------------------------------------------
Net Income per Common
Share
Basic $0.22 $0.53 $0.36 $1.05
Diluted $0.22 $0.51 $0.35 $1.02
Weighted Average
Shares Outstanding
Basic 11,513,478 11,854,638 11,462,771 11,844,643
Diluted 11,862,085 12,210,986 11,819,584 12,195,386
Innovative Solutions & Support, Inc.
Balance Sheet
Actual Actual
September 30, March 31,
2004 2005
-------------- -------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $65,867,167 $76,350,457
Accounts receivable 5,003,100 6,449,260
Inventories 5,191,628 5,320,820
Deferred income taxes 984,111 984,111
Prepaid expenses 665,276 642,840
-------------- -------------
Total current assets 77,711,282 89,747,488
-------------- -------------
Property and equipment, net 9,620,231 9,452,201
-------------- -------------
Other assets 137,114 131,115
-------------- -------------
TOTAL ASSETS $87,468,627 $99,330,804
============================
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of note payable $100,000 $100,000
Current portion of capitalized lease
obligation 7,257 7,257
Accounts payable 1,696,247 1,192,322
Accrued expenses 4,754,641 3,927,562
Deferred revenue 526,023 557,219
-------------- -------------
Total current liabilities 7,084,168 5,784,360
-------------- -------------
Note payable 4,235,000 4,235,000
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Capitalized lease obligation 20,681 16,937
-------------- -------------
Deferred revenue 261,934 226,699
-------------- -------------
Deferred income taxes 411,857 411,857
-------------- -------------
SHAREHOLDERS' EQUITY:
Common stock 13,515 11,867
Additional paid-in capital 48,712,289 38,834,503
Retained earnings 37,342,940 49,809,581
Treasury stock (10,613,757) -
-------------- -------------
Total shareholders' equity 75,454,987 88,655,951
-------------- -------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $87,468,627 $99,330,804
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