Innovative Solutions & Support, Inc. Announces 49% Increase in 3rd 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 results for the 3rd 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 June June: see month. 30, 2005:
Q3 FY 2005
-- Sales up 39% to $17.1 million.
-- Net income up 49% to $4.9 million.
-- EPS, diluted (1) up 50% to $0.27 a share
Year-To-Date FY2005
-- Sales up 74% to a record $55.1 million
-- Net Income up 132% to a record $17.4 million
-- EPS, diluted (1) up 126% to a record $0.95 a share
-- Cash Flow Record $17.4 million
-- Backlog $13.7 million
(1) EPS numbers reflect the recent 3 for 2 common stock split that
became effective on July 8, 2005.
Please refer to the accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. schedules highlighting our Statement of Operations See Income statement. and Balance Sheet. A Company spokesperson commented: "In the past three quarters we experienced very strong demand for our Air Data equipment as the mandatory compliance date of January January: see month. 20, 2005 for Domestic Reduced Vertical Separation Minimum (DRVSM DRVSM Domestic Reduced Vertical Separation Minima ) passed. As expected, demand for our Air Data equipment continued beyond the compliance date because 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, third 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 of $55.1 million and $0.95 per share, respectively for the year-to-date results. Also, as expected, the third quarter reflected diverse orders for the Flat Panel product that provides optimism Optimism See also Hope. Bontemps, Roger personification of cheery contentment. [Fr. Lit.: “Roger Bontemps” in Walsh Modern, 66] Candide beset by inconceivable misfortunes, hero indifferently shrugs them off. [Fr. for a strong transition into FY06." The company will host a conference call tomorrow morning, July July: see month. 21, 2005 at 10:00 am local time (EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT ) to discuss these results, our business outlook and the expansion of 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 System opportunities including recent new Flat Panel orders. 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) is a systems integrator An individual or organization that builds systems from a variety of diverse components. With increasing complexity of technology, more customers want complete solutions to information problems, requiring hardware, software and networking expertise in a multivendor environment. engaged in the design, manufacture and marketing of Air Data, Flight Information Computers, Engine and Fuel Measurement and Control 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 and instrument measurements. Certain matters contained herein that are not descriptions of historical facts are "forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. " (as such term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by such 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. . 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 here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . 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.
Statement of Operations
(unaudited)
Three months ended Nine months ended
June 30, June 30,
------------------------- -------------------------
2004 2005 2004 2005
------------ ------------ ------------ ------------
Revenues $12,269,653 $17,101,620 $31,688,276 $55,081,445
Cost of Sales 4,056,372 5,846,912 11,200,624 17,806,327
------------ ------------ ------------ ------------
Gross profit 8,213,281 11,254,708 20,487,652 37,275,118
------------ ------------ ------------ ------------
Research and
development 1,363,143 1,501,475 3,861,311 4,321,474
Selling, general
and
administrative 2,090,357 2,489,287 5,600,461 6,821,682
------------ ------------ ------------ ------------
Operating income 4,759,781 7,263,946 11,025,880 26,131,962
------------ ------------ ------------ ------------
Interest income 116,110 543,857 345,985 1,255,431
Interest expense (31,197) (48,796) (94,201) (127,930)
------------ ------------ ------------ ------------
Income before
income taxes 4,844,694 7,759,007 11,277,664 27,259,463
Income tax expense 1,559,086 2,860,294 3,810,625 9,894,108
------------ ------------ ------------ ------------
Net Income $ 3,285,608 $ 4,898,713 $ 7,467,039 $17,365,355
------------ ------------ ------------ ------------
Net Income per
Common Share
Basic $ 0.19 $ 0.27 $ 0.43 $ 0.97
Diluted $ 0.18 $ 0.27 $ 0.42 $ 0.95
Weighted Average
Shares
Outstanding
Basic 17,499,959 17,909,270 17,296,491 17,814,504
Diluted 17,941,119 18,360,921 17,801,727 18,314,568
Innovative Solutions and Support, Inc.
Balance Sheet
(unaudited)
Sept. 30, 2004 June 30, 2005
------------- -------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 65,867,167 $ 83,219,709
Accounts receivable 5,003,100 7,510,876
Inventories 5,191,628 3,660,592
Deferred income taxes 984,111 984,111
Prepaid expenses 665,276 1,344,642
------------- -------------
Total current assets 77,711,282 96,719,930
------------- -------------
Property and equipment, net 9,620,231 9,378,576
------------- -------------
Other assets 137,114 128,114
------------- -------------
TOTAL ASSETS $ 87,468,627 $106,226,620
============= =============
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 1,696,247 409,418
Accrued expenses 4,754,641 3,683,789
Deferred revenue 526,023 735,463
------------- -------------
Total current liabilities 7,084,168 4,935,927
------------- -------------
Note payable 4,235,000 4,235,000
------------- -------------
Capitalized lease obligation 20,681 15,035
------------- -------------
Deferred revenue 261,934 209,081
------------- -------------
Deferred income taxes 411,857 411,857
------------- -------------
SHAREHOLDERS' EQUITY:
Common stock 13,515 18,027
Additional paid-in capital 48,712,289 41,699,407
Retained earnings 37,342,940 54,702,286
Treasury stock (10,613,757) -
------------- -------------
Total shareholders' equity 75,454,987 96,419,720
------------- -------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 87,468,627 $106,226,620
============= =============
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