Innovative Solutions & Support, Inc. Announces Record Sales, Net Income and EPS for the Fiscal Year Ended September 30, 2005.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 record results for the Fiscal Year ended September September: see month. 30, 2005. For the year, the Company reported record sales of $63.3 million, record net income of $18.6 million and record diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $1.02. Fourth Quarter Results Sales in the fourth quarter ended September 30, 2005 were $8.2 million compared to the prior year's $14.4 million. The portion of fourth quarter sales that were Flat Panel Systems, however, grew to more than $3.0 million from less than $0.2 million in the prior year's fourth quarter. Net income in the fourth quarter of 2005 was $1.2 million or $0.07 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share compared to the prior year's net income of $4.5 million or $0.25 per diluted share. Fiscal Year 2005 Results Sales, Net Income and Diluted Earnings per Share in 2005 increased 37%, 56% and 52% to new full year records of $63.3 million, $18.6 million and $1.02 per share, respectively. Cash flow was also a record $17.3 million in the year. At year end, backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. was $12.9 million compared to $35.4 million last year. 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 first three quarters we experienced strong demand for our Air Data equipment as the commercial air transport and general aviation segments of our industry rushed to become compliant
"The anticipated rapid fall off in Air Data orders coupled with a slower than expected start-up Start-up The earliest stage of a new business venture. in 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 orders created 4th quarter weakness. We remain confident; however, that demand for Air Data products will rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective as we provide equipment for the 30% of the general aviation fleet a recent FAA report indicated was still not DRVSM compliant as well as meet the equipment replacement needs of aging fleets of both commercial and military aircraft." "We also anticipate a significant and growing demand for Flat Panel Display Systems. Recently, the Company received a Technical Standard Order (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. ) and a Supplemental Type Certificate The Supplemental Type Certificate (STC) is the Federal Aviation Administration term for the approval that extends a type certificate for modifications made to an airframe, engine, or appliance. External links
STC Society for Technical Communication STC Subject to Change STC Surf the Channel (website) STC Sound Transmission Class STC Singapore Turf Club ) from the FAA for the Primary Flight and Navigation Flat Panel Display System for B-767 aircraft. These certifications coupled with several previously announced awards all create momentum and lead to significant interest for retrofit ret·ro·fit v. ret·ro·fit·ted or ret·ro·fit, ret·ro·fit·ting, ret·ro·fits v.tr. 1. To provide (a jet, automobile, computer, or factory, for example) with parts, devices, or equipment not in applications on both commercial and military planes. As the standard of excellence in older airplanes, we believe entire fleets are candidates for retrofit, despite any near term market weakness." The company will host a conference call tomorrow morning, December December: see month. 7, 2005 at 10:00 am local time (EST EST electroshock therapy. EST abbr. electroshock therapy ) to discuss these results as well as our business outlook. Please call in to participate at (866) 425-6193, conference ID# 6771466. 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 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.
Consolidated Balance Sheet
ASSETS
-------------------------------- As of As of
September 30, 2004 September 30, 2005
------------------ ------------------
Current Assets:
Cash and cash equivalents $ 65,867,167 $ 83,172,582
Accounts receivable, less
allowance for doubtful
accounts of $100,000 at
September 30, 2004 and 2005 5,003,100 5,479,936
Inventories 5,191,628 3,911,626
Deferred income taxes 984,111 956,070
Prepaid expenses and other
current assets 665,276 4,028,498
------------------ ------------------
Total current assets 77,711,282 97,548,712
------------------ ------------------
Property and Equipment:
Computers and test equipment 3,933,326 4,278,748
Corporate airplane 2,998,161 2,998,161
Furniture and office equipment 622,364 734,038
Manufacturing facility 5,414,986 5,420,741
Land 1,021,245 1,021,245
------------------ ------------------
13,990,082 14,452,933
Less - Accumulated
depreciation and amortization (4,369,851) (5,091,881)
------------------ ------------------
Net property and equipment 9,620,231 9,361,052
------------------ ------------------
Deposits and other assets 137,114 125,114
------------------ ------------------
Total assets $ 87,468,627 $ 107,034,878
================== ==================
LIABILITIES AND
SHAREHOLDERS' EQUITY
--------------------------------
CURRENT LIABILITIES:
Current portion of notes
payable $ 100,000 $ 100,000
Current portion of capitalized
lease obligations 7,257 7,257
Accounts payable 1,696,247 305,516
Accrued expenses 4,754,641 3,503,814
Deferred revenue 526,023 176,650
------------------ ------------------
Total current liabilities 7,084,168 4,093,237
------------------ ------------------
Note payable 4,235,000 4,235,000
------------------ ------------------
Long-term portion of
capitalized lease obligations 20,681 13,113
------------------ ------------------
Deferred revenue 261,934 191,463
------------------ ------------------
Deferred income taxes 411,857 635,967
------------------ ------------------
Commitments and contingencies --- ---
------------------ ------------------
Shareholders' Equity:
Preferred stock, 10,000,000
shares authorized-Class A
Convertible stock, $.001 par
value, of which 200,000
shares authorized as Class A
convertible stock. No shares
issued and outstanding at
September 30, 2004 and 2005. --- ---
Common stock, $.001 par value:
75,000,000 shares authorized,
20,272,995 and 18,047,425
shares issued and outstanding
at September 30, 2004 and
2005 20,273 18,047
Additional paid-in capital
Retained earnings 48,712,289 41,926,318
Treasury stock, at cost,
2,535,039 and 0 shares at
September 30, 2004 and 2005 37,336,182 55,921,733
(10,613,757) ---
------------------ ------------------
Total shareholders' equity
75,454,987 97,866,098
------------------ ------------------
Total liabilities and
shareholders' equity
$ 87,468,627 $ 107,034,878
================== ==================
Innovative Solutions and Support, Inc.
Consolidated Statements of Operations
Three Months ended Twelve Months ended
September 30, September 30,
------------------------ -------------------------
2004 2005 2004 2005
------------ ----------- ------------ ------------
Revenues $14,411,501 $8,182,914 $46,099,777 $63,264,359
Cost of sales 4,462,484 3,082,402 15,663,108 20,888,729
------------ ----------- ------------ ------------
Gross profit 9,949,017 5,100,512 30,436,669 42,375,630
------------ ----------- ------------ ------------
Research and
development 949,844 1,736,415 4,811,156 6,057,889
Selling, general
and administrative 1,967,499 2,076,940 7,567,959 8,898,622
------------ ----------- ------------ ------------
Total Operating
Expenses 2,917,343 3,813,355 12,379,115 14,956,511
------------ ----------- ------------ ------------
Operating income 7,031,674 1,287,157 18,057,554 27,419,119
Interest income 186,760 683,965 532,745 1,939,397
Interest expense (33,817) (47,221) (128,018) (175,151)
------------ ----------- ------------ ------------
Income before
income taxes 7,184,617 1,923,901 18,462,281 29,183,365
Income taxes 2,719,459 704,455 6,530,084 10,598,563
------------ ----------- ------------ ------------
Net income $4,465,158 $1,219,446 $11,932,197 $18,584,802
============ =========== ============ ============
Net Income Per
Common Share:
Basic $0.25 $0.07 $0.69 $1.04
============ =========== ============ ============
Diluted $0.25 $0.07 $0.67 $1.02
============ =========== ============ ============
Weighted Average
Shares
Outstanding:
Basic 17,714,696 18,042,523 17,400,380 17,873,780
============ =========== ============ ============
Diluted 18,219,156 18,312,651 17,928,180 18,259,856
============ =========== ============ ============
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