Innovative Solutions & Support, Inc. Announces Sales and Earnings for the Fourth Quarter and Full Year Ended September 30, 2002.Business Editors/Hi-Tech Writers EXTON Exton is the name of a number of settlements: In the United Kingdom:
Innovative Solutions & Support, Inc. (NASDAQ NASDAQ 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 4th quarter sales of $7.2 million, net income of $1.5 million (21% of sales), net cash flow of $1.4 million and fully 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. 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. of $0.12. For the twelve months ended September September: see month. 30, 2002 sales were $28.3 million, net income $5.4 million (19% of sales), net cash flow of $9.5 million and fully diluted EPS of $0.41. 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. At September 30, 2002 the company's cash position was $52.2 million or $4.00 per fully diluted share. A $4.3 million industrial development bond, with a floating rate currently at 1.6%, was used to finance two-thirds of our facility and represents our total debt. Headquartered in Exton, PA. Innovative Solutions & Support, Inc. (www.innovative-ss.com) designs, manufactures and markets flight information computers, electronic displays and advanced monitoring systems that measure and display critical flight information. This includes data relative to aircraft separation (RVSM RVSM Reduced Vertical Separation Minimums/Minima (aircraft) , Reduced Vertical Separation Minimum), 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 engine and 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 A document, notice, circular, advertisement, letter, or communication in written form or by radio or television that offers any security for sale, or confirms the sale of any security. 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. The company will host a conference call (888 371-9318) today, November November: see month. 20th, at 10:00am local time to discuss fourth quarter and year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. results. Also, our www site will have the conference call live and available for subsequent listening.
Innovative Solutions and Support, Inc.
Statements of Operations
Three months ended Twelve months ended
September 30, September 30,
------------------------ ------------------------
2001 2002 2001 2002
------------------------ ------------------------
Revenues $ 7,670,187 $ 7,227,337 $34,384,562 $28,345,620
Cost of sales 3,200,411 2,834,164 14,477,868 11,290,085
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Gross profit 4,469,776 4,393,173 19,906,694 17,055,535
------------------------ ------------------------
Research and
development 831,810 951,534 4,371,570 4,755,422
Selling, general
and
administrative 1,355,993 1,400,168 5,777,929 5,732,886
------------------------ ------------------------
Operating income 2,281,973 2,041,471 9,757,195 6,567,227
------------------------ ------------------------
Interest income
(expense) 394,113 173,533 2,196,401 722,850
------------------------ ------------------------
Income before
income taxes 2,676,086 2,215,004 11,953,596 7,290,077
Income tax expense 990,152 702,020 4,422,831 1,879,799
------------------------ ------------------------
Net Income $ 1,685,934 $ 1,512,984 $ 7,530,765 $ 5,410,278
------------------------ ------------------------
Net Income per
Common Share
Basic $ 0.13 $ 0.12 $ 0.59 $ 0.42
Diluted $ 0.13 $ 0.12 $ 0.57 $ 0.41
Weighted Average
Shares
Outstanding
Basic 12,966,277 12,801,020 12,731,395 12,830,894
Diluted 13,263,190 13,033,339 13,284,484 13,069,387
Innovative Solutions and Support, Inc.
Balance Sheet
As of As of
September 30, September 30,
2001 2002
------------- -------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $42,769,837 $52,245,754
Cash restricted for capital
expenditures 317,465 -
Accounts receivable 8,330,126 5,300,421
Inventories 5,701,673 3,352,649
Deferred income taxes 652,535 650,384
Prepaid and other 1,386,270 655,869
----------- -----------
Total current assets 59,157,906 62,205,077
----------- -----------
Property and equipment, net 8,084,874 10,144,895
----------- -----------
Other assets 808,646 266,713
----------- -----------
TOTAL ASSETS $68,051,426 $72,616,685
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LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 473,785 $ 246,814
Current portion of note payable 100,000 100,000
Current portion of capitalized
lease obligation 15,696 17,111
Accrued expenses 2,168,066 2,544,909
Deferred revenue 146,071 137,936
----------- -----------
Total current liabilities 2,903,618 3,046,770
----------- -----------
Note Payable 4,235,000 4,235,000
Deferred revenue 473,349 402,877
Deferred income taxes 43,120 205,828
Capitalized lease obligation 17,635 -
----------- -----------
Total liabilities 7,672,722 7,890,475
----------- -----------
SHAREHOLDERS' EQUITY:
Common stock 13,024 13,052
Additional paid-in capital 45,906,405 46,093,605
Retained earnings 14,459,275 19,869,553
Treasury stock - (1,250,000)
----------- -----------
Total shareholders' equity 60,378,704 64,726,210
----------- -----------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $68,051,426 $72,616,685
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