Innovative Solutions & Support Inc. announced unaudited consolidated earnings results for the first quarter ended December 31, 2012. For the quarter, the company's reported revenue of $6.5 million, a 35% increase compared to the first quarter fiscal 2012 revenue of $4.8 million. Net income was $318,000, or $0.02 per diluted share, compared to a loss of $343,000, or $0.02 per fully diluted share, in the same quarter a year ago. Operating income was $384,591 against operating loss of $658,199 for the same period a year ago. Income before income taxes was $413,708 against loss before income taxes of $594,588 for the same period a year ago.

The company provided earnings guidance for the fiscal year ending September 30, 2013. For the period, the company expects to increase sales and generate a profit, which would represent fifth consecutive profitable year. The company ability to provide specific targets and ranges remains difficult in the present economic climate; however, optimistic about results for 2013. The company continue to project that 2013 sales will increase over 2012 sales; however, the continued high investment in lower margin EMD programs and IR&D will constrain the growth of operating income.