Innovative Solutions & Support Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2012; Provides Earnings Guidance for the Fiscal Year Ending September 30, 2013
January 23, 2013 at 04:05 pm EST
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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.
Innovative Solutions and Support Inc (IS&S) operates as a systems integrator that designs, develops, manufactures, sells and services air data equipment, engine display systems, standby equipment, primary flight guidance, autothrottles and cockpit display systems for retrofit applications and original equipment manufacturers (OEMs). IS&S supplies integrated Flight Management Systems (FMS), Flat Panel Display Systems (FPDS), FPDS with Autothrottle, air data equipment, Integrated Standby Units (ISU), ISU with Autothrottle and advanced Global Positioning System (GPS) receivers that enable reduced carbon footprint navigation, communication, and navigation products. IS&S offers solutions for the general aviation, commercial air transport, United States Department of Defense (DoD)/governmental and foreign military markets. The Company provides pilots with information to enhance both the safety and efficiency of flying, through its COCKPIT/IP Cockpit Information Portal (CIP) product line.
Innovative Solutions & Support Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2012; Provides Earnings Guidance for the Fiscal Year Ending September 30, 2013