Innovative Solutions & Support Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2011; Provides Revenue Guidance for the Year Ending September 30, 2012
January 25, 2012 at 04:40 pm EST
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Innovative Solutions & Support Inc. announced unaudited consolidated earnings results for the first quarter ended December 31, 2011. For the quarter, the company's net revenues were $4.8 million, compared to $6.5 million in the first quarter of fiscal 2011. The company reported loss of $0.34 million or $0.02 per fully diluted share, compared to net income of $0.28 million or $0.02 per fully diluted share, in the same quarter a year ago. The company generated $0.62 million of cash flow from operations in the quarter. Operating loss was $0.66 million compared with operating income of $0.15 million a year ago. Loss before income taxes was $0.59 million compared with income before income taxes of $0.35 million a year ago.
For the fiscal year ending September 30, 2012, the company continues to expect revenues to increase modestly relative to fiscal 2011, notwithstanding potential disruptions from the current uncertain market conditions.
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, 2011; Provides Revenue Guidance for the Year Ending September 30, 2012