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.