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Innovative Solutions & Support, Inc. Announces 86% Increase in 4th Quarter Net Income Versus Prior Year and 129% Ahead of Prior Quarter Tuesday November 18, 8:16 am ET Company Delivers Record Sales, Record Net Income and Record Earnings/Share for the Fourth Quarter Ended September 30, 2003. EXTON, Pa.--(BUSINESS WIRE)--Nov. 18, 2003-- Innovative Solutions & Support, Inc. (NASDAQ:ISSC - News) today announced record 4th quarter sales of $10.1 million and net income of $2.8 million. This strong 4th quarter performance produced fully diluted EPS of $0.23 that exceeded estimates. For the twelve months ended September 30, sales of $28.2 million and net income of $5.5 million produced fully diluted EPS of $0.44 that exceeded estimates. Please refer to the accompanying schedules highlighting our Statement of Operations and Balance Sheet. At September 30, 2003 the Company`s backlog of released business was a record $24.1 million. This reflects a 90% increase compared to September 30, 2002. In addition the Company has an additional $16 million in follow-on options for release in subsequent periods that has not yet been recognized in firm backlog. At September 30, 2003, our cash position was $48.8 million or $4.06 per fully diluted share. During the year the Company acquired 1,440,026 shares of our stock at a cost of $9.4 million. Cumulatively, the Company has acquired 1,690,026 shares at a cost of $10.6 million. The company will host a conference call today, November 18, at 10:00 am local time to discuss these results. Please call in to participate at 888-792-8459. Also, our web site will carry the conference call live and have it available for subsequent listening. The Company experienced solid performance this year that began slow but finished very strong. While revenue in total remained about the same year over year, it was more balanced within our three primary market segments this year. The Military segment amounted to $6.5 million or 23% of total revenue in the year, of which $1.1 million or 17% was in Flat Panel sales on two government multi-year programs. The Business, Regional and General Aviation and Air Transport segments each made a strong 2nd half recovery and finished the year with 42% and 35% of total revenue, respectively. Additionally, these two segments have shown significant growth in the form of new orders as evidenced with a record backlog of $22 million in commercial business alone. Gross profit margins were solid all year and demonstrated how effective our manufacturing, assembly, test and quality operations have become. Our new manufacturing facility was put in place two years ago in anticipation of the broadening application of RVSM requirements in the United States, including Southern Canada, and is capable of accommodating significant market demand increases. The FAA has made it official; the Domestic Reduced Vertical Separation Minimum (DRVSM) mandate will be January 20, 2005. This requirement will have a positive impact on our business as the general aviation industry lines up to acquire the needed equipment. The FAA estimates the cost of implementation by airline and general aviation segments will be approximately $870 million but that fuel savings alone through 2016 will be six times the cost, saving $5.3 billion. We believe about one-half of the FAA`s cost estimate will be for hardware and that our Company is well positioned to maintain at least a 50% share in the retrofit market. Headquartered in Exton, PA. Innovative Solutions & Support, Inc. (www.innovative-ss.com) designs, manufactures and markets flight information computers, large flat panel displays and advanced monitoring systems that measure and display critical flight information. This includes data relative to aircraft separation (RVSM, Reduced Vertical Separation Minimum), airspeed and altitude 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 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 and Form 10-K annual report on file with the SEC. -0- Actual Actual Sept. 30, Sept. 30, 2002 2003 ------------ ------------ ASSETS CURRENT ASSETS: Cash and cash equivalents $52,245,754 $48,789,744 Accounts receivable 5,300,421 6,955,207 Inventories 3,352,649 2,840,648 Deferred income taxes 650,384 673,134 Prepaid expenses 655,869 660,430 ------------ ------------ Total current assets 62,205,077 59,919,163 ------------ ------------ Property and equipment, net 10,144,895 9,548,491 ------------ ------------ Other assets 266,713 408,971 ------------ ------------ TOTAL ASSETS $72,616,685 $69,876,625 ========================= LIABILITIES AND SHAREHOLDERS` EQUITY CURRENT LIABILITIES: Current portion of note payable $100,000 $100,000 Current portion of capitalized lease obligation 17,111 - Accounts payable 246,814 578,306 Accrued expenses 2,544,909 3,146,409 Deferred revenue 137,936 98,036 ------------ ------------ Total current liabilities 3,046,770 3,922,751 ------------ ------------ Note Payable 4,235,000 4,235,000 ------------ ------------ Deferred revenue 402,877 332,407 ------------ ------------ Deferred income taxes 205,828 328,177 ------------ ------------ SHAREHOLDERS` EQUITY: Common stock 13,052 13,081 Additional paid-in capital 46,093,605 46,248,224 Retained earnings 19,869,553 25,410,742 Treasury Stock (1,250,000) (10,613,757) ------------ ------------ Total shareholders` equity 64,726,210 61,058,290 ------------ ------------ TOTAL LIABILITIES AND SHAREHOLDERS` EQUITY $72,616,685 $69,876,625 ========================= Three months ended Twelve months ended Sept. 30, Sept. 30, -------------------------------------------------- 2002 2003 2002 2003 -------------------------------------------------- Revenues $7,227,377 $10,103,904 $28,345,620 $28,168,752 Cost of Sales 2,834,164 3,593,590 11,290,085 11,346,057 -------------------------------------------------- Gross profit 4,393,213 6,510,314 17,055,535 16,822,695 -------------------------------------------------- Research and development 951,535 952,702 4,755,422 3,376,849 Selling, general and administrative 1,400,208 1,560,020 5,732,886 5,890,362 -------------------------------------------------- Operating income 2,041,471 3,997,592 6,567,227 7,555,484 -------------------------------------------------- Interest income 209,387 118,640 855,995 582,023 Interest expense (35,856) (29,922) (133,145) (131,602) -------------------------------------------------- Income before income taxes 2,215,002 4,086,310 7,290,077 8,005,905 Income tax expense 702,018 1,271,022 1,879,799 2,464,715 -------------------------------------------------- Net Income $1,512,984 $2,815,288 $5,410,278 $5,541,190 -------------------------------------------------- Net Income per Common Share Basic $0.12 $0.24 $0.42 $0.45 Diluted $0.12 $0.23 $0.41 $0.44 Weighted Average Shares Outstanding Basic 12,801,020 11,739,659 12,830,894 12,261,084 Diluted 13,033,339 12,007,643 13,069,387 12,495,774 -------------------------------------------------------------------------------- Contact: Innovative Solutions & Support, Inc. Mr. James Reilly, 610-646-9800 -------------------------------------------------------------------------------- Source: Innovative Solutions & Support, Inc. |
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| aus der Diskussion: | Innovative Solutions & Support Inc. (ISSC) |
| Autor (Datum des Eintrages): | panik (18.11.03 14:26:05) |
| Beitrag: | 4 von 6 (ID:11365072) |
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