DAX+0,35 % EUR/USD+0,54 % Gold+2,03 % Öl (Brent)+3,19 %

Innovative Solutions and Support, Inc - 500 Beiträge pro Seite



Beitrag schreiben

Begriffe und/oder Benutzer

 

Innovative Solutions and Support, Inc. designs, manufactures and sells flight information computers, electronic displays and advanced monitoring systems to the military and government, commercial air transport and corporate aviation markets. Its strategy is to leverage the latest technologies developed for the personal computer and telecommunications industries into advanced, cost-effective solutions for the aviation industry. Historically, the Company has focused its efforts on developing and marketing air data systems that measure, calculate and display critical flight information, such as airspeed and altitude, and instruments that measure engine and fuel data, primarily for use in the aircraft retrofit market and also for the original equipment market
MALVERN, Pa., Aug 1, 2001 (BUSINESS WIRE) -- Innovative Solutions & Support, Inc`s. (ISSC-NEWS) third quarter revenues, for the period ended June 30, 2001, was $7.5 million.

This compares with prior year revenue of $10.1 million. Revenues for the nine months ended June 30, 2001 grew by $3.1 million or 13% from last year and equaled $26.7 million.

Net Income for the third quarter ended June 30, 2001 was $1.6 million or $0.12 per diluted share as compared to $2.2 million or $0.22 per diluted share for the third quarter ended June 30, 2000. In both quarter periods, however, gross and net margins remained strong and equaled 57% and 21%, respectively.

The shortfall in net income was primarily volume related while the decline in EPS reflected both lower volume and a 36% dilution in outstanding shares as a result of our IPO in August 2000.

Net Income for the nine months ended June 30, 2001 increased by $1.2 million or 26% to $5.8 million or $0.44 per diluted share as compared to $4.6 million or $0.47 per diluted share for the nine months ended June 30, 2000.

In the current year-to-date period both gross and net margins remained very strong and improved over the prior year by 300 and 200 basis points and now equal 58% and 22%, respectively. When adjusted for the IPO stock dilution, EPS grew by 26% year over year, also.

Geoffrey S.M. Hedrick, Chairman and Chief Executive Officer, indicated that the economic slowdown which has impacted our growth offers opportunities in the retrofit market which we are strongly poised to exploit.

Further, that Reduced Vertical Separation Minimum (RVSM) revenue remained very positive and that industry and economic slowdowns could not derail the governmental mandates that are in place.

Please refer to the accompanying schedules highlighting our Statement of Operations and Balance Sheet.

Headquartered in Malvern, PA. Innovative Solutions & Support, Inc. (www.innovative-ss.com) designs, manufactures and markets flight information computers, electronic 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 data 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 on file with the SEC. Unaudited Three months ended Nine months ended June 30, June 30, ----------------------------------------------------- 2000 2001 2000 2001 ----------------------------------------------------- Revenues $10,091,429 $7,497,395 $23,650,216 $26,714,375 Cost of sales 4,361,126 3,205,778 10,761,005 11,277,457 ----------------------------------------------------- Gross profit 5,730,303 4,291,617 12,889,211 15,436,918 ----------------------------------------------------- Research and development 910,878 1,103,419 2,268,180 3,539,760 Selling, general and administrative 1,391,747 1,264,943 3,441,607 4,421,936 ----------------------------------------------------- Operating income 3,427,678 1,923,255 7,179,424 7,475,222 ----------------------------------------------------- Interest income (expense) 78,863 592,206 214,174 1,802,288 ----------------------------------------------------- Income before income taxes 3,506,541 2,515,461 7,393,598 9,277,510 Income tax expense 1,350,018 930,721 2,770,658 3,432,679 ----------------------------------------------------- Net income $2,156,523 $1,584,740 $4,622,940 $5,844,831 ----------------------------------------------------- Net Income per Common Share Basic $0.30 $0.12 $0.66 $0.46 Diluted $0.22 $0.12 $0.47 $0.44 Weighted Average Shares Outstanding Basic 7,180,240 12,808,077 7,049,122 12,654,589 Diluted 9,834,129 13,361,471 9,765,930 13,258,359 As of As of Unaudited September 30, June 30, 2000 2001 -------------- ------------- ASSETS CURRENT ASSETS: Cash and cash equivalents $38,657,433 $40,839,364 Cash restricted for capital expenditures 4,141,689 1,778,287 Accounts receivable 8,394,304 8,599,771 Inventories, net 4,265,144 6,492,355 Prepaid and other 600,793 571,417 ----------- ----------- Total current assets 56,059,363 58,281,194 ----------- ----------- Property and equipment, net 4,123,166 7,322,391 ----------- ----------- Other assets 563,998 1,037,810 ----------- ----------- TOTAL ASSETS $60,746,527 $66,641,395 =========== =========== LIABILITIES AND SHAREHOLDERS` EQUITY CURRENT LIABILITIES: Current portion of note payable $100,000 100,000 Current portion of capitalized lease obligation 19,794 15,696 Accounts payable 1,856,048 1,038,794 Accrued expenses 2,964,947 2,490,895 Deferred revenue 173,975 255,771 ----------- ----------- Total current liabilities 5,114,764 3,901,156 ----------- ----------- Capitalized lease obligation 30,447 20,521 Deferred revenue 543,820 490,966 Note Payable 4,235,000 4,235,000 ----------- ----------- Total liabilities 9,924,031 8,647,643 ----------- ----------- SHAREHOLDERS` EQUITY: Preferred stock -- -- Common stock 12,594 12,888 Additional paid-in capital 43,881,392 45,207,522 Retained earnings 6,928,510 12,773,342 ----------- ----------- Total shareholders` equity 50,822,496 57,993,752 ----------- ----------- TOTAL LIABILITIES AND SHAREHOLDERS` EQUITY $60,746,527 $66,641,395 =========== =========== CONTACT: Innovative Solutions & Support, Inc`s. James Reilly, 610/651-5550 URL: http://www.businesswire.com Today`s News On The Net - Business Wire`s full file on the Internet with Hyperlinks to your home page.


Beitrag zu dieser Diskussion schreiben


Es handelt sich hier um einen ältere Diskussionen, daher ist das Schreiben in dieser Diskussion nicht mehr möglich. Bitte eröffnen Sie hier ein neue Diskussion.