Innovative Solutions & Support Inc. (ISSC) - 500 Beiträge pro Seite

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Profile:Innovative Solutions & Support Inc. designs, manufactures and sells flight information computers, electronic displays and advanced monitoring systems to the United States Department of Defense, government agencies, commercial air transport carriers and corporate/general aviation markets. 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 manufacturer market. Since 1997, a substantial portion of Innovative Solutions` revenues have been from the sale of air data systems that bring aircraft into compliance with government regulations.

http://www.innovative-ss.com

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$2 Million US Navy Order Raises Innovative Solutions and Support Inc.`s Backlog to Record $40 Million
Thursday September 11, 5:08 pm ET


EXTON, Pa.--(BUSINESS WIRE)--Sept. 11, 2003--The United States Navy has selected Innovative Solutions and Support (NASDAQ:ISSC - News) to replace Horsepower Indicators on its fleet of P-3 airplanes. This "quick response" award is valued at more than $2 million and provides for immediate equipment replacement on the Navy`s P-3 airplanes.
The Navy award increased the Company`s total backlog to $40 million of which more than $25 million is released and scheduled for delivery in subsequent periods.

The P-3 "Orion" is a four engine Tubro-Prop airplane with the primary mission of tracking submarines as part of the United State`s anti-submarine warfare (ASW) initiatives. The US Navy, US Customs and numerous foreign governments use the P-3.

In a statement made today, a Company spokesperson said that being selected by the U.S. Navy for this "critical mission aircraft" requirement was rewarding and that it provided the Company an opportunity to further support Homeland defense efforts. In the past, Innovative Solutions & Support, Inc. has successfully completed other upgrades on the P-3 as well as several other military airplanes, including A-10`s, C-130`s, F-5`s, F-16`s and KC-135`s.

ISSC (www.innovative-ss.com) is a leading Air Data Instrument and RVSM retrofit supplier to the military, commercial air transport, and business aviation markets. It has fitted approximately 1500 RVSM systems to various aircraft types and is poised to support all operators in meeting the forthcoming RVSM program demands in North America as it has done for previous RVSM implementations in Europe, the Western Atlantic, North Atlantic and Australia.

In addition to Air Data Products, ISSC manufactures the industry`s largest flat panel cockpit display, cabin displays, fuel quantity and flow measurement instruments, as well as engine and hydraulic displays. It specializes in OEM and retrofit programs that enhance aircraft performance and reliability.



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Contact:
Innovative Solutions and Support
James Reilly, 610-646-9800



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Source: Innovative Solutions and Support

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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.

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Actual Actual
Sept. 30, Sept. 30,
2002 2003
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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
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Total current assets 62,205,077 59,919,163
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Property and equipment, net 10,144,895 9,548,491
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Other assets 266,713 408,971
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TOTAL ASSETS $72,616,685 $69,876,625
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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
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Total current liabilities 3,046,770 3,922,751
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Note Payable 4,235,000 4,235,000
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Deferred revenue 402,877 332,407
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Deferred income taxes 205,828 328,177
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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)
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Total shareholders` equity 64,726,210 61,058,290
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TOTAL LIABILITIES AND SHAREHOLDERS` EQUITY $72,616,685 $69,876,625
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Three months ended Twelve months ended
Sept. 30, Sept. 30,
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2002 2003 2002 2003
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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
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Gross profit 4,393,213 6,510,314 17,055,535 16,822,695
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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
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Operating income 2,041,471 3,997,592 6,567,227 7,555,484
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Interest income 209,387 118,640 855,995 582,023
Interest expense (35,856) (29,922) (133,145) (131,602)
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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
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Net Income $1,512,984 $2,815,288 $5,410,278 $5,541,190
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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




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Contact:
Innovative Solutions & Support, Inc.
Mr. James Reilly, 610-646-9800



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Source: Innovative Solutions & Support, Inc.

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Innovative Solutions & Support, Inc.`s Backlog Rises to a Record $27.7 Million on $11.5 Million in New Orders to Date in Fiscal 2004
Friday January 9, 12:34 pm ET


EXTON, Pa.--(BUSINESS WIRE)--Jan. 9, 2004--Innovative Solutions & Support, Inc. (NASDAQ:ISSC - News) today announced recent awards totaling $11.5 million. The majority of the new orders were for RVSM systems but also included follow-on flat panel and other air data systems. Substantially all of this new business will be delivered in fiscal 2004.
The Company intends to release 1st quarter earnings and host a conference call in late January. A separate advisory press release with those details will follow in a couple of weeks.

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 data measurements.



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Contact:
Innovative Solutions & Support, Inc., Exton
James Reilly, 610-646-9800



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Source: Innovative Solutions & Support, Inc.

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Innovative Solutions & Support, Inc. Receives $1.3 Million Order From Kelowna Flightcraft LTD. for Delivery of RVSM Compliant Avionic Equipment
Wednesday January 21, 9:06 am ET


EXTON, Pa.--(BUSINESS WIRE)--Jan. 21, 2004--Innovative Solutions & Support, Inc. (NASDAQ:ISSC - News) today announced that Kelowna Flightcraft LTD. in Kelowna, BC, Canada, has awarded the company a $1.3 million order for Air Data Computers, Altimeters and Alerters for installation on Boeing 727 aircraft.
In a statement made today a Company spokesperson said, "the Company is pleased that Kelowna Flightcraft selected ISSC equipment for their B-727 fleet". The Company will deliver this RVSM compliant equipment in the current fiscal year.

RVSM has been implemented throughout most of the world. The FAA Domestic RVSM (DRVSM), including Canada, compliance date is January 20, 2005.

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 data measurements.



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Contact:
Innovative Solutions & Support, Inc., Exton
James Reilly, 610-646-9800



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Source: Innovative Solutions & Support, Inc.