Innovative Solutions & Support, Inc. Announces Second Quarter Fiscal 2019 Financial Results
Innovative Solutions & Support, Inc. (“IS&S” or the “Company”) (NASDAQ: ISSC) today announced its financial results for the second quarter of fiscal 2019, ended March 31, 2019.
For the second quarter of fiscal 2019 the Company reported net sales of $4.2 million compared to net sales of $3.7 million in the second quarter a year ago. The Company reported net income of $202,000, or $0.01 per share, compared to a net loss of $1.3 million, or ($.08) per share, in the second quarter of fiscal 2018.
Geoffrey Hedrick, Chairman and Chief Executive Officer of IS&S, said, “Revenues in the second quarter were up sequentially from the first quarter, reflecting steady improvement in both new orders and production activity.”
At March 31, 2019, the Company had $21.2 million of cash on hand, up nearly a million dollars sequentially over the past three months from $20.3 million at December 31, 2018.
New orders in the second quarter of fiscal 2019 were $5.3 million, and backlog as of March 31, 2019, was $5.4 million, also up sequentially from $4.3 million at December 31, 2018. Backlog excludes potential future sole-source production orders from the Pilatus PC-24 and the KC-46A programs both of which are currently in production. The Company expects both programs to remain in production for multiple years and that these contracts will add to production sales already in backlog.
Six Months Results
Total sales for the six months ended March 31, 2019, were $8.2 million compared to $6.8 million for the six months ended March 31, 2018. For the six months ended March 31, 2019, the company reported net income of $342,000, or $0.02 per share, a significant improvement from the net loss $2.2 million, or ($0.13) per share for the first half of fiscal 2018.
The Company will be hosting a conference call on Thursday, May 9, 2019, at 10:00 a.m. ET to discuss these results and the Company’s business outlook and product development. Please use the following dial in number to register your name and company affiliation for the conference call: 877-270-2148 and ask to be joined into the Innovative Solutions & Support call. The call will also be carried live on the Investor Relations page of the Company web site at www.innovative-ss.com.