Attached files
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8-K - 8-K - INNOVATIVE SOLUTIONS & SUPPORT INC | a11-23279_18k.htm |
EX-99.2 - EX-99.2 - INNOVATIVE SOLUTIONS & SUPPORT INC | a11-23279_1ex99d2.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact:
Innovative Solutions & Support, Inc.
Ron Albrecht
Chief Financial Officer
610-646-0350
ralbrecht@innovative-ss.com
Innovative Solutions & Support, Inc. Announces the Release Date of Third Quarter 2011 Results and Conference Call Information
EXTON, Pa. July 20, 2011 Innovative Solutions & Support, Inc. (NASDAQ: ISSC) announced today the Company will release results for their third quarter 2011 (period ended June 30, 2011) on Wednesday, July 27, 2011 after the market closes. The Company will host a conference call the next day, Thursday, July 28, 2011 at 10:00 AM local time, to discuss these results.
Please use the following dial in number to register your name and company affiliation for the conference call 877-718-5092. The conference ID# is 6944024. The call will also be carried live on the Investor Relations page of the Company web site at www.innovative-ss.com and will be available for subsequent listening for 90 days.
About Innovative Solutions & Support, Inc.
Headquartered in Exton, Pennsylvania, Innovative Solutions & Support, Inc. (www.innovative-ss.com) is a systems integrator engaged in the design, manufacture and marketing of Flat Panel Display Systems, Air Data equipment, Flight Information Computers, Engine and Fuel Measurement and Control Computers, and advanced monitoring systems that measure and display critical flight information. This includes data relative to aircraft separation, airspeed and altitude as well as fuel and instrument measurements.
Certain matters contained herein are forward-looking (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in filings made by the Company with the Securities and Exchange Commission. Many of the factors that will determine the Companys future results are beyond the ability of management to control or predict. Readers should not place undue reliance on forward-looking statements, which reflects managements views only as of the date hereof. The Company
undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
####
Innovative Solutions and Support, Inc.
Consolidated Statement of Operations
(unaudited)
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Three months ended |
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Six months ended |
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March 31 |
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March 31, |
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2011 |
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2010 |
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2011 |
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2010 |
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Sales |
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$ |
6,746,070 |
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$ |
5,372,957 |
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13,275,881 |
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9,980,196 |
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Cost of Sales |
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2,873,414 |
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2,942,496 |
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5,809,069 |
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5,779,269 |
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Gross Profit |
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3,872,656 |
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2,430,461 |
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7,466,812 |
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4,200,927 |
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Operating expenses: |
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Research and development |
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1,556,827 |
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1,404,705 |
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2,910,434 |
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2,569,410 |
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Selling, general and administrative |
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1,849,143 |
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1,876,326 |
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3,938,492 |
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4,027,465 |
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Total operating expenses |
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3,405,970 |
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3,281,031 |
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6,848,926 |
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6,596,875 |
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Operating (loss) income |
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466,686 |
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(850,570 |
) |
617,886 |
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(2,395,948 |
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Interest income |
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45,263 |
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27,636 |
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92,855 |
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50,610 |
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Interest expense |
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(404 |
) |
(614 |
) |
(862 |
) |
(1,278 |
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Other income |
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150,003 |
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50,000 |
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(Loss) income before income taxes |
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511,545 |
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(823,548 |
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859,882 |
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(2,296,616 |
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Income tax (benefit) expense |
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12,393 |
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(77,783 |
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75,950 |
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(405,678 |
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Net (loss) income |
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$ |
499,152 |
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$ |
(745,765 |
) |
$ |
783,932 |
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$ |
(1,890,938 |
) |
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Net (loss) income per Common Share |
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Basic |
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$ |
0.03 |
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$ |
(0.04 |
) |
$ |
0.05 |
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$ |
(0.11 |
) |
Diluted |
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$ |
0.03 |
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$ |
(0.04 |
) |
$ |
0.05 |
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$ |
(0.11 |
) |
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Weighted Average Shares Outstanding |
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Basic |
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16,782,684 |
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16,752,563 |
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16,782,684 |
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16,749,080 |
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Diluted |
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16,838,662 |
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16,752,563 |
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16,829,918 |
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16,749,080 |
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Innovative Solutions and Support, Inc.
Condensed Consolidated Balance Sheet
(unaudited)
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March 31, |
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September 30, |
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2011 |
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2010 |
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ASSETS |
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Current Assets |
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Cash and cash equivalents |
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$ |
42,477,085 |
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$ |
40,916,346 |
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Accounts receivable, net |
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2,573,426 |
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2,529,976 |
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Inventories |
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4,514,475 |
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4,656,392 |
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Deferred income taxes |
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402,266 |
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522,352 |
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Prepaid expenses and other current assets |
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931,512 |
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982,768 |
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Total current assets |
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50,898,764 |
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49,607,834 |
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Property and equipment, net |
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7,566,448 |
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7,761,538 |
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Other assets |
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279,989 |
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221,150 |
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Total Assets |
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$ |
58,745,201 |
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$ |
57,590,522 |
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LIABILITIES AND SHAREHOLDERS EQUITY |
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Current Liabilities |
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Current portion of capitalized lease obligations |
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$ |
9,908 |
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$ |
9,908 |
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Accounts payable |
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773,445 |
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543,877 |
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Accrued expenses |
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2,457,548 |
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2,585,060 |
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Deferred revenue |
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362,298 |
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157,933 |
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Total current liabilities |
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3,603,199 |
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3,296,778 |
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Long-term portion of capitalized lease obligations |
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9,528 |
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15,560 |
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Deferred revenue |
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8,688 |
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Deferred income taxes |
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530,218 |
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649,929 |
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Other liabilities |
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171,866 |
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151,530 |
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Total Liabilities |
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4,314,811 |
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4,122,485 |
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Commitments and contingencies |
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Shareholders Equity |
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Preferred Stock, 10,000,000 shares authorized, $.001 par value, of which 200,000 shares are authorized as Class A Convertible stock. No shares issued and outstanding at March 31, 2011 and September 30, 2010 |
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Common stock, $.001 par value: 75,000,000 shares authorized, 18,265,194 and 18,244,701 issued at March 31, 2011 and September 30, 2010 |
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18,265 |
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18,245 |
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Additional paid-in capital |
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47,010,047 |
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46,831,646 |
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Retained earnings |
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26,693,584 |
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25,909,652 |
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Treasury stock, at cost, 1,482,510 and 1,482,510 shares at March 31, 2011 and September 30, 2010, respectively |
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(19,291,506 |
) |
(19,291,506 |
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Total Shareholders Equity |
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54,430,390 |
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53,468,037 |
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Total Liabilities and Shareholders Equity |
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$ |
58,745,201 |
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$ |
57,590,522 |
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