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Innovative Solutions & Support, Inc. Announces Fiscal 2011 First Quarter Financial Results

^{Published on 2011-01-26 13:50:45 - Market Wire}
 

EXTON, Pa.--([ BUSINESS WIRE ])--Innovative Solutions & Support, Inc. (NASDAQ: ISSC) today announced its financial results for the first quarter of fiscal 2011, ending December 31, 2010.

Net revenues for the first quarter of fiscal 2011 were $6.5 million, up 42% compared to $4.6 million in the first quarter of fiscal 2010. The Company reported fiscal first quarter 2011 net income of $285,000, or $0.02 per fully diluted share, compared to a net loss of ( $1.1) million, or ($0.07) per fully diluted share, in the same quarter a year ago.

Geoffrey Hedrick, Chairman and Chief Executive Officer of Innovative Solutions & Support, Inc., said, aBoth revenues and earnings in the quarter were markedly improved compared to a year ago and have us solidly on track to meet our growth objectives for fiscal 2011. Results once again reflect our versatile product portfolio and operational efficiency, which enable us to generate strong margins by quickly responding to the broad spectrum of opportunities arising across the varied commercial air transport, military and general aviation markets. We are working hard to expand our growth opportunities, adding value through new functionality to our product offerings, such as a Flight Management System, as well as achieving additional certifications in large and growing markets, such as the recent European certification of our B757 Flat Panel Display. With some of the industrya™s most advanced product functionality, as well as certifications on an ever larger number of aviation platforms, we are well-prepared to capitalize on an even broader range of opportunities as the markets further rebound.a

For the first quarter of fiscal 2011, the Company generated over $1 million of positive cash flow. As a result, the Companya™s cash position increased to $41.9 million at December 31, 2010, with no long term-debt. Backlog was substantially unchanged from the previous quarter at approximately $32 million.

Roman Ptakowski, President of the Company added, aThis quarter we obtained European certification for our Flat Panel Display System upgrade of the B757 aircraft. This certification enabled us to win an initial B757 retrofit contract and to better address the large European commercial air transport market. We believe that the introduction of our new Flight Management System and Beta-3 GPS receivers will create growth opportunities, concentrated initially in the general aviation markets. Our financial strength allows us to make strategic investments that enhance our competitive positioning and generates shareholder value over the long term.a

Business Outlook

We are reaffirming our expectations for the second half of fiscal 2011 that will enable us to improve both the top and bottom line for the full year.

Conference Call

The Company will be hosting a conference call January 27, 2011 at 10:00 a.m. EST time to discuss these results and its business outlook. Please use the following dial in number to register your name and company affiliation for the conference call: 877-440-5804. The conference ID# is 6895041. The call will also be carried live on the Investor Relations page of the Company web site at [ www.innovative-ss.com ].

About Innovative Solutions & Support, Inc.

Headquartered in Exton, PA. 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 critical engine parameters.

Certain matters contained herein that are not descriptions of historical facts are aforward-lookinga (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 Companya™s future results are beyond the ability of management to control or predict. Readers should not place undue reliance on forward-looking statements, which reflects managementa™s 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.