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Innovative Solutions & Support, Inc. Announces First Quarter Fiscal 2012 Financial Results

Innovative Solutions & Support, Inc. (NASDAQ: ISSC) today announced its financial results for the first quarter of fiscal 2012, ending December 31, 2011.

Net revenues for the first quarter of fiscal 2012 were $4.8 million, compared to $6.5 million in the first quarter of fiscal 2011. The Company reported a fiscal first quarter 2012 loss of $343,000 or ($0.02) per fully diluted share, compared to net income of $285,000, or $0.02 per fully diluted share, in the same quarter a year ago. The company generated $622,000 of cash flow from operations in the first quarter of fiscal 2012.

Geoffrey Hedrick, Chairman and Chief Executive Officer of Innovative Solutions & Support, Inc., said, “In the first quarter, deliveries were impacted temporarily by pricing renegotiations. That said, we generated positive cash flow and achieved significant progress on our customer funded engineering modification and development (EMD) projects. Those projects represent opportunities to expand our product portfolio and to increase our addressable market. In addition to the programs under contract entering the quarter, EMD revenues included also two new contracts signed during the quarter, both of which will lead to OEM production, one for an advanced avionics suite for the Eclipse E550 aircraft and the other for a flight information computer - a new program arising out of our ability to leverage the technology of our flat panel display systems and related avionics into a broader product offering. Our fiscal 2012 represents an important transition year. We are focused intently on delivering these development contracts on time, on budget and at the same high level of quality for which we are respected, so that we will have a set of new products that address these large and expanding markets.”

For the first quarter of fiscal 2012, the Company generated over $600,000 of positive operating cash flow. At December 31, 2011, the Company had $42.8 million of cash on hand, an increase from the $42.6 million of cash at September 30, 2011. The Company remains free of long-term debt. Cash at December 31, 2011 is net of approximately $350,000 used during the first quarter to repurchase Company stock. Backlog was approximately $25.7 million at December 31, 2011 compared to $27.5 million at September 30, 2011. Backlog continues to reflect the engineering value of the new products currently under development, but does not include the prospective production value associated with many of these programs.

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