This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,265.99 +109.14 0.64%
S&P 500 2,011.36 +9.79 0.49%
NASDAQ 4,593.4250 +31.2360 0.68%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs