Nine Month Results
Revenues were $17.7 million for the nine months ended June 30, 2012, compared to $19.2 million for the nine months ended June 30, 2011. For the nine months ended June 30, 2012, net income was $206,000 or $0.01 per diluted share, compared to net income of $705,000, or $0.04 per diluted share, for the nine months ended June 30, 2011. Cash flow from operating activities was $41,000 for the nine months ended June 30, 2012 compared to $1.9 million for the prior year comparable period. During the first nine months ended June 30, 2012, the Company spent $691,000 to repurchase its stock.
Shahram Askarpour, President of ISSC, commented, “During the quarter, we balanced the need to deliver results in the near term while achieving progress on the four large EMD programs that will increase our addressable market over the long term. Among the accomplishments in the quarter was the completion of the development of the Flat Panel Display System (“FPDS”) phase of the NNSA Boeing 737 program. Since the end of the quarter, we have completed the certification flight test for the FPDS phase of the program, and we expect to receive an STC from the FAA in the very near future. This certification will be the first of three STC’s that we expect to receive for the NNSA program. In June, Eclipse Aerospace officially launched initial Eclipse 550 twin-engine jet production which will include our OEM advanced avionics suite, with deliveries expected to begin in 2013. Although near term conditions remain challenging throughout the military, general aviation and commercial air transport markets, we are confident that the investments that we are making to broaden our product portfolio, for both the retrofit and OEM markets, will enable us to penetrate new and growing markets and generate attractive returns for shareholders.”