At the end of the quarter, the Company had $760,000 due from American Airlines, Inc. Based upon the present status of the bankruptcy proceedings, we are not able to determine the amount, if any, that could be uncollectible.
For the full year fiscal 2012, we expect to be profitable on modestly reduced sales compared to 2011, which would represent our third consecutive profitable year. Our ability to provide specific targets and ranges remains difficult as a result of the current economic climate. We will provide additional commentary during our earnings conference call.
Conference CallThe Company will be hosting a conference call August 2 nd, 2012 at 10:00 AM EDT 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: 1-877-902-6515 and enter the PIN Number 05206. 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 that designs and manufactures flight guidance and cockpit display systems for Original Equipment Manufacturers (OEM’s) and retrofit applications. The company supplies integrated Flight Management Systems (FMS) and advanced GPS receivers for precision low carbon footprint navigation. Certain matters contained herein that are not descriptions of historical facts 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 Company’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 management’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.
|Innovative Solutions and Support, Inc.|
|Consolidated Balance Sheet|
|June 30,||September 30,|
|Cash and cash equivalents||$||41,807,160||$||42,625,854|
|Accounts receivable, net||2,700,019||3,124,114|
|Deferred income taxes||435,581||438,635|
|Prepaid expenses and other current assets||2,186,203||875,636|
|Total current assets||51,211,642||50,572,834|
|Property and equipment, net||7,272,459||7,476,362|
LIABILITIES AND SHAREHOLDERS' EQUITY
|Current portion of capitalized lease obligations||$||3,386||$||13,189|
|Total current liabilities||3,746,057||3,240,724|
|Deferred income taxes||564,412||566,963|
|Commitments and contingencies||-||-|
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 June 30, 2012 and September 30, 2011
Common stock, $.001 par value: 75,000,000 shares authorized, 18,276,039 and 18,286,884 issued at June 30, 2012 and September 30, 2011, respectively
|Additional paid-in capital||47,669,429||47,206,690|
|Treasury stock, at cost, 1,633,426 and 1,544,910 shares at June 30, 2012 and September 30, 2011, respectively|
|Total Shareholders' Equity||54,238,292||54,260,787|
|Total Liabilities and Shareholders' Equity||$||58,644,301||$||58,257,604|
|Innovative Solutions and Support, Inc.|
|Consolidated Statement of Operations|
|Three months ended||Nine months ended|
|June 30||June 30|
|Cost of Sales||3,518,867||2,811,960||9,808,232||8,621,029|
|Research and development||416,210||1,408,794||2,132,812||4,319,228|
|Selling, general and administrative||1,844,253||1,855,675||5,665,622||5,794,167|
|Total operating expenses||2,260,463||3,264,469||7,798,434||10,113,395|
|Operating (loss) income||355,162||(104,935||)||43,506||512,951|
|(Loss) income before income taxes||383,478||(78,393||)||163,977||781,489|
|Income tax (benefit) expense||123,507||588||(41,888||)||76,538|
|Net (loss) income||$||259,971||$||(78,981||)||$||205,865||$||704,951|
|Net (loss) income per Common Share|
|Weighted Average Shares Outstanding|
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV