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

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.

Business Outlook

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 Call

The 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
(unaudited)
   
June 30, September 30,
  2012     2011  

ASSETS

Current Assets
Cash and cash equivalents $ 41,807,160 $ 42,625,854
Accounts receivable, net 2,700,019 3,124,114
Inventories 4,082,679 3,508,595
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
 
Other assets   160,200     208,408  
 
Total Assets $ 58,644,301   $ 58,257,604  

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 
Current Liabilities
Current portion of capitalized lease obligations $ 3,386 $ 13,189
Accounts payable 384,837 443,516
Accrued expenses 2,103,107 2,551,389
Deferred revenue   1,254,727     232,630  
 
Total current liabilities 3,746,057 3,240,724
 
Deferred income taxes 564,412 566,963
Other liabilities   95,540     189,130  
 
Total Liabilities   4,406,009     3,996,817  
 
Commitments and contingencies - -
 
Shareholders' Equity
 

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

18,319 18,287
 
Additional paid-in capital 47,669,429 47,206,690
Retained earnings 26,832,107 26,626,242
Treasury stock, at cost, 1,633,426 and 1,544,910 shares at June 30, 2012 and September 30, 2011, respectively
  (20,281,563 )   (19,590,432 )
 
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
(unaudited)
       
Three months ended Nine months ended
June 30 June 30
  2012     2011     2012     2011  
 
Sales 6,134,492 $ 5,971,494 17,650,172 19,247,375
 
Cost of Sales   3,518,867     2,811,960     9,808,232     8,621,029  
 
Gross Profit   2,615,625     3,159,534     7,841,940     10,626,346  
 
Operating expenses:
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
 
Interest income 20,557 26,885 62,492 119,740
Interest expense (120 ) (350 ) (537 ) (1,212 )
Other income   7,879     7     58,516     150,010  
 
(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
Basic $ 0.02   $ (0.00 ) $ 0.01   $ 0.04  
Diluted $ 0.02   $ (0.00 ) $ 0.01   $ 0.04  
 
Weighted Average Shares Outstanding
Basic 16,627,541 16,793,529 16,661,920 16,793,529
Diluted 16,627,541 16,793,529 16,661,927 16,839,817
 




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