At September 30, 2012, the Company had $43.0 million of cash on hand and no debt. During the fourth quarter of the current fiscal year the Company used cash of approximately $107,000 to repurchase 31,221 shares of Company stock at an average cost of $3.44 per share.Backlog was approximately $19.7 million at September 30, 2012, compared to $23.0 million at June 30, 2012, and $27.5 million at September 30, 2011. For the year, new orders of $28.2 million exceeded sales of $24.6 million. Backlog at September 30, 2012 was net of $11.4 million of order reductions primarily by American Airlines. We expect backlog to improve in the future because of potential future sole source production sales resulting from the present customer-funded Engineering Modification and Development (“EMD”) contracts.
Innovative Solutions & Support, Inc. Announces Fourth Quarter And Fiscal 2012 Financial Results
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