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

At the end of the quarter, the Company had $760,000 due from American Airlines. 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 fiscal year ending September 30, 2013, we expect to increase sales and generate profit, which would represent our fifth consecutive profitable year. Our ability to provide specific targets and ranges remains difficult as a result of the uncertain current economic climate; however, we are cautiously optimistic about results for 2013. We anticipate that sales will increase over 2012 sales; however, income before income taxes will not grow as fast as sales because of the continued high investment in lower margin EMD programs and in IR&D. We will provide additional commentary during our earnings conference call.

Conference Call

The Company will be hosting a conference call December 6, 2012 at 10:00 AM ET 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: 877-883-0383 and enter the PIN Number 2640289. 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, Pennsylvania, 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 navigation resulting in low carbon footprint.

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 Statement of Operations
(unaudited)
 
Three months ended Twelve months ended
September 30, September 30,
  2012     2011     2012     2011  
 
Sales $ 6,928,026 $ 6,490,277 24,578,198 25,737,652
 
Cost of Sales   4,259,701     3,324,155     14,067,933     11,945,184  
 
Gross Profit 2,668,325 3,166,122 10,510,265 13,792,468
 
Operating expenses:
Research and development 560,741 1,181,696 2,693,554 5,500,924
Selling, general and administrative   1,734,578     1,889,470     7,400,199     7,683,637  
Total operating expenses 2,295,319 3,071,166 10,093,753 13,184,561
 
Operating income 373,006 94,956 416,512 607,907
 
Interest income 38,521 24,202 101,012 143,942
Interest expense (61 ) (297 ) (598 ) (1,509 )
Other income   6,489     -     65,005     150,010  
 
Income before income taxes 417,955 118,861 581,931 900,350
 
Income tax (benefit) expense   (2,355,174 )   107,222     (2,397,063 )   183,760  
 
Net income $ 2,773,129   $ 11,639   $ 2,978,994   $ 716,590  
 
Net income per Common Share
Basic $ 0.17   $ 0.00   $ 0.18   $ 0.04  
Diluted $ 0.17   $ 0.00   $ 0.18   $ 0.04  
 
Weighted Average Shares Outstanding
Basic 16,581,819 16,782,262 16,641,895 16,782,223
Diluted 16,581,819 16,811,629 16,641,900 16,824,621
   
Innovative Solutions and Support, Inc.
Consolidated Statement of Operations
(unaudited)
 
September 30, September 30,
  2012     2011  

ASSETS

Current Assets
Cash and cash equivalents $ 42,977,501 $ 42,625,854
Accounts receivable, net 3,978,512 3,124,114
Inventories 3,801,547 3,508,595
Deferred income taxes 1,588,162 438,635
Prepaid expenses and other current assets   2,031,644     875,636  
 
Total current assets 54,377,366 50,572,834
 
Property and equipment, net 7,214,378 7,476,362
Long term deferred income taxes 846,887
Other assets   158,600     208,408  
 
Total Assets $ 62,597,231   $ 58,257,604  
 

LIABILITIES AND SHAREHOLDERS' EQUITY

 
Current Liabilities
Current portion of capitalized lease obligations $ - $ 13,189
Accounts payable 1,139,464 443,516
Accrued expenses 2,723,812 2,551,389
Deferred revenue   1,426,552     232,630  
 
Total current liabilities 5,289,828 3,240,724
 
Long term deferred income taxes 128,998 566,963
Other liabilities   98,002     189,130  
 
Total Liabilities   5,516,828     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 September 30, 2012 and 2011

- -
 

Common stock, $.001 par value: 75,000,000 shares authorized, 18,329,314 and 18,286,884 issued at September 30, 2012 and 2011, respectively

18,329 18,287
 
Additional paid-in capital 47,845,732 47,206,690
Retained earnings 29,605,236 26,626,242
Treasury stock, at cost, 1,756,632 and 1,544,910 shares at September 30, 2012 and 2011, respectively   (20,388,894 )   (19,590,432 )
 
Total Shareholders' Equity   57,080,403     54,260,787  
 
Total Liabilities and Shareholders' Equity $ 62,597,231   $ 58,257,604  




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