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Innovative Solutions & Support, Inc. (NASDAQ: ISSC) today announced its financial results for the first quarter of fiscal 2013, ended December 31, 2012.
For the first quarter, the Company reported revenue of $6.5 million, a 35 percent increase compared to the first quarter fiscal 2012 revenue of $4.8 million. The Company reported first quarter 2013 net income of $318,000, or $0.02 per diluted share, compared to a loss of $343,000, or ($0.02) per fully diluted share, in the same quarter a year ago.
Geoffrey Hedrick, Chairman and Chief Executive Officer of Innovative Solutions & Support, Inc. (“ISSC”) said, “The year is off to a strong start, with 35 percent revenue growth leading to our fourth consecutive profitable quarter. New orders totaled over $16 million in the quarter, which increased backlog by nearly $10 million over the last three months. The majority of the orders are related to strategically important new products. These results reflect our strategy of growth through a combination of near term orders for existing products and simultaneous investment in new capabilities that build upon our proprietary technology to develop new opportunities for us across our various commercial air transport, general aviation, and military markets. Over the course of this year, we expect R & D spending to remain elevated and gross margins to reflect a higher mix of Engineering Modification and Development (“EMD”) contracts as we focus on completing programs that will enable us to bring new products to market. Despite the continuing high level of engineering spend on EMD programs and IR&D, we expect to remain profitable. We are progressing toward the next phase of our growth strategy, as we begin a transition from new product development to production orders.”
In December 2012, the Company paid a special cash dividend of $1.50 per share, or an aggregate payment of approximately $25 million. At December 31, 2012, the Company had $17 million in cash and no debt.