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Innovative Solutions & Support, Inc. Announces First Quarter Fiscal 2013 Financial Results

Conference Call

The Company will be hosting a conference call January 24, 2013 at 10:00 AM ET to discuss these results and its business outlook. Those planning to dial in to the call should dial the following number and register their names and company affiliations: 877-883-0383, and enter the PIN Number 0070901. 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)
 
       
December 31, September 30,
2012 2012

ASSETS

Current Assets
Cash and cash equivalents $ 17,027,886 $ 42,977,501
Accounts receivable, net 4,238,626 3,978,512
Inventories 3,467,694 3,801,547
Deferred income taxes 1,683,578 1,588,162
Prepaid expenses and other current assets   3,669,728     2,031,644  
 
Total current assets 30,087,512 54,377,366
 
Property and equipment, net 7,151,650 7,214,378
Non-current deferred income taxes 697,805 846,887
Other assets   145,400     158,600  
 
Total Assets $ 38,082,367   $ 62,597,231  
 

LIABILITIES AND SHAREHOLDERS' EQUITY

 
Current Liabilities
Accounts payable $ 779,288 $ 1,139,464
Accrued expenses 2,609,028 2,723,812
Deferred revenue   1,161,532     1,426,552  
 
Total current liabilities 4,549,848 5,289,828
 
Deferred income taxes 129,201 128,998
Other liabilities   77,376     98,002  
 
Total Liabilities   4,756,425     5,516,828  
 
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 December 31, 2012 and September 30, 2012

- -
 

Common stock, $.001 par value: 75,000,000 shares authorized, 18,521,044 and 18,329,314 issued at December 31, 2012 and September 30, 2012, respectively

18,521 18,329
 
Additional paid-in capital 48,781,705 47,845,732
Retained earnings 4,915,307 29,605,236

Treasury stock, at cost, 1,756,807 and 1,756,632 shares at December 31, 2012 and September 30, 2012, respectively

  (20,389,591 )   (20,388,894 )
 
Total Shareholders' Equity   33,325,942     57,080,403  
 
Total Liabilities and Shareholders' Equity $ 38,082,367   $ 62,597,231  
 
 
Innovative Solutions and Support, Inc.
Consolidated Statement of Operations
(unaudited)
       
 
Three months ended December 31,
2012 2011
 
Sales $ 6,536,734 $ 4,755,459
 
Cost of Sales   3,496,482   2,629,860  
 
Gross Profit 3,040,252 2,125,599
 
Operating expenses:
Research and development 850,852 790,223
Selling, general and administrative   1,804,809   1,993,575  
Total operating expenses 2,655,661 2,783,798
 
Operating income (loss) 384,591 (658,199 )
 
Interest income 17,572 21,779
Interest expense - (237 )
Other income   11,545   42,069  
 
Income (loss) before income taxes 413,708 (594,588 )
 
Income tax expense (benefit)   96,119   (251,609 )
 
Net income (loss) $ 317,589 $ (342,979 )
 
Net income (loss) per common share
Basic $ 0.02 $ (0.02 )
Diluted $ 0.02 $ (0.02 )
 
Weighted Average Shares Outstanding
Basic 16,613,122 16,721,494
Diluted 16,613,128 16,721,494
 




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