Business
Innovative Solutions & Support, Inc. Announces Fourth Quarter and Full Year Fiscal 2021 Financial Results
EXTON, Pa.--(BUSINESS WIRE)-- Innovative Solutions & Support, Inc. (“IS&S” or the “Company”) (NASDAQ: ISSC) today announced its financial results for the
About this update from Innovative Solutions And Support, Inc.
[{"type":"text","content":" EXTON, Pa.--(BUSINESS WIRE)--\nInnovative Solutions & Support, Inc. (“IS&S” or the “Company”) (NASDAQ: ISSC) today announced its financial results for the fourth quarter and full fiscal year 2021 ended September 30, 2021.\n\nFor the fourth quarter of fiscal 2021, the Company reported net sales of $6.9 million up over 9% as compared to $6.3 million in the fourth quarter a year ago. The Company reported net income of $1.5 million, or $0.09 per share, an increase of 23% compared to $1.2 million, or $0.07 per share, in the fourth quarter of fiscal 2020. The Company recorded tax expense in the fourth quarter of fiscal 2021 of $0.4 million, no tax expense was incurred in the fourth quarter of fiscal 2020.\n\nGeoffrey Hedrick, Chairman and Chief Executive Officer of IS&S, said, “The fourth quarter was a strong finish to another year of solid growth. Revenues and earnings were up for the third consecutive year and, led by an expansion in gross margins, it was our most profitable year in over a decade. Cash flows from operating activities more than doubled from a year ago, and we once again ended the year in a strong financial position.\n\n“Just as importantly, we continued to strengthen our franchise this quarter. During the quarter we were awarded European Union Aviation Safety Agency (EASA) and Transport Canada Civil Aviation (TCCA) Supplemental Type Certifications (STC) for our ThrustSense® Full Regime Autothrottle for King Air so that now over forty countries outside of the US have approved our revolutionary auto-throttle technology. In addition, we announced we are taking orders for the ThrustSense® Autothrottle system with LifeGuard™ Protection for CJ series aircraft outfitted with Pro Line 21, Pro Line Fusion, and Garmin avionics for delivery in early 2022. Both of these accomplishments serve to deepen and broaden our addressable market. We are already entering the new year with a backlog that is almost triple that of a year ago, and with this continued enhancement and expansion of our product portfolio, we believe we can continue to profitably grow the business in the coming year.”\n\nThe Company’s cash on hand increased to $8.3 million at September 30, 2021, with net cash flows from operating activities of $800,000 in the fourth quarter. The company generated $4.6 million of cash flows from operating activities for the full fi...