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Innovative Solutions & Support, Inc. Announces Second Quarter Fiscal 2023 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 second quarter of fiscal year 2023, which ended March 31, 2023.\n\n\nFor the second quarter of fiscal 2023, net sales increased 7.2% to $7.3 million compared to $6.8 million in the second quarter a year ago. Gross profit in the second quarter of 2023 was $4.7 million, or 64.6% of sales, compared to $4.2 million, or 61.1% of sales in the second quarter of 2022. The Company reported net income of $1.3 million, or $0.07 per share in the second quarter, compared to $1.4 million, or $0.08 per share in the second quarter of fiscal 2022. The modest decrease in net income was driven by an increase in general and administrative expenses, attributable to an expansion of the Company’s sales and business development teams, and non-cash long-term incentive compensation. R&D spending also climbed due to the addition of resources to enhance product development. The impact of additional expenses was offset by increased sales and operating leverage. Tax expense in the second quarter of fiscal 2023 was $0.3 million compared to $0.4 million in the second quarter of fiscal 2022.\n\n\nShahram Askarpour, Chief Executive Officer of IS&S, said, “We reported a strong second quarter with growth driven by higher sales in our aftermarket portfolio. This was one of our strongest quarters in recent years and demonstrates a continuation of demand for our innovative products.”\n\n\nAskarpour continued, “Going forward we see significant opportunities to invest organically and inorganically in order to drive higher production capacity utilization rates to enhance our gross margin. Important to these efforts, I am pleased to report that we successfully updated our Articles of Incorporation at our recent Annual Meeting on April 13, 2023. This update meaningfully improves our ability to execute on our inorganic growth objectives and strengthens access to growth capital to execute our long-term plan.”\n\n\nThe Company’s cash on hand increased to $19.8 million as of March 31, 2022, with $0.4 million generated from operating activities during the three months ended March 31, 2023. IS&S continues to maintain its strong financial condition and flexibility with significant liquidity and no debt.\n\n\nNew orders in the...