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Innovative Solutions & Support, Inc. Announces Third Quarter Fiscal 2020 Financial Results
Recent OEM Contract with Textron Further Solidifies Growing ThrustSense® Auto-Throttle Franchise EXTON, Pa.--(BUSINESS WIRE)-- Innovative Solutions &
About this update from Innovative Solutions And Support, Inc.
[{"type":"text","content":"\nRecent OEM Contract with Textron Further Solidifies Growing ThrustSense® Auto-Throttle Franchise \n\n EXTON, Pa.--(BUSINESS WIRE)--\nInnovative Solutions & Support, Inc. (“IS&S” or the “Company”) (NASDAQ: ISSC) today announced its financial results for the third quarter of fiscal 2020, ended June 30, 2020.\n\n\nFor the third quarter of fiscal 2020, the Company reported net sales of $6.0 million, up 30% from $4.6 million in the third quarter a year ago. The Company reported third quarter net income of $1.3 million, or $0.07 per share, an increase of 146% and 133% respectively, as compared to the $0.5 million, or $0.03 per share, in the third quarter of fiscal 2019.\n\n\nGeoffrey Hedrick, Chairman and Chief Executive Officer of IS&S, said, “The necessary and prudent actions we implemented early on to reduce the impact of the pandemic have once again led to a strong performance. Revenues increased 30% in the third quarter as compared to the prior quarter, and we generated our best quarterly operating income in thirteen quarters and our best nine months operating income in four years. We signed an OEM contract to supply Textron with our ThrustSense® Auto-throttle with LifeGuard™ Protection as standard equipment on all their new King Air 360 turboprops. Textron will also offer Auto-throttle with LifeGuard™ Protection for retrofit at all of its service centers to the thousands of King Airs currently in use. Our financial performance over the last few quarters, as well as the expanding number of new OEM platforms on which IS&S is standard equipment, are strong indicators of the value of our innovative technology. We believe our increased market presence will lead to more profitable growth opportunities and continue to build shareholder value.”\n\n\nAt June 30, 2020, the Company had $23.0 million of cash on hand, as net cash flows from operating activities were $0.6 million over the first nine months of the year. New orders in the third quarter of fiscal 2020 were approximately $2.7 million, and backlog as of June 30, 2020 was $6.5 million. Backlog excludes potential future sole-source production orders from the Pilatus PC-24, KC-46A and the Textron King Air 360 all of which are currently in production. The Company expects these programs to remain in production for multiple years and that these contracts will add to production sales a...