Business
Innovative Solutions & Support, Inc. Announces Third Quarter Fiscal 2022 Revenues and Earnings
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 third quarter and first nine months of fiscal year 2022, ending June 30, 2022.\n\nFor the third quarter of fiscal 2022, the Company reported net sales of $6.9 million, up from 12% from $6.2 million reported for the third quarter of fiscal 2021. Net income for the third quarter of fiscal 2022 was $1.4 million, or $0.08 per share, compared to $2.7 million, or $0.16 per share, in the same quarter a year ago. Third quarter fiscal 2021 results include a $1.5 million, or $0.09 per share, tax benefit from the release of a deferred tax valuation allowance. The Company reported a 41% increase in operating income, rising to $1.7 million from $1.2 million a year ago.\n\nShahram Askarpour, Chief Executive Officer, said, \"I am pleased to report another quarter of strong growth in revenue, operating income and cash flow.\n\nMr. Askarpour added, \"I am also pleased to welcome two experienced aviation industry professionals to our Board, Ms. Parizad Olver (Parchi) and Mr. Stephen L. Belland. Both individuals strengthen our Board with their extensive experience in aviation finance and aerospace and defense, respectively. In addition, I want to also welcome Michael Linacre as Chief Financial Officer. Mike has an accomplished track record of successful financial management and driving financial results. He has recently joined IS&S as CFO upon the retirement of Relland Winand. I believe we have a leadership team that will continue to drive growth and create value for our shareholders.”\n\nCash Flow, New Orders and Backlog\n\nThe Company’s cash on hand increased to $14.5 million at June 30, 2022, from $8.3 million at the end the latest fiscal year end. Net cash provided by operating activities was $6.4 million for the first nine months of the year.\n\nNew orders in the third quarter of fiscal 2022 were approximately $12.0 million and backlog as of June 30, 2022, was $12.6 million, up from $7.5 million at March 31, 2022. Only purchase orders in hand from the Pilatus PC-24, Textron King Air and the KC-46A long-term programs are included in the backlog total. The Company expects these programs to remain in production for approximately a decade and believes that they will continue to add to prod...