FLYHT revenue up 6% YoY

FLYHT Aerospace Solutions Ltd. (TSX VENTURE:FLY) (OTCQX:FLYLF) said it had revenue of USD1,598,603 in the second quarter, a six percent increase from 2014´s second quarter.

Net loss for the quarter at USD1,943,924, compared to a loss of USD46,926 in the same period last year; in 2014 a USD1,950,957 reversal of a provision for settlement of a liability was recorded in the second quarter.

Recurring revenue (voice and data services) of USD855,121, showed a decrease of 4.3 percent over the second quarter of 2014 due mainly to suspended modems on slow paying customers, and parts sales of USD285,459, an increase of 155 percent from the second quarter of 2014.

Administration expenses decreased to USD943,931 or 15.7 percent versus the second quarter of 2014.

R&D expense increased from USD673,167 in 2014 (when the USD1,950,957 litigation settlement provision reversal in that year is excluded) to USD737,968.

FLYHT provides proprietary technological products and services designed to reduce costs and improve efficiencies in the airline industry. The company has patented and commercialized three products and associated services currently marketed to airlines, manufacturers and maintenance organizations around the world.