Innovative Solutions & Support, Inc. (NASDAQ: ISSC) has announced its financial results for the third quarter of fiscal 2017 ended June 30, 2017, the company said.
For the third quarter of fiscal 2017, the company reported net sales of USD 4.5 million, compared to third quarter fiscal 2016 net sales of USD 6.5 million. Gross margins in the third quarter were 52% compared to 60% in the third quarter of fiscal 2016. The company reported net income of USD 19,000, or approximately USD 0.00 per fully diluted share, for the third quarter of 2017 compared to net income of USD 227,000, or USD 0.01 per fully diluted share, for the third quarter of 2016.
At June 30, 2017, the company had USD 25.0 million of cash on hand, an increase of USD 6.2 million compared to September 30, 2016, our last fiscal year end.
New orders in the third quarter of fiscal 2017 were USD 3.0 million and backlog, as of June 30, 2017, was USD 4.3 million. Backlog excludes potential future sole-source production orders from products developed under the company´s Pilatus PC-24 and Boeing KC-46A engineering development contracts, both of which the company expects to remain in production for more than a decade. The company expects that these contracts will add to their production sales already in backlog.
Total net sales for the nine months ended June 30, 2017 were USD 12.6 million compared to USD 21.7 million for the first nine months of fiscal 2016. Gross margin for the first nine months of fiscal 2017 was 50% compared to 60%(1) in the year ago period. Net income for the nine months ended June 30, 2017 was USD 4.8 million, or USD 0.28 per fully diluted share, compared to USD 1.6 million(1), or USD 0.09 per fully diluted share(1), over the first three quarters of fiscal 2016. In the second quarter of 2017, as a result the settlement of the Delta Airlines, Inc. (“Delta”) lawsuit, the company recognized USD 4.1 million of other income.
Headquartered in Exton, Pa., Innovative Solutions & Support, Inc. (www.innovative-ss.com) is a systems integrator that designs and manufactures flight guidance and cockpit display systems for Original Equipment Manufacturers (OEMs) and retrofit applications. The company supplies integrated Flight Management Systems (FMS) and advanced GPS receivers for precision low carbon footprint navigation.