Innovative Solutions & Support, Inc. (NASDAQ: ISSC) said that for the third quarter of fiscal 2015, the company reported revenues of USD4.9 million, compared to revenues of USD10.6 million for the third quarter of fiscal 2014.
Cash provided by operating activities was USD150,000 for the quarter, a significant turnaround from USD813,000 used in operating activities in the third quarter of fiscal 2014.
The company reported a third quarter 2015 operating loss of USD0.3 million, which included an increased investment in internal research and development and new product development, and a net loss of USD3.5 million, or USD0.21 per share, of which USD3.3 million was attributable to a non-cash, valuation allowance of the company´s deferred tax assets.
In the third quarter of 2014, the company reported net income of USD497,000, or USD0.03 per share.
At June 30, 2015, the company had USD15.8 million of cash on hand and remained debt free.
Headquartered in Exton, Pa., Innovative Solutions & Support, Inc. is a systems integrator that designs and manufactures flight guidance and cockpit display systems for original equipment manufacturers and retrofit applications. The company supplies integrated Flight Management Systems (FMS) and advanced GPS receivers for precision low carbon footprint navigation.