Innovative Solutions & Support, Inc. Announces Third Quarter Fiscal 2022 Revenues and Earnings
For the third quarter of fiscal 2022, the Company reported net sales of
Cash Flow, New Orders and Backlog
The Company’s cash on hand increased to
New orders in the third quarter of fiscal 2022 were approximately
Nine Months Results
Total sales for the nine months ended
Conference Call
The Company will be hosting a conference call on
About
Headquartered in
Certain matters contained herein that are not descriptions of historical facts are "forward-looking" (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in filings made by the Company with the
Condensed Consolidated Statements of Operations |
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Three Months Ended |
Nine Months Ended |
|||||||||||||
2022 |
2021 |
2022 |
2021 |
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|
||||||||||||||
Product |
$ |
6,935,976 |
$ |
5,981,462 |
|
$ |
20,279,371 |
$ |
15,886,967 |
|
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Engineering development contracts |
|
- |
|
198,721 |
|
|
198,203 |
|
284,713 |
|
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Total net sales |
|
6,935,976 |
|
6,180,183 |
|
|
20,477,574 |
|
16,171,680 |
|
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Cost of sales: |
||||||||||||||
Product |
|
2,879,462 |
|
2,764,765 |
|
|
8,253,981 |
|
7,270,708 |
|
||||
Engineering development contracts |
|
- |
|
60,916 |
|
|
16,748 |
|
77,656 |
|
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Total cost of sales |
|
2,879,462 |
|
2,825,681 |
|
|
8,270,729 |
|
7,348,364 |
|
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Gross profit |
|
4,056,514 |
|
3,354,502 |
|
|
12,206,845 |
|
8,823,316 |
|
||||
Operating expenses: |
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Research and development |
|
676,381 |
|
646,795 |
|
|
2,062,937 |
|
1,936,747 |
|
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Selling, general and administrative |
|
1,694,233 |
|
1,512,138 |
|
|
5,226,015 |
|
4,847,410 |
|
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Total operating expenses |
|
2,370,614 |
|
2,158,933 |
|
|
7,288,952 |
|
6,784,157 |
|
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Operating income |
|
1,685,900 |
|
1,195,569 |
|
|
4,917,893 |
|
2,039,159 |
|
||||
Interest income |
|
10,429 |
|
107 |
|
|
10,871 |
|
1,138 |
|
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Other income |
|
21,608 |
|
17,231 |
|
|
49,401 |
|
50,994 |
|
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Income before income taxes |
|
1,717,937 |
|
1,212,907 |
|
|
4,978,165 |
|
2,091,291 |
|
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Income tax expense |
|
358,763 |
|
(1,473,014 |
) |
|
1,056,363 |
|
(1,443,352 |
) |
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|
|
|
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Net income |
$ |
1,359,174 |
$ |
2,685,921 |
|
$ |
3,921,802 |
$ |
3,534,643 |
|
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|
|
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Net income per common share: |
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Basic |
$ |
0.08 |
$ |
0.16 |
|
$ |
0.23 |
$ |
0.21 |
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Diluted |
$ |
0.08 |
$ |
0.16 |
|
$ |
0.23 |
$ |
0.21 |
|
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Weighted average shares outstanding: |
||||||||||||||
Basic |
|
17,261,349 |
|
17,230,387 |
|
|
17,253,822 |
|
17,222,312 |
|
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Diluted |
|
17,265,798 |
|
17,231,438 |
|
|
17,255,305 |
|
17,223,908 |
|
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Condensed Consolidated Balance Sheets |
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2022 |
|
|
2021 |
|
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(Unaudited) |
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ASSETS |
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Current assets |
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Cash and cash equivalents |
$ |
14,541,901 |
|
$ |
8,265,606 |
|
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Accounts receivable |
|
3,003,362 |
|
|
4,046,337 |
|
||
Inventories |
|
4,905,034 |
|
|
4,545,392 |
|
||
Prepaid expenses and other current assets |
|
778,850 |
|
|
833,076 |
|
||
Assets held for sale |
|
1,558,475 |
|
|
- |
|
||
Total current assets |
|
24,787,622 |
|
|
17,690,411 |
|
||
Property and equipment, net |
|
6,381,461 |
|
|
8,143,483 |
|
||
Deferred income taxes |
|
278,085 |
|
|
1,063,822 |
|
||
Other assets |
|
168,900 |
|
|
188,284 |
|
||
|
|
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Total assets |
$ |
31,616,068 |
|
$ |
27,086,000 |
|
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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Current liabilities |
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Accounts payable |
$ |
752,479 |
|
$ |
623,620 |
|
||
Accrued expenses |
|
1,683,430 |
|
|
1,431,115 |
|
||
Contract liability |
|
329,116 |
|
|
417,504 |
|
||
|
|
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Total current liabilities |
|
2,765,025 |
|
|
2,472,239 |
|
||
Other liabilities |
|
18,407 |
|
|
28,680 |
|
||
|
|
|||||||
Total liabilities |
|
2,783,432 |
|
|
2,500,919 |
|
||
Commitments and contingencies (See Note 6) |
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Shareholders' equity |
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Preferred stock, 10,000,000 shares authorized, |
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200,000 shares are authorized as Class A Convertible stock. No shares |
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issued and outstanding at |
|
- |
|
|
- |
|
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Common stock, |
||||||||
19,372,664 and 19,342,823 issued at |
|
19,373 |
|
|
19,343 |
|
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Additional paid-in capital |
|
52,142,818 |
|
|
51,817,095 |
|
||
(Accumulated deficit) |
|
(1,961,018 |
) |
|
(5,882,820 |
) |
||
|
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and |
|
(21,368,537 |
) |
|
(21,368,537 |
) |
||
|
|
|||||||
Total shareholders' equity |
|
28,832,636 |
|
|
24,585,081 |
|
||
Total liabilities and shareholders' equity |
$ |
31,616,068 |
|
$ |
27,086,000 |
|
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