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Innovative Solutions & Support, Inc., doing business as Innovative Aerosystems, reports developments in advanced avionics engineering, manufacturing and supply for commercial, business aviation and military markets. Its updates regularly cover financial results, conference calls, airframe manufacturer and aftermarket demand, and product areas such as flight management systems, flat-panel cockpit displays, standby units, air data instrumentation, autothrottles, flight control computers, mission computers and navigation systems.
Company news also includes completed product-line and license acquisitions that expand its integrated cockpit, autopilot, electrical power generation and sustainment capabilities. Recent releases describe support for fixed-wing and rotorcraft applications, general aviation product lines, Boeing 767, KC-46 and F-15 power-generator platforms, and lifecycle support for OEM and aftermarket customers.
Innovative Solutions & Support (Nasdaq: ISSC) has announced an exclusive license agreement and asset acquisition for additional Communication and Navigation product lines from Honeywell International. This deal complements a previous transaction completed in June 2023. IS&S will gain exclusive rights to manufacture, upgrade, and repair these Honeywell products, along with existing inventory.
CEO Shahram Askarpour stated that this acquisition aligns with their growth strategy and will strengthen their offerings in air transport, business aviation, and military markets. CFO Jeff DiGiovanni emphasized that the new product lines are complementary to their existing portfolio and consistent with their acquisition strategy. The company maintains a strong financial profile with ample liquidity to support operations and pursue further growth opportunities, including potential acquisitions.
Innovative Solutions & Support (ISSC) responded to an unsolicited, non-binding indication of interest from Christopher Harborne to acquire all ISSC shares at $7.25 each.
However, the ISSC Board unanimously determined that the offer undervalues the company, lacks certainty, and is not in the best interests of stakeholders.
The Board expressed confidence in the senior management's ability to achieve long-term strategic goals, aiming to generate superior value for shareholders and stakeholders.
Innovative Solutions & Support (NASDAQ: ISSC) has acknowledged an unsolicited, non-binding indication of interest from Christopher Harborne to acquire all ISSC shares not already owned by him at $7.25 per share in cash. This proposal is subject to several conditions including negotiation, due diligence, definitive agreements, and regulatory approvals. The Board of Directors will review the proposal with financial and legal advisors to determine the best course of action for stakeholders. Shareholders do not need to take any action currently. ISSC, based in Exton, Pa., designs and manufactures flight guidance and cockpit display systems.
Innovative Solutions & Support (NASDAQ: ISSC) announced its participation in the Singular Research Spring Select Conference on May 22, 2024.
Jeff DiGiovanni, CFO, will present at 3:00PM PDT (6:00PM EDT), and the presentation will be broadcast live.
Mr. DiGiovanni will be available for one-on-one meetings during the conference.
Interested parties can register for the event or schedule meetings through the provided registration link.
Innovative Solutions & Support (ISSC), a NASDAQ-listed company, has appointed Major General Garry Dean as an independent director on its Board of Directors. Dean, a retired National Guard Bureau Joint Staff Director with over 4,000 flight hours in the T-37, T-38, and F-15 airframes, will stand for election at the next annual shareholders' meeting. His extensive military aviation and government relations expertise is expected to reinforce the board's strategic oversight capabilities. The Board of Directors now includes five members. ISSC specializes in flight guidance and cockpit display systems for OEMs and retrofit applications, providing advanced navigation solutions.
Innovative Solutions & Support, Inc. announced its financial results for the second quarter of fiscal 2024, reporting net sales of $10.7 million, a 46% increase compared to the same period last year. Net income was $1.2 million, with earnings per share of $0.07. The growth was driven by product lines acquired from Honeywell International, Inc. New orders were $6.6 million, and backlog stood at $10.4 million. The Company remains focused on organic growth, new product development, and acquisitions.
Innovative Solutions & Support, Inc. will participate in the Sidoti Virtual MicroCap Investor Conference on May 8, 2024. The Company's presentation will be broadcast live at 1:00PM. Management will also be available for one-on-one meetings during the conference. Registration is free and open to all.
Innovative Solutions & Support, Inc. (ISSC) announced the date for the release of its second-quarter fiscal 2024 financial results on May 13, 2024. The company will host a conference call and webcast to discuss the results later that day.
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