Welcome to our dedicated page for Innovative Sol news (Ticker: ISSC), a resource for investors and traders seeking the latest updates and insights on Innovative Sol stock.
Innovative Solutions & Support, Inc. (Nasdaq: ISSC), doing business as Innovative Aerosystems, regularly issues news and updates related to its role as a provider of advanced avionic solutions for commercial, business aviation and military markets. Headquartered in Exton, Pennsylvania, the company reports on developments in its engineering, manufacturing and supply of avionics for both airframe manufacturers and aftermarket services serving fixed-wing and rotorcraft fleets.
News for ISSC often centers on quarterly and annual financial results, where the company discusses trends in net revenue, gross profit, net income and non-GAAP metrics such as EBITDA and Adjusted EBITDA. These releases typically provide commentary from management on performance drivers, including contributions from specific product lines, military programs and air transport markets, as well as updates on order activity and backlog across platforms like Pilatus PC-24, Textron King Air, Boeing T-7 Red Hawk, Boeing KC-46A and Lockheed Martin F-16.
Investors can also find announcements about strategic initiatives, such as the rebranding to Innovative Aerosystems, expansion of the Exton manufacturing facility, integration of acquired Honeywell military product lines and the implementation of enterprise systems to support scaling the business. Capital structure and liquidity updates, including the entry into a committed credit agreement led by JPMorgan Chase Bank, N.A., are communicated through press releases and related SEC filings.
Governance and corporate developments appear in the news flow as well, including board appointments and information about investor conference participation and scheduled earnings calls. For followers of ISSC stock, the news stream offers insight into the company’s operational progress, program participation, capital resources and strategic priorities over time.
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Innovative Solutions & Support, Inc. (NASDAQ: ISSC) will release its second quarter 2023 results on May 8, 2023, after market close. The Company will hold a conference call at 4:30 pm ET on the same day to discuss these results. Interested participants can join the call by calling 1-877-451-6152 or 1-201-389-0879. Additionally, a live webcast will be available for access on their investor relations website. A telephonic replay will be accessible post-call until May 22, 2023, using access code 13738500. Innovative Solutions & Support, Inc. designs and manufactures advanced flight guidance systems.
Innovative Solutions & Support (ISSC) announced a production order from Boeing (BA) for its GPS Sensor Units for the T-7A Red Hawk trainer. Deliveries will start in July 2023 and continue throughout the U.S. Air Force program's lifespan. This marks ISSC's fourth OEM production contract, building on existing agreements with Pilatus Aircraft and Textron Aviation. The GPS/WAAS Beta-3 Receiver, crucial for the aircraft's navigation and safety features, meets FAA compliance standards and has undergone extensive testing. ISSC highlights its commitment to developing advanced products that align with evolving aerospace industry needs.
Innovative Solutions & Support, Inc. (NASDAQ: ISSC) has received unanimous support from leading proxy advisory firms ISS and Glass Lewis for its 2023 Annual Meeting agenda, set for April 13, 2023, at 10:00 AM EST. Shareholders are urged to submit their votes by April 12, 2023. A key proposal seeks to amend voting requirements from a super-majority to a simple majority, necessitating 65% approval from shares outstanding. Both advisory firms believe this change enhances corporate governance and facilitates shareholder interests. More details are available on ISSC's Investor Relations page.
Innovative Solutions & Support (ISSC) reported Q1 fiscal 2023 results, with net sales of $6.5 million, down from $6.7 million in Q1 fiscal 2022. The gross profit was $3.7 million, a decrease from $4.0 million, and net income fell to $0.7 million ($0.04 per share) from $1.1 million ($0.07 per share). Increased general and administrative expenses, notably from non-cash compensation and legal fees, contributed to this decline. Despite this, cash generated from operations rose to $2.2 million, and total cash on hand reached $19.4 million. The company's backlog improved to $8.5 million, bolstered by ongoing demand across all segments.
Innovative Solutions & Support, Inc. (NASDAQ: ISSC) will release its first-quarter fiscal 2023 results on February 14, 2023, after market close. A conference call will follow at 4:30 PM ET to discuss the results. Participants can join via phone or a live webcast. The replay will be available until February 28, 2023. Headquartered in Exton, Pennsylvania, ISSC designs and manufactures flight guidance systems for OEMs and retrofit applications, offering integrated Flight Management Systems and advanced GPS receivers.
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