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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.
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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.
Innovative Solutions & Support, Inc. (NASDAQ: ISSC) CEO Shahram Askarpour and CFO Mike Linacre will engage in a fireside chat at the Shareholder Equity Conference on January 23, 2023, at 11:00 am ET. This interactive session aims to provide retail investors with direct access to management for questions and insights.
The event will be webcast live, accessible here, with a replay available for one year post-event. ISSC specializes in flight guidance and cockpit display systems.