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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, Inc. (NASDAQ: ISSC) reported a 3% increase in net sales to $6.2 million for Q3 fiscal 2021, alongside a net income of $2.7 million, or $0.16 per share. The results included a $1.5 million tax benefit, marking a 108% rise year-over-year. With cash on hand at $7.5 million and operating cash flows of $1.5 million, the company remains debt-free and has distributed nearly $20 million to shareholders since September 2020. New orders totaled approximately $9.0 million, with a backlog of $9.5 million, a 40% increase from the previous quarter.
Innovative Solutions & Support (NASDAQ: ISSC) will announce its Q3 2021 results on August 11, 2021, after market close. The following day, a conference call at 10:00 AM ET will discuss these results. Investors can register for the call by dialing 1-877-270-2148. The call will also be available live on their Investor Relations website and for 30 days afterward. Innovative Solutions is a systems integrator specializing in flight guidance and cockpit display systems for OEMs and retrofit applications, focusing on low carbon footprint navigation solutions.
Innovative Solutions & Support, Inc. (ISSC) has announced an increase in delivery rates for its Utilities Management System (UMS) for the Pilatus PC-24 Super Versatile Jet, responding to heightened demand. The UMS, standard in every production PC-24, enhances aircraft safety by automating normal and emergency tasks while reducing crew workload. It monitors over 20 systems, simplifies controls, and improves redundancy. IS&S congratulated Pilatus on the PC-24's success, emphasizing the UMS's open architecture for in-house enhancements.
Innovative Solutions & Support (NASDAQ: ISSC) has secured a contract with a leading online retailer to retrofit their Boeing aircraft with its advanced Cockpit/IP® Flight/Navigation Display System. The initial order includes 11 ship sets. This retrofit aims to enhance operational performance, reduce fuel consumption and CO2 emissions, and simplify maintenance, all while increasing the residual value of older aircraft. The upgrade can be completed in just 24 hours by utilizing existing wiring, thereby minimizing downtime.
Innovative Solutions & Support, Inc. (NASDAQ: ISSC) reported a strong second quarter for fiscal 2021, with net sales rising to $5.1 million from $4.8 million in Q2 2020. Net income increased to $0.6 million, or $0.04 per share, compared to $0.4 million, or $0.03 per share, a year ago. The company also showed positive cash flow of $0.6 million and maintained a cash reserve of $6.0 million. New orders reached $7.6 million, boosting backlog to $6.7 million. The firm's performance benefits from diversifying markets and increased demand for products like ThrustSense® AutoThrottle.
Innovative Solutions & Support, Inc. (NASDAQ: ISSC) is set to announce its second quarter 2021 financial results on May 12, 2021, after market close. A conference call for discussing these results will take place on May 13, 2021, at 10:00 AM Eastern time. This call can be accessed via dial-in at 1-877-270-2148 and will also be streamed live on the company's Investor Relations page.
Based in Exton, PA, ISSC specializes in designing and manufacturing flight guidance and cockpit display systems.
Innovative Solutions & Support, Inc. (NASDAQ: ISSC) reported a revenue increase to $4.9 million for Q1 fiscal 2021, rising from $4.5 million in Q1 fiscal 2020. Operating income held steady at $232,000, while net income decreased to $240,000 or $0.01 per share, down from $328,000 or $0.02 per share a year earlier. The company declared a $0.50 special dividend, contributing to nearly $20 million returned to shareholders in six months. As of December 31, 2020, cash on hand totaled $5.6 million, supported by strong operating cash flows of $1.7 million.
Innovative Solutions & Support, Inc. (NASDAQ: ISSC) will release its Q1 2021 financial results after the market closes on February 10, 2021. A conference call is scheduled for February 11, 2021, at 10:00 AM ET to discuss these results. The call can be accessed by dialing 1-844-739-3798, and no conference ID is required. Additionally, the call will be streamed live on the Company’s Investor Relations page and available for replay for 30 days. ISSC specializes in flight guidance and cockpit display systems, offering integrated Flight Management Systems and advanced GPS solutions.
Innovative Solutions & Support (NASDAQ: ISSC) announced that its Cockpit/IP® FPDS system upgrade is now operational on over 400 Boeing 757 and 767 aircraft worldwide. The shift towards cargo operations has increased demand for freight-configured aircraft, benefiting older models like these. The upgrade enhances operational performance, reduces fuel consumption, and lowers CO2 emissions while increasing aircraft value. The retrofit can be installed in 24 hours, simplifying maintenance and reducing downtime by eliminating 180 pounds of legacy equipment.
Innovative Solutions & Support, Inc. (NASDAQ: ISSC) has declared a special cash dividend of $0.50 per share. This dividend is to be paid on or about December 30, 2020 to shareholders of record by the close of business on December 21, 2020. The company specializes in designing flight guidance and cockpit display systems for OEMs and retrofit applications, including advanced GPS receivers and integrated Flight Management Systems for sustainable navigation.