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Innovative Solutions & Support, Inc. Announces Fourth Quarter and Full Year Fiscal 2019 Financial Results
EXTON, Pa.--(BUSINESS WIRE)--Innovative Solutions & Support, Inc. (“IS&S” or the “Company”) (ISSC) today announced its financial results for the fourth quarter and full year fiscal 2019, ended September 30, 2019.
For the fourth quarter of fiscal 2019, the Company reported net sales of $4.8 million, up 33% from $3.6 million in the fourth quarter a year ago. The Company reported fourth quarter net income of $1.0 million, or $0.06 per share, compared to a net loss of $414,000, or ($0.03) per share, in the fourth quarter of fiscal 2018. Revenues were also up sequentially for the seventh time in the last eight quarters.
Geoffrey Hedrick, Chairman and Chief Executive Officer of IS&S, said, “The fourth quarter was a strong finish to a year in which we generated growth in revenues, earnings and cash flow. For the year, revenues were up 27%. These results reflect the strategy I discussed last year to focus on fewer, but potentially more lucrative, growth opportunities. We also ended fiscal 2019 with our best quarter of new orders, the highest quarterly order intake rate in more than two years. In addition, we received a Federal Aviation Administration (FAA) Supplemental Type Certificate (STC) for our patented ThrustSense® Auto-throttle retrofit for the King Air included revolutionary aircraft safety system integrated into the auto-throttle.”
The following information was filed by Innovative Solutions Support Inc (ISSC) on Thursday, December 12, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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