Innovative Solutions and Support(ISSC)

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Innovative Solutions and Support(ISSC) - 2023 Q2 - Quarterly Report
2023-05-08 20:50
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR [For the transition period from to ] ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 000-31157 INNOVATIVE SOLUTIONS AND SUPPORT, INC. (Exact name of registrant as specified in its charter) PENNSYLVANIA 23-25074 ...
Innovative Solutions and Support(ISSC) - 2023 Q1 - Earnings Call Transcript
2023-02-14 23:25
Financial Data and Key Metrics Changes - Revenues for Q1 2023 were $6.5 million, a decrease of 2.7% from $6.7 million in Q1 2022, primarily due to lower commercial aftermarket revenue [31] - Gross profit was $3.7 million compared to $4 million in the prior year, with a gross margin of 57.1% versus 59.3% in the previous year [22][35] - Net income for Q1 was $0.7 million or $0.04 per share, down from $1.1 million or $0.07 per share in Q1 2022 [40] Business Line Data and Key Metrics Changes - The decrease in commercial sales was attributed to fluctuations in sales orders for the aftermarket retrofit business [32] - Demand from the OEM business remained strong, with engineering development contracts improving due to two R&D projects [31] - New orders in Q1 were approximately $3.3 million, with a backlog of $8.5 million as of December 31, 2022, up from $6.2 million a year prior [33] Market Data and Key Metrics Changes - The company received FAA supplemental type certificate for King Airs, opening up 700 potential aircraft for their Autothrottle product [20] - The aftermarket for 757 and 767 remains cyclic, with expected revenue ranging between $5 million to $7 million annually [13] Company Strategy and Development Direction - The company is focused on expanding margins through better facility utilization and plans to achieve this via organic growth and strategic acquisitions [24] - R&D expenses are targeted to increase to 13% of sales in fiscal 2023, up from 10% in fiscal 2022 [25] - Cockpit automation is a key focus area, with ongoing development of Autothrottle for various aircraft models [26] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong cash flows and improving operating leverage as sales growth returns [42] - The company is well-positioned to capitalize on both organic and inorganic opportunities due to its debt-free balance sheet and significant liquidity [40] Other Important Information - Total operating expenses were $2.9 million in Q1, up from $2.5 million in the prior year, primarily due to non-cash long-term employee stock compensation and legal fees [37] - Cash on hand increased to $19.4 million as of December 31, 2022, up from $17.3 million at the end of fiscal 2022 [41] Q&A Session Summary Question: General and administrative expenses - The increase in G&A expenses to $2.9 million was partly due to the creation of a team for additional opportunities and the passing of the founder, with expectations for some temporary costs [45][46] Question: Future G&A expenses - Future G&A expenses are expected to be lower than Q1 but higher than historical run rates due to new compensation plans and investments in the team [48] Question: Impact of interest income - Interest income increased due to higher cash balances and interest rates, with funds reallocated to higher-yielding accounts [51] Question: Airbus cargo conversion impact - The management noted no significant impact from Airbus converting their cargo, but acknowledged the cyclic nature of the aftermarket for their products [13]
Innovative Solutions and Support(ISSC) - 2023 Q1 - Quarterly Report
2023-02-14 21:04
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [For the transition period from to ] Commission File No. 000-31157 INNOVATIVE SOLUTIONS AND SUPPORT, INC. (Exact name of registrant as specified in its charter) PENNSYLVANIA 23-25 ...
Innovative Solutions and Support(ISSC) - 2022 Q4 - Annual Report
2022-12-16 21:05
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2022 OR Commission File No. 000-31157 INNOVATIVE SOLUTIONS AND SUPPORT, INC. (Exact name of registrant as specified in its charter) Pennsylvania (State or oth ...
Innovative Solutions and Support(ISSC) - 2022 Q4 - Earnings Call Transcript
2022-12-14 22:34
Innovative Solutions and Support, Inc. (NASDAQ:ISSC) Q4 2022 Earnings Conference Call December 14, 2022 4:30 PM ET Company Participants Michael Linacre - Chief Financial Officer Shahram Askarpour - Chief Executive Officer Conference Call Participants Operator Greetings and welcome to the Innovative Solutions and Support, Inc. Fourth Quarter and Fiscal Year 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] As a reminder, this conference is being ...
Innovative Solutions and Support(ISSC) - 2022 Q3 - Earnings Call Transcript
2022-08-12 21:12
Innovative Solutions and Support, Inc. (NASDAQ:ISSC) Q3 2022 Earnings Conference Call August 11, 2022 10:00 AM ET Company Participants Shahram Askarpour - Chief Executive Officer Mike Linacre - Chief Financial Officer Conference Call Participants John Moran - Robotti & Co. David Campbell - Thompson Davis & Company Craig Rose - Axiom Operator Good morning and welcome to the Innovative Solutions & Support Third Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. [Operator In ...
Innovative Solutions and Support(ISSC) - 2022 Q3 - Quarterly Report
2022-08-12 20:07
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [For the transition period from to ] Commission File No. 000-31157 INNOVATIVE SOLUTIONS AND SUPPORT, INC. (Exact name of registrant as specified in its charter) PENNSYLVANIA 23-250740 ...
Innovative Solutions and Support(ISSC) - 2022 Q2 - Earnings Call Transcript
2022-05-14 16:54
Innovative Solutions & Support, Inc. (NASDAQ:ISSC) Q2 2022 Earnings Conference Call May 12, 2022 10:00 AM ET Company Participants Shahram Askarpour – Chief Executive Officer Rell Winand – Chief Financial Officer Conference Call Participants David Campbell – Thompson Davis & Co. Michael Friedrich – Private Investor Roger Goldman – Private Investor Operator Good day, and welcome to the Innovative Solutions & Support Second Quarter 2022 Earnings Conference Call. [Operator Instructions] Please note this event i ...
Innovative Solutions and Support(ISSC) - 2022 Q2 - Quarterly Report
2022-05-13 20:05
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [For the transition period from to ] Commission File No. 000-31157 INNOVATIVE SOLUTIONS AND SUPPORT, INC. (Exact name of registrant as specified in its charter) PENNSYLVANIA 23-25074 ...
Innovative Solutions and Support(ISSC) - 2022 Q1 - Quarterly Report
2022-02-11 21:06
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2021 OR Securities registered pursuant to Section 12(b) of the Act: | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | --- | --- | --- | | Common Stock, par value $0.001 per share | ISSC | NASDAQ Stock Market LLC | PENNSYLVANIA 23-2507402 ...