Innovative Solutions & Support, Inc. (“IS&S” or the “Company”) (ISSC) released its financial results for the 4th-quarter and full-year fiscal 2k19, finished September 30, 2k19.
For the 4th-quarter of fiscal 2k19, the Company reported net sales of $4.80M, up 33.00 percent from $3.60M in the 4th-quarter a year ago. The Company reported a 4th-quarter net income of $1.00M, or $0.060 for each share, compared to a net loss of $414,000.00, or ($0.030) for each share, in the 4th-quarter of fiscal 2k18. Revenues were also up sequentially for the seventh time in the last 8.0-quarters.
On September 30, 2k19, the Company had $22.40M of cash on hand, up over two M dollars from September 30, 2k18, as net cash flows from operating activities, were in excess of $2.10M for the year. New orders in the 4th-quarter of fiscal 2k19 were over $6.00M, the highest new order quarter this year, and backlog as of September 30, 2k19, was $5.90M. Backlog excludes potential future ongoing production orders from the Pilatus PC-24 and the KC-46A programs both of which are currently in production. The Company expects both programs to remain in production for multiple years and that these contracts will add to production sales already in the backlog.
Full Year Results
Total sales for the financial year finished September 30, 2k19, were $17.60M, up 27.00 percent from $13.90M for full-year 2k18. The company reported fiscal 2k19 net income of $1.90M, or $0.110 for each share, a significant improvement from a net loss of $3.70M, or ($0.220) for each share for fiscal 2k18.