-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PQNOo5JV+qWW4gnRIkavgeRUKdvTLGi/BFVEWx4O1zVzCFbu1KBrYRNyTqSz9Lsv EBd/E7piWGt3hd2RRl7enQ== 0000950116-05-000215.txt : 20050120 0000950116-05-000215.hdr.sgml : 20050120 20050120085007 ACCESSION NUMBER: 0000950116-05-000215 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050119 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20050120 DATE AS OF CHANGE: 20050120 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INNOVATIVE SOLUTIONS & SUPPORT INC CENTRAL INDEX KEY: 0000836690 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING SERVICES [7371] IRS NUMBER: 232507402 STATE OF INCORPORATION: PA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-31157 FILM NUMBER: 05537664 BUSINESS ADDRESS: STREET 1: 420 LAPP RD CITY: MALVERN STATE: PA ZIP: 19355 BUSINESS PHONE: 6108899898 MAIL ADDRESS: STREET 1: 420 LAPP ROAD CITY: MALVERN STATE: PA ZIP: 19355 8-K 1 eightk.txt 8-K ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): JANUARY 19, 2005 INNOVATIVE SOLUTIONS AND SUPPORT, INC. ------------------------------------------------------ (Exact name of registrant as specified in its charter) PENNSYLVANIA 0-31157 23-2507402 - ---------------------------- ---------------- ------------------- (State or other jurisdiction (Commission File (I.R.S. Employer of Incorporation) Number) Identification No.) 720 PENNSYLVANIA DRIVE EXTON, PENNSYLVANIA 19341 --------------------------------------------------- (Address of principal executive offices) (Zip Code) (610) 646-9800 ---------------------------------------------------- (Registrant's telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ================================================================================ ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On January 19, 2005, Innovative Solutions & Support, Inc. issued a press release announcing its financial results for its first quarter ended December 31, 2004. A copy of that press release along with the press release financial schedules are attached as Exhibit 99.1 to this report and incorporated herein by reference. The information in this report (including Exhibit 99.1) is being furnished pursuant to Item 2.02 and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Innovative Solutions & Support, Inc. Date: January 20, 2005 By: /s/ James J. Reilly --------------------------------- James J. Reilly Chief Financial Officer EXHIBIT INDEX Exhibit No. Description - ----------- ----------- 99.1 Press Release dated January 19, 2005 announcing financial results for the first quarter ended December 31, 2004. EX-99 2 ex99-1.txt EXHIBIT 99.1 Press Release INNOVATIVE SOLUTIONS & SUPPORT, INC. ANNOUNCES RECORD 1ST QUARTER FULLY DILUTED EPS GROWTH OF 264% TO $0.51/SHARE FOR THE THREE MONTHS ENDED DECEMBER 31, 2004. Exton, PA.--(BUSINESS WIRE)--January 19, 2005--Innovative Solutions & Support, Inc. (NASDAQ:ISSC-news) today announced the following record results for the 1st quarter ended December 31, 2004: Q1 FY 2005 o Sales up 123% to a record $19.0 million. o Net income up 285% to a record $6.2 million. o EPS, diluted up 264% to a record $0.51 a share o Backlog up 39% to a record $36.2 million o Cash Flow Record $7.5 million Please refer to the accompanying schedules highlighting our Statement of Operations and Balance Sheet. A Company spokesperson commented: "In the 1st quarter we experienced strong demand for our Air Data equipment as compliance for Domestic Reduced Vertical Separation Minimum (DRVSM) approaches its effective date of January 20, 2005. We also expect demand for our Air Data equipment beyond the compliance date as a result of delayed DRVSM installations. According to a January 10, 2005 article in Aviation Week & Space Technology magazine, 'only 6,100 business jets or 62% of the eligible fleet have been outfitted'. Beyond DRVSM, we expect on going demand for the replacement of aged, obsolete and troublesome Air Data equipment." The General Aviation market (business jets) currently represents the largest demand for DRVSM solutions. In this market, Innovative Solutions is a leading supplier of Air Data equipment with certified solutions for Falcon, Cessna Citation, Learjet, Gulfstream, Sabreliner, Raytheon King Air, Beechjet, Westwind, Hawker and Challenger business aircraft. The Company also has certified solutions for a wide variety of commercial air transport aircraft including DC-8's, DC-9's, B-707's, B-727's and B-737's, and Military aircraft including A-10's, KC-135's, RC-135's and C-130's. At December 31, 2004 the Company's backlog reached a record $36.2 million. This reflects a 39% increase from the December 31, 2003 backlog of $26 million. The company will host a conference call tomorrow morning, January 20, 2005 at 10:00 am local time (EST) to discuss these results and our business outlook. Please call in to participate at (888) 792-8459. Also, our web site (www.innovative-ss.com) will carry the conference call live and have it available for subsequent listening for a period of 30 days. Headquartered in Exton, PA. Innovative Solutions & Support, Inc. (www.innovative-ss.com) designs, manufactures and markets Air Data flight information computers, Flat Panel display systems and advanced monitoring systems that measure and display critical flight information. This includes data relative to aircraft separation, airspeed and altitude as well as fuel measurements. Certain matters discussed in this news release, including operating and financial results for future periods, are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially, either better or worse, from those discussed including other risks and uncertainties reflected in the Company's prospectus and Form 10-K annual report on file with the SEC. Contact Mr. James Reilly at (610) 646-9800 INNOVATIVE SOLUTIONS & SUPPORT, INC. BALANCE SHEET
ACTUAL ACTUAL SEPTEMBER 30, 2004 DECEMBER 31, 2004 ------------------ ----------------- ASSETS CURRENT ASSETS: Cash and cash equivalents $ 65,867,167 $ 73,340,686 Accounts receivable 5,003,100 5,196,164 Inventories 5,191,628 5,543,742 Deferred income taxes 984,111 984,111 Prepaid expenses 665,276 580,648 ------------ ------------ Total current assets 77,711,282 85,645,351 ------------ ------------ Property and equipment, net 9,620,231 9,552,118 ------------ ------------ Other assets 137,114 134,114 ------------ ------------ TOTAL ASSETS $ 87,468,627 $ 95,331,583 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Current portion of note payable $ 100,000 $ 100,000 Current portion of capitalized lease obligation 7,257 7,257 Accounts payable 1,696,247 1,347,804 Accrued expenses 4,754,641 6,381,509 Deferred revenue 526,023 523,732 ------------ ------------ Total current liabilities 7,084,168 8,360,302 ------------ ------------ Note payable 4,235,000 4,235,000 ------------ ------------ Capitalized lease obligation 20,681 18,819 ------------ ------------ Deferred revenue 261,934 244,316 ------------ ------------ Deferred income taxes 411,857 411,857 ------------ ------------ SHAREHOLDERS' EQUITY: Common stock 13,515 13,536 Additional paid-in capital 48,712,289 49,125,767 Retained earnings 37,342,940 43,535,743 Treasury stock (10,613,757) (10,613,757) ------------ ------------ Total shareholders' equity 75,454,987 82,061,289 ------------ ------------ TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 87,468,627 $ 95,331,583 ============ ============
INNOVATIVE SOLUTIONS & SUPPORT, INC. STATEMENT OF OPERATIONS
THREE MONTHS ENDED DECEMBER 31, ------------------------------------- 2003 2004 ------------------------------------- Revenues $ 8,523,336 $ 18,978,804 Cost of Sales 3,481,411 6,182,143 ------------------------------------- Gross profit 5,041,925 12,796,661 ------------------------------------- Research and development 1,009,275 1,271,531 Selling, general and administrative 1,640,620 2,028,467 ------------------------------------- Operating income 2,392,030 9,496,663 ------------------------------------- Interest income 112,671 283,250 Interest expense (31,855) (39,738) ------------------------------------- Income before income taxes 2,472,846 9,740,175 Income tax expense 865,496 3,547,372 ------------------------------------- Net Income $ 1,607,350 $ 6,192,803 ------------------------------------- Net Income per Common Share Basic $ 0.14 $ 0.52 Diluted $ 0.14 $ 0.51 Weighted Average Shares Outstanding Basic 11,412,614 11,835,138 Diluted 11,776,015 12,180,275
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