{"id":756095,"date":"2023-05-08T16:26:39","date_gmt":"2023-05-08T20:26:39","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/innovative-solutions-support-inc-announces-second-quarter-fiscal-2023-financial-results\/"},"modified":"2023-05-08T16:26:39","modified_gmt":"2023-05-08T20:26:39","slug":"innovative-solutions-support-inc-announces-second-quarter-fiscal-2023-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/innovative-solutions-support-inc-announces-second-quarter-fiscal-2023-financial-results\/","title":{"rendered":"Innovative Solutions & Support, Inc. Announces Second Quarter Fiscal 2023 Financial Results"},"content":{"rendered":"

<\/p>\n

Innovative Solutions & Support, Inc. Announces Second Quarter Fiscal 2023 Financial Results<\/b><\/p>\n

EXTON, Pa.–(BUSINESS WIRE<\/a>)–
\nInnovative Solutions & Support, Inc. (\u201cIS&S\u201d or the \u201cCompany\u201d) (NASDAQ: ISSC) today announced its financial results for the second quarter of fiscal year 2023, which ended March 31, 2023.<\/p>\n

\nFor the second quarter of fiscal 2023, net sales increased 7.2% to $7.3 million compared to $6.8 million in the second quarter a year ago. Gross profit in the second quarter of 2023 was $4.7 million, or 64.6% of sales, compared to $4.2 million, or 61.1% of sales in the second quarter of 2022. The Company reported net income of $1.3 million, or $0.07 per share in the second quarter, compared to $1.4 million, or $0.08 per share in the second quarter of fiscal 2022. The modest decrease in net income was driven by an increase in general and administrative expenses, attributable to an expansion of the Company\u2019s sales and business development teams, and non-cash long-term incentive compensation. R&D spending also climbed due to the addition of resources to enhance product development. The impact of additional expenses was offset by increased sales and operating leverage. Tax expense in the second quarter of fiscal 2023 was $0.3 million compared to $0.4 million in the second quarter of fiscal 2022.<\/p>\n

\nShahram Askarpour, Chief Executive Officer of IS&S, said, \u201cWe reported a strong second quarter with growth driven by higher sales in our aftermarket portfolio. This was one of our strongest quarters in recent years and demonstrates a continuation of demand for our innovative products.\u201d<\/p>\n

\nAskarpour continued, \u201cGoing forward we see significant opportunities to invest organically and inorganically in order to drive higher production capacity utilization rates to enhance our gross margin. Important to these efforts, I am pleased to report that we successfully updated our Articles of Incorporation at our recent Annual Meeting on April 13, 2023. This update meaningfully improves our ability to execute on our inorganic growth objectives and strengthens access to growth capital to execute our long-term plan.\u201d<\/p>\n

\nThe Company\u2019s cash on hand increased to $19.8 million as of March 31, 2022, with $0.4 million generated from operating activities during the three months ended March 31, 2023. IS&S continues to maintain its strong financial condition and flexibility with significant liquidity and no debt.<\/p>\n

\nNew orders in the second quarter of fiscal 2023 were approximately $13.6 million, and backlog as of March 31, 2023 was $14.8 million, compared to backlog of $7.5 million as of March 31, 2022. Only purchase orders in hand are included in our sales backlog, which primarily consist of orders from our OEM customers that have long-term programs– Pilatus PC-24, Textron King Air, Boeing T-7 Red Hawk and the Boeing KC-46A. IS&S expects these programs to remain in production for approximately a decade and anticipates that they will continue to add to the total backlog.<\/p>\n

Conference Call<\/span><\/b><\/p>\n

\nThe Company will be hosting a conference call on Monday May 8, 2023 at 4:30 PM ET to discuss these results and the Company\u2019s business outlook and product development. Please use the following dial in number to register your name and company affiliation for the conference call: 877-451-6152 and ask to join the Innovative Solutions & Support call. The call will also be carried live on the Investor Relations page of the Company web site at www.innovative-ss.com<\/a>.<\/p>\n

About Innovative Solutions & Support, Inc.<\/span><\/b><\/p>\n

\nHeadquartered in Exton, Pa., Innovative Solutions & Support, Inc. (www.innovative-ss.com<\/a>) is a systems integrator that designs and manufactures flight guidance and cockpit display systems for Original Equipment Manufacturers (OEMs) and retrofit applications. The company supplies integrated Flight Management Systems (FMS), Auto-Throttle Systems and advanced GPS receivers for precision low carbon footprint navigation.<\/p>\n

Certain matters contained herein that are not descriptions of historical facts are \u201cforward-looking\u201d (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in filings made by the Company with the Securities and Exchange Commission. Many of the factors that will determine the Company\u2019s future results are beyond the ability of management to control or predict. Readers should not place undue reliance on forward-looking statements, which reflect management\u2019s views only as of the date hereof. The Company undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.<\/i><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Innovative Solutions & Support, Inc.<\/b><\/p>\n

Condensed Consolidated Statements of Operations<\/b><\/p>\n

(unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n\u00a0<\/td>\n<\/tr>\n
\n\nThree Months March 31,<\/b><\/td>\n<\/tr>\n
\n\n\n

2023 <\/b><\/p>\n<\/td>\n

\n\n

2022 <\/b><\/p>\n<\/td>\n<\/tr>\n

Net Sales:<\/td>\n\n\n\n<\/tr>\n
Product<\/td>\n\n\n

\n$<\/p>\n<\/td>\n

\n

\n7,340,454<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n6,647,617<\/p>\n<\/td>\n<\/tr>\n

Engineering development contracts<\/td>\n\n\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n198,203<\/p>\n<\/td>\n<\/tr>\n

Returns and allowances<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n<\/tr>\n

Total net sales<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n7,340,454<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n6,845,820<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Cost of sales:<\/td>\n\n\n\n<\/tr>\n
Product<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,600,303<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,646,462<\/p>\n<\/td>\n<\/tr>\n

Engineering development contracts<\/td>\n\n\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n16,748<\/p>\n<\/td>\n<\/tr>\n

Total cost of sales<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,600,303<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,663,210<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Gross profit<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,740,151<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,182,610<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Operating expenses:<\/td>\n\n\n\n<\/tr>\n
Research and development<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n866,198<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n650,031<\/p>\n<\/td>\n<\/tr>\n

Selling, general and administrative<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,446,635<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,724,800<\/p>\n<\/td>\n<\/tr>\n

Total operating expenses<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,312,833<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,374,831<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Operating income<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,427,318<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,807,780<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Interest income<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n130,951<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n346<\/p>\n<\/td>\n<\/tr>\n

Interest (expense)<\/td>\n\n\n\n<\/tr>\n
Other income<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n23,258<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n11,555<\/p>\n<\/td>\n<\/tr>\n

Income before income taxes<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,581,527<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,819,680<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Income tax expense<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n310,424<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n390,110<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Net income<\/td>\n\n\n

\n$<\/p>\n<\/td>\n

\n

\n1,271,103<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n1,429,570<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Net income per common share:<\/td>\n\n\n\n<\/tr>\n
Basic<\/td>\n\n\n

\n$<\/p>\n<\/td>\n

\n

\n0.07<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n0.08<\/p>\n<\/td>\n<\/tr>\n

Diluted<\/td>\n\n\n

\n$<\/p>\n<\/td>\n

\n

\n0.07<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n0.08<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Cash dividends per share:<\/td>\n\n\n

\n$<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Weighted average shares outstanding:<\/td>\n\n\n\n<\/tr>\n
Basic<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n17,352,340<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n17,253,746<\/p>\n<\/td>\n<\/tr>\n

Diluted<\/td>\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n17,354,030<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Innovative Solutions and Support, Inc.<\/b><\/p>\n

Condensed Consolidated Balance Sheets<\/b><\/p>\n

(unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\u00a0<\/td>\n<\/tr>\n
\nMarch 31,<\/td>\n\nDecember 31,<\/td>\n<\/tr>\n
\n\n

\n2023<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n2022<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

ASSETS<\/i><\/td>\n<\/tr>\n
Current assets<\/td>\n\n\n<\/tr>\n
Cash and cash equivalents<\/td>\n\n

\n$<\/p>\n<\/td>\n

\n

\n19,803,110<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n19,443,231<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Restricted cash<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Accounts receivable<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,973,848<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,316,519<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Contract asset<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n162,742<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n162,742<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Inventories<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5,981,692<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5,252,295<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Prepaid expenses and other current assets<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,950,400<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,049,206<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n<\/tr>\n
Total current assets<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n31,871,792<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n29,223,993<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n<\/tr>\n
Property and equipment, net<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n6,229,664<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n6,239,496<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Deferred income taxes<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n592,857<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n331,176<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Other assets<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n205,210<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n160,862<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n<\/tr>\n
Total assets<\/td>\n\n

\n$<\/p>\n<\/td>\n

\n

\n38,899,523<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n35,955,527<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

LIABILITIES AND SHAREHOLDERS’ EQUITY<\/i><\/td>\n<\/tr>\n
Current liabilities<\/td>\n\n\n<\/tr>\n
Current portion of capitalized lease obligations<\/td>\n\n

\n$<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Accounts payable<\/td>\n\n

\n$<\/p>\n<\/td>\n

\n

\n1,499,181<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n842,262<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Dividends payable<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Accrued expenses<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,018,895<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,508,971<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Contract liability<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n191,731<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n83,221<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Contract liability – related party<\/td>\n\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8,558<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n<\/tr>\n
Total current liabilities<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,709,807<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,443,012<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n<\/tr>\n
Long-term portion of capitalized lease obligations<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Deferred revenue<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Deferred income taxes<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Other liabilities<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n418,677<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n421,938<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n<\/tr>\n
Total liabilities<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,128,485<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,864,950<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\n\n\u00a0<\/td>\n<\/tr>\n
Shareholders’ equity<\/td>\n\n\n<\/tr>\n
\n\n\n\u00a0<\/td>\n<\/tr>\n
Preferred stock, 10,000,000 shares authorized, $.001 par value, of which<\/td>\n\n\n<\/tr>\n
200,000 shares are authorized as Class A Convertible stock. No shares<\/td>\n\n\n<\/tr>\n
issued and outstanding at December 31, 2022 and September 30, 2022<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n<\/tr>\n
Common stock, $.001 par value: 75,000,000 shares authorized,<\/td>\n\n\n<\/tr>\n
19,470,248 and 19,412,664 issued at December 31, 2022 and September 30, 2022<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n19,518<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n19,470<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n<\/tr>\n
Additional paid-in capital<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n53,883,433<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n53,100,035<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Retained Earnings (accumulated deficit)<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,974,943<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n339,609<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Treasury stock, at cost, 2,096,451 shares at December 31, 2022<\/td>\n\n\n<\/tr>\n
and September 30, 2022<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(21,368,538<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(21,368,537<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\n\n\u00a0<\/td>\n<\/tr>\n
Total shareholders’ equity<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n34,509,357<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n32,090,577<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n<\/tr>\n
Total liabilities and shareholders’ equity<\/td>\n\n

\n$<\/p>\n<\/td>\n

\n

\n38,637,842<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n35,955,527<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Innovative Solutions and Support, Inc.<\/b><\/p>\n

Consolidated Statements of Cash Flows<\/b><\/p>\n

(unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n<\/tr>\n
\nFor the Three Months Ended March 31 ,<\/b><\/td>\n<\/tr>\n
\n\n

2023<\/b><\/p>\n<\/td>\n

\n\n

2022<\/b><\/p>\n<\/td>\n<\/tr>\n

CASH FLOWS FROM OPERATING ACTIVITIES:<\/b><\/td>\n\n\n<\/tr>\n
Net income<\/td>\n\n

\n$<\/p>\n<\/td>\n

\n

\n1,271,103<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n1,429,570<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Adjustments to reconcile net income to net cash<\/td>\n\n\n<\/tr>\n
provided by operating activities:<\/td>\n\n\n<\/tr>\n
Depreciation and amortization<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n85,980<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n95,764<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Share-based compensation expense<\/td>\n\n\n<\/tr>\n
Stock options<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n536,142<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n44,594<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Stock awards<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n197,234<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n159,995<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Deferred income taxes<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(261,681<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n295,843<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

(Increase) decrease in:<\/td>\n\n\n<\/tr>\n
Accounts receivable<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(650,127<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(334,476<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

Inventories<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(647,540<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(82,785<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

Prepaid expenses and other current assets<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(170,456<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,447<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Other non-current assets<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(107,228<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n<\/tr>\n
Income taxes receivable<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Increase (decrease) in:<\/td>\n\n\n<\/tr>\n
Accounts payable<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n656,919<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n244,228<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Accrued expenses<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(121,947<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n139,017<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Income taxes payable<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(492,801<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(16,214<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

Contract liability<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n99,952<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(59,125<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

Net cash provided by operating activities<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n395,551<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,919,857<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n<\/tr>\n
CASH FLOWS FROM INVESTING ACTIVITIES:<\/b><\/td>\n\n\n<\/tr>\n
Purchases of property and equipment<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(47,435<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(7,010<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

Proceeds from the sale of property and equipment<\/td>\n\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Net cash used in investing activities<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(47,435<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(7,010<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n<\/tr>\n
CASH FLOWS FROM FINANCING ACTIVITIES:<\/b><\/td>\n\n\n<\/tr>\n
Proceeds from exercise of stock options<\/td>\n\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Net cash provided by financing activities<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n–<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n<\/tr>\n
Net increase in cash and cash equivalents<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n348,116<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,912,847<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Cash and cash equivalents, beginning of quarter<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n19,443,231<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n9,705,993<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents, end of quarter<\/td>\n\n

\n$<\/p>\n<\/td>\n

\n

\n19,791,346<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n11,618,840<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\n\u00a0<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230508005549\/en\/<\/a><\/span><\/p>\n

\nInvestor Relations:
\n
Michael Callahan
\n
203-682-8311
\n
isscir@icrinc.com
\n<\/a><\/p>\n

Press:
\n
Jason Zywalewski
\n
+1 610.646.9800 x609
\n
jzywalewski@innovative-ss.com<\/a><\/p>\n

KEYWORDS:<\/b> Pennsylvania United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Aerospace Manufacturing Other Manufacturing Air Transport<\/p>\n

MEDIA:<\/b><\/p>\n\n","protected":false},"excerpt":{"rendered":"

Innovative Solutions & Support, Inc. Announces Second Quarter Fiscal 2023 Financial Results EXTON, Pa.–(BUSINESS WIRE)– Innovative Solutions & Support, Inc. (\u201cIS&S\u201d or the \u201cCompany\u201d) (NASDAQ: ISSC) today announced its financial results for the second quarter of fiscal year 2023, which ended March 31, 2023. For the second quarter of fiscal 2023, net sales increased 7.2% to $7.3 million compared to $6.8 million in the second quarter a year ago. Gross profit in the second quarter of 2023 was $4.7 million, or 64.6% of sales, compared to $4.2 million, or 61.1% of sales in the second quarter of 2022. The Company reported net income of $1.3 million, or $0.07 per share in the second quarter, compared to $1.4 million, or $0.08 … <\/p>\n

Continue reading “Innovative Solutions & Support, Inc. Announces Second Quarter Fiscal 2023 Financial Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-756095","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nInnovative Solutions & Support, Inc. Announces Second Quarter Fiscal 2023 Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/innovative-solutions-support-inc-announces-second-quarter-fiscal-2023-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Innovative Solutions & Support, Inc. Announces Second Quarter Fiscal 2023 Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Innovative Solutions & Support, Inc. Announces Second Quarter Fiscal 2023 Financial Results EXTON, Pa.–(BUSINESS WIRE)– Innovative Solutions & Support, Inc. (\u201cIS&S\u201d or the \u201cCompany\u201d) (NASDAQ: ISSC) today announced its financial results for the second quarter of fiscal year 2023, which ended March 31, 2023. For the second quarter of fiscal 2023, net sales increased 7.2% to $7.3 million compared to $6.8 million in the second quarter a year ago. Gross profit in the second quarter of 2023 was $4.7 million, or 64.6% of sales, compared to $4.2 million, or 61.1% of sales in the second quarter of 2022. The Company reported net income of $1.3 million, or $0.07 per share in the second quarter, compared to $1.4 million, or $0.08 … Continue reading "Innovative Solutions & Support, Inc. Announces Second Quarter Fiscal 2023 Financial Results"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/innovative-solutions-support-inc-announces-second-quarter-fiscal-2023-financial-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-08T20:26:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20230508005549r1&sid=flmnd&distro=nx&lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/innovative-solutions-support-inc-announces-second-quarter-fiscal-2023-financial-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/innovative-solutions-support-inc-announces-second-quarter-fiscal-2023-financial-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Innovative Solutions & Support, Inc. 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Announces Second Quarter Fiscal 2023 Financial Results - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/innovative-solutions-support-inc-announces-second-quarter-fiscal-2023-financial-results\/","og_locale":"en_US","og_type":"article","og_title":"Innovative Solutions & Support, Inc. Announces Second Quarter Fiscal 2023 Financial Results - Market Newsdesk","og_description":"Innovative Solutions & Support, Inc. Announces Second Quarter Fiscal 2023 Financial Results EXTON, Pa.–(BUSINESS WIRE)– Innovative Solutions & Support, Inc. (\u201cIS&S\u201d or the \u201cCompany\u201d) (NASDAQ: ISSC) today announced its financial results for the second quarter of fiscal year 2023, which ended March 31, 2023. For the second quarter of fiscal 2023, net sales increased 7.2% to $7.3 million compared to $6.8 million in the second quarter a year ago. Gross profit in the second quarter of 2023 was $4.7 million, or 64.6% of sales, compared to $4.2 million, or 61.1% of sales in the second quarter of 2022. The Company reported net income of $1.3 million, or $0.07 per share in the second quarter, compared to $1.4 million, or $0.08 … Continue reading \"Innovative Solutions & Support, Inc. 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