For the first quarter of fiscal 2019 the Company reported net sales of $4 million compared to net sales of $3.1 million in the first quarter a year ago. The Company reported net income of $139,000, or $0.01 per share, compared to a net loss of $882,000, or ($0.05) per share, in the first quarter of fiscal 2018.
Geoffrey Hedrick, Chairman and Chief Executive Officer of IS&S, said, “The results for the first quarter of fiscal 2019 reflect last year’s re-sizing of the Company and the increase in orders. Shahram and I will be available for questions after the formal earnings call is concluded.”
At December 31, 2018, the Company had $20.3 million of cash on hand, consistent with fiscal year end September 30, 2018.
New orders in the first quarter of fiscal 2019 were $4.7 million and backlog as of December 31, 2018 was $4.3 million, up from backlog of $3.6 million at September 30, 2018. Backlog excludes potential future sole-source production orders from the Pilatus PC-24, and the KC-46A programs, both of which the Company expects to remain in production for a decade. The Company expects that these contracts will add to production sales already in backlog.
Source: Innovative Solutions & Support Inc., 720 Pennsylvania Drive Exton PA 19341
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