Innovative Solutions & Support (ISSC) Reports Q1 EPS of $0.01, Revenues Miss

Innovative Solutions & Support (NASDAQ: ISSC) reported Q1 EPS of $0.01, versus $0.00 reported last year. Revenue for the quarter came in at $4.87 million versus the consensus estimate of $6.29 million.

Geoffrey Hedrick, Chairman and Chief Executive Officer of IS&S, said, “The results for the first quarter of fiscal 2021 reflect revenue growth, and positive cash flow compared to the year ago quarter. I am very pleased with the continued success we are experiencing growing our portfolio of production contracts for both retrofit and new production aircraft in spite of the Pandemic’s impact on our anticipated exponential market demand. However, continued demand is providing a solid base of recurring revenue on which to build. We are also experiencing healthy demand for our Boeing 757 and 767 Flat Panel Upgrade system and Eclipse software upgrade. Innovative Solutions and Support remains focused on creating value for our shareholders through the continued development of the industry’s leading price-for-performance technology in the Commercial Air Transport, Military and General Aviation markets.”

“We’ve achieved these results while remaining committed to implementing precautions against COVID-19 that seek to ensure the safety of our employees, suppliers and customers. Reflecting our continued confidence, in December we declared a special, $0.50 per share dividend to provide tangible returns to our shareholders. Together with the $0.65 dividend declared in September, over the last six months of calendar 2020 we returned nearly $20 million of cash to our shareholders. Even after these distributions, we remain in excellent financial condition with significant liquidity and no debt.”

For earnings history and earnings-related data on Innovative Solutions & Support (ISSC) click here.

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