$ISSC
INNOVATIVE SOLUTIONS & SUPPORT INC

2012 Q3 Form 10-K Financial Statement

#000104746912011253 Filed on December 14, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2011 Q3 2011 Q2
Revenue $6.928M $6.490M $5.971M
YoY Change 6.74% -13.0% -23.54%
Cost Of Revenue $4.260M $3.324M $2.812M
YoY Change 28.14% 21.76% -6.58%
Gross Profit $2.668M $3.166M $3.160M
YoY Change -15.72% -33.06% -34.22%
Gross Profit Margin 38.51% 48.78% 52.91%
Selling, General & Admin $1.730M $1.890M $1.860M
YoY Change -8.47% -11.27% -4.05%
% of Gross Profit 64.83% 59.69% 58.87%
Research & Development $560.0K $1.180M $1.410M
YoY Change -52.54% -15.11% 10.6%
% of Gross Profit 20.99% 37.27% 44.63%
Depreciation & Amortization $120.0K $170.0K $170.0K
YoY Change -29.41% -15.0% -22.73%
% of Gross Profit 4.5% 5.37% 5.38%
Operating Expenses $2.300M $3.080M $3.270M
YoY Change -25.32% -12.5% 1.77%
Operating Profit $373.0K $94.96K -$104.9K
YoY Change 292.82% -92.15% -106.6%
Interest Expense $40.00K $20.00K $30.00K
YoY Change 100.0% -71.43% 5238.08%
% of Operating Profit 10.72% 21.06%
Other Income/Expense, Net $10.00K $0.00 $0.00
YoY Change
Pretax Income $420.0K $120.0K -$80.00K
YoY Change 250.0% -90.63% -104.82%
Income Tax -$2.360M $110.0K $0.00
% Of Pretax Income -561.9% 91.67%
Net Earnings $2.770M $10.00K -$80.00K
YoY Change 27600.0% -99.2% -105.76%
Net Earnings / Revenue 39.98% 0.15% -1.34%
Basic Earnings Per Share $0.17 $0.00 $0.00
Diluted Earnings Per Share $0.17 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 16.80M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2012 Q3 2011 Q3 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $43.00M $42.60M $42.60M
YoY Change 0.94% 4.16% 12.11%
Cash & Equivalents $42.98M $42.63M $42.60M
Short-Term Investments
Other Short-Term Assets $259.9K $236.8K $800.0K
YoY Change 9.73% -78.47% -20.0%
Inventory $3.802M $3.509M $4.400M
Prepaid Expenses
Receivables $3.979M $3.124M $3.300M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $54.38M $50.57M $51.10M
YoY Change 7.52% 1.95% 5.58%
LONG-TERM ASSETS
Property, Plant & Equipment $7.214M $7.476M $7.600M
YoY Change -3.5% -3.67% -3.8%
Goodwill
YoY Change
Intangibles $158.6K $208.4K
YoY Change -23.9% -5.76%
Long-Term Investments
YoY Change
Other Assets $158.6K
YoY Change
Total Long-Term Assets $8.220M $7.685M $7.800M
YoY Change 6.96% -3.73% -3.7%
TOTAL ASSETS
Total Short-Term Assets $54.38M $50.57M $51.10M
Total Long-Term Assets $8.220M $7.685M $7.800M
Total Assets $62.60M $58.26M $58.90M
YoY Change 7.45% 1.16% 4.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.139M $443.5K $1.100M
YoY Change 156.92% -18.45% 10.0%
Accrued Expenses $2.724M $2.551M $2.300M
YoY Change 6.76% -1.3% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change
Total Short-Term Liabilities $5.290M $3.241M $3.700M
YoY Change 63.23% -1.7% 8.82%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $98.00K $189.1K $200.0K
YoY Change -48.18% 24.81% 0.0%
Total Long-Term Liabilities $98.00K $189.1K $200.0K
YoY Change -48.18% 24.81% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.290M $3.241M $3.700M
Total Long-Term Liabilities $98.00K $189.1K $200.0K
Total Liabilities $5.517M $3.997M $4.500M
YoY Change 38.03% -3.05% 7.14%
SHAREHOLDERS EQUITY
Retained Earnings $29.61M $26.63M
YoY Change 11.19% 2.77%
Common Stock $47.86M $47.22M
YoY Change 1.35% 0.8%
Preferred Stock
YoY Change
Treasury Stock (at cost) $20.39M $19.59M
YoY Change 4.08% 1.55%
Treasury Stock Shares 1.757M shares 1.545M shares
Shareholders Equity $57.08M $54.26M $54.40M
YoY Change
Total Liabilities & Shareholders Equity $62.60M $58.26M $58.90M
YoY Change 7.45% 1.16% 4.25%

Cashflow Statement

Concept 2012 Q3 2011 Q3 2011 Q2
OPERATING ACTIVITIES
Net Income $2.770M $10.00K -$80.00K
YoY Change 27600.0% -99.2% -105.76%
Depreciation, Depletion And Amortization $120.0K $170.0K $170.0K
YoY Change -29.41% -15.0% -22.73%
Cash From Operating Activities $1.340M $410.0K $230.0K
YoY Change 226.83% -86.1% -90.38%
INVESTING ACTIVITIES
Capital Expenditures -$60.00K -$60.00K -$120.0K
YoY Change 0.0% 100.0% 500.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$60.00K -$60.00K -$120.0K
YoY Change 0.0% 100.0% 500.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -110.0K -300.0K 0.000
YoY Change -63.33% 900.0%
NET CHANGE
Cash From Operating Activities 1.340M 410.0K 230.0K
Cash From Investing Activities -60.00K -60.00K -120.0K
Cash From Financing Activities -110.0K -300.0K 0.000
Net Change In Cash 1.170M 50.00K 110.0K
YoY Change 2240.0% -98.27% -95.36%
FREE CASH FLOW
Cash From Operating Activities $1.340M $410.0K $230.0K
Capital Expenditures -$60.00K -$60.00K -$120.0K
Free Cash Flow $1.400M $470.0K $350.0K
YoY Change 197.87% -84.23% -85.48%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2012 dei Entity Registrant Name
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INNOVATIVE SOLUTIONS & SUPPORT INC
CY2012 dei Entity Central Index Key
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CY2012 dei Document Type
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CY2012 dei Amendment Flag
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CY2012 dei Entity Current Reporting Status
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CY2012 dei Entity Filer Category
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CY2012Q4 dei Entity Common Stock Shares Outstanding
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<table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="FONT-FAMILY: times"><font size="2"><b>1. Background: </b></font></p> <p style="FONT-FAMILY: times"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Innovative Solutions and Support,&#160;Inc. (the "Company" or "IS&amp;S") was incorporated in Pennsylvania on February&#160;12, 1988. The Company is a systems integrator that designs, manufactures and sells flight guidance and cockpit display systems for original equipment manufacturers ("OEMs") and retrofit applications. Customers include commercial air transport carriers and corporate/general/aviation companies, the Department of Defense ("DoD") and its commercial contractors, aircraft operators, aircraft modification centers, foreign militaries and various OEMs. </font></p></td></tr></table>
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298926 USD
CY2011 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
177399 USD
CY2011 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
197687 USD
CY2012 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
798462 USD
CY2012 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
439085 USD
CY2012 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
199999 USD
CY2012 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
645000 USD
CY2011 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
371000 USD
CY2010 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
371000 USD
CY2012 us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet
-5000 USD
CY2011 us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet
7000 USD
CY2010 us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet
-2000 USD
CY2012 issc Share Based Compensation Arrangement By Share Based Payment Award Number Of Plans
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfPlans
3 item
CY2011 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
42398 shares
CY2010 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
26358 shares
CY2012 us-gaap Effective Income Tax Rate Reconciliation Tax Contingencies
EffectiveIncomeTaxRateReconciliationTaxContingencies
-0.135 pure
CY2010 us-gaap Effective Income Tax Rate Reconciliation Tax Contingencies
EffectiveIncomeTaxRateReconciliationTaxContingencies
-0.068 pure
CY2010 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.171 pure
CY2011Q3 issc Deferred Tax Liabilities Other Current
DeferredTaxLiabilitiesOtherCurrent
14089 USD
CY2011Q3 us-gaap Deferred Tax Liabilities Gross Current
DeferredTaxLiabilitiesGrossCurrent
14089 USD
CY2011Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2012Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2012Q3 us-gaap Deferred Tax Assets Net Current
DeferredTaxAssetsNetCurrent
1588162 USD
CY2012Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
1236554 USD
CY2011Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
1226649 USD
CY2011Q3 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2012Q3 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2012 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
30000 USD
CY2011 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
31000 USD
CY2010 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
26000 USD
CY2012 issc Product Liability Insurance
ProductLiabilityInsurance
50000000 USD
CY2011 us-gaap Effective Income Tax Rate Reconciliation Tax Contingencies
EffectiveIncomeTaxRateReconciliationTaxContingencies
0.072 pure
CY2010 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.340 pure
CY2010 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.138 pure
CY2010 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
-0.207 pure
CY2010 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.387 pure
CY2011Q3 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
3058 USD
CY2011Q3 us-gaap Deferred Tax Assets Net Current
DeferredTaxAssetsNetCurrent
452724 USD
CY2012Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
614087 USD
CY2011Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
503978 USD
CY2012Q3 us-gaap Deferred Tax Assets Liabilities Net Noncurrent
DeferredTaxAssetsLiabilitiesNetNoncurrent
846887 USD
CY2011Q3 us-gaap Deferred Tax Assets Gross Current
DeferredTaxAssetsGrossCurrent
1760241 USD
CY2012 issc Effective Income Tax Rate Reconciliation Permanet Items
EffectiveIncomeTaxRateReconciliationPermanetItems
-0.018 pure
CY2011 issc Effective Income Tax Rate Reconciliation Permanet Items
EffectiveIncomeTaxRateReconciliationPermanetItems
-0.004 pure
CY2010 issc Effective Income Tax Rate Reconciliation Permanet Items
EffectiveIncomeTaxRateReconciliationPermanetItems
0.013 pure
CY2012Q3 issc Aggregate Deferred Tax Assets Net Of Valuation Allowance And Net Of Liabilities Current
AggregateDeferredTaxAssetsNetOfValuationAllowanceAndNetOfLiabilitiesCurrent
1588162 USD
CY2011Q3 issc Aggregate Deferred Tax Assets Net Of Valuation Allowance And Net Of Liabilities Current
AggregateDeferredTaxAssetsNetOfValuationAllowanceAndNetOfLiabilitiesCurrent
438635 USD
CY2012Q3 issc Aggregate Deferred Tax Assets Liabilities Net Of Valuation Allowance Noncurrent
AggregateDeferredTaxAssetsLiabilitiesNetOfValuationAllowanceNoncurrent
717889 USD
CY2011Q3 issc Aggregate Deferred Tax Assets Liabilities Net Of Valuation Allowance Noncurrent
AggregateDeferredTaxAssetsLiabilitiesNetOfValuationAllowanceNoncurrent
-566963 USD

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