$ISSC
INNOVATIVE SOLUTIONS & SUPPORT INC

2013 Q1 Form 10-Q Financial Statement

#000110465913039569 Filed on May 09, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $8.215M $6.760M
YoY Change 21.52% 0.21%
Cost Of Revenue $4.264M $3.660M
YoY Change 16.51% 27.36%
Gross Profit $3.951M $3.101M
YoY Change 27.43% -19.93%
Gross Profit Margin 48.1% 45.87%
Selling, General & Admin $1.935M $1.828M
YoY Change 5.89% -1.15%
% of Gross Profit 48.98% 58.95%
Research & Development $805.1K $926.4K
YoY Change -13.09% -40.5%
% of Gross Profit 20.38% 29.88%
Depreciation & Amortization $111.0K $126.0K
YoY Change -11.9% -25.88%
% of Gross Profit 2.81% 4.06%
Operating Expenses $2.741M $2.754M
YoY Change -0.49% -19.14%
Operating Profit $1.211M $346.5K
YoY Change 249.4% -25.74%
Interest Expense $10.00K $180.00
YoY Change 5455.56% -55.45%
% of Operating Profit 0.83% 0.05%
Other Income/Expense, Net $13.26K $8.568K
YoY Change 54.77%
Pretax Income $1.230M $375.1K
YoY Change 228.0% -26.68%
Income Tax $123.2K $86.21K
% Of Pretax Income 10.01% 22.99%
Net Earnings $1.110M $290.0K
YoY Change 282.76% -42.0%
Net Earnings / Revenue 13.51% 4.29%
Basic Earnings Per Share $0.07 $0.02
Diluted Earnings Per Share $0.07 $0.02
COMMON SHARES
Basic Shares Outstanding 16.78M shares 16.64M shares
Diluted Shares Outstanding 16.78M shares 16.64M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.30M $43.20M
YoY Change -62.27% 1.65%
Cash & Equivalents $16.32M $43.20M
Short-Term Investments
Other Short-Term Assets $210.7K $900.0K
YoY Change -76.59% 0.0%
Inventory $3.912M $4.479M
Prepaid Expenses
Receivables $5.907M $3.583M
Other Receivables $0.00 $0.00
Total Short-Term Assets $32.54M $52.94M
YoY Change -38.53% 4.01%
LONG-TERM ASSETS
Property, Plant & Equipment $7.151M $7.337M
YoY Change -2.54% -3.46%
Goodwill
YoY Change
Intangibles $129.8K $161.0K
YoY Change -19.38%
Long-Term Investments
YoY Change
Other Assets $500.0K
YoY Change
Total Long-Term Assets $7.829M $7.498M
YoY Change 4.41% -3.87%
TOTAL ASSETS
Total Short-Term Assets $32.54M $52.94M
Total Long-Term Assets $7.829M $7.498M
Total Assets $40.37M $60.44M
YoY Change -33.2% 2.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.719M $1.620M
YoY Change 6.07% 102.56%
Accrued Expenses $2.814M $1.921M
YoY Change 46.47% -19.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $5.438M $5.868M
YoY Change -7.32% 62.99%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $113.0K $78.72K
YoY Change 43.56% -60.64%
Total Long-Term Liabilities $113.0K $78.72K
YoY Change 43.56% -60.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.438M $5.868M
Total Long-Term Liabilities $113.0K $78.72K
Total Liabilities $5.681M $6.504M
YoY Change -12.65% 51.25%
SHAREHOLDERS EQUITY
Retained Earnings $6.022M $26.57M
YoY Change -77.34%
Common Stock $49.06M $47.51M
YoY Change 3.25%
Preferred Stock
YoY Change
Treasury Stock (at cost) $20.39M $20.15M
YoY Change 1.19%
Treasury Stock Shares 1.757M shares 1.633M shares
Shareholders Equity $34.69M $53.94M
YoY Change
Total Liabilities & Shareholders Equity $40.37M $60.44M
YoY Change -33.2% 2.96%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income $1.110M $290.0K
YoY Change 282.76% -42.0%
Depreciation, Depletion And Amortization $111.0K $126.0K
YoY Change -11.9% -25.88%
Cash From Operating Activities -$600.0K $630.0K
YoY Change -195.24% 6.78%
INVESTING ACTIVITIES
Capital Expenditures -$110.0K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$110.0K $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.00K -220.0K
YoY Change -104.55% 2100.0%
NET CHANGE
Cash From Operating Activities -600.0K 630.0K
Cash From Investing Activities -110.0K 0.000
Cash From Financing Activities 10.00K -220.0K
Net Change In Cash -700.0K 410.0K
YoY Change -270.73% -21.15%
FREE CASH FLOW
Cash From Operating Activities -$600.0K $630.0K
Capital Expenditures -$110.0K $0.00
Free Cash Flow -$490.0K $630.0K
YoY Change -177.78% -3.08%

Facts In Submission

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dei Entity Registrant Name
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970276 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2373529 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
323137 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
579399 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1176951 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-103458 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-477491 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
208602 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-317518 USD
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
106928 USD
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-335 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-521383 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
2086635 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
152988 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
111898 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-152988 USD
issc Share Based Compensation Arrangement By Share Based Payment Award Number Of Plans
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfPlans
3 item
CY2012Q1 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
1000000 shares
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-111898 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-2255482 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
1249575 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
696 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
559527 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
25007519 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
763509 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
6478 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-24244706 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-566005 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
-26653176 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
571672 USD
us-gaap Interest Paid
InterestPaid
417 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
130000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
153327 USD
CY2011Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
42625854 USD
CY2012Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
43197526 USD
CY2013Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.10 pure
CY2012Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.23 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.13 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.75 pure
CY2013Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
260000 USD
CY2012Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
151000 USD
CY2013Q1 us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet
-2000 USD
CY2012Q1 us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet
-2000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
443000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
290000 USD
us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet
-12000 USD
us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet
-2000 USD
CY2013Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
141101 shares
CY2012Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
210826 USD
CY2013Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
0.00
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
559506 USD
CY2012Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
3.99
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
3.95
CY2013Q2 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
250000 shares
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 USD
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 USD
issc Expected Loss Relating To Product Designing And Service Contract
ExpectedLossRelatingToProductDesigningAndServiceContract
0 USD
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 USD
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
175 shares
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
3.96
CY2013Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
0 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
696 USD
CY2013Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
49000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
50000 shares
CY2012Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
56000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
47000 shares
issc Right To Avoid Payments Before Filing Of Bankruptcy Petition Period
RightToAvoidPaymentsBeforeFilingOfBankruptcyPetitionPeriod
P90D
CY2012Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
52585 shares
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 USD
CY2013Q1 issc Accounts Receivable Reserve
AccountsReceivableReserve
0 USD
CY2013Q1 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0 USD
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
1.50

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