$ISSC
INNOVATIVE SOLUTIONS & SUPPORT INC

2024 Q1 Form 10-K Financial Statement

#000155837024000248 Filed on January 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q3 2023
Revenue $10.74M $12.99M $34.81M
YoY Change 46.31% 78.88% 25.48%
Cost Of Revenue $5.157M $4.880M $13.50M
YoY Change 98.33% 74.57% 21.97%
Gross Profit $5.582M $8.112M $21.31M
YoY Change 17.77% 81.59% 27.81%
Gross Profit Margin 51.98% 62.44% 61.22%
Selling, General & Admin $2.908M $3.718M $10.82M
YoY Change 18.87% 143.36% 60.24%
% of Gross Profit 52.1% 45.83% 50.78%
Research & Development $1.031M $741.6K $3.130M
YoY Change 19.04% 15.47% 15.69%
% of Gross Profit 18.47% 9.14% 14.68%
Depreciation & Amortization $146.2K $437.9K $697.9K
YoY Change 69.99% 384.77% 89.4%
% of Gross Profit 2.62% 5.4% 3.28%
Operating Expenses $3.939M $4.460M $13.95M
YoY Change 18.91% 105.51% 47.5%
Operating Profit $1.643M $3.653M $7.359M
YoY Change 15.11% 58.99% 1.99%
Interest Expense $171.5K -$307.6K $393.3K
YoY Change 30.94% -712.97% 544.19%
% of Operating Profit 10.44% -8.42% 5.34%
Other Income/Expense, Net $26.47K $19.81K $151.3K
YoY Change 13.82% 25.14% 131.97%
Pretax Income $1.534M $3.365M $7.635M
YoY Change -2.99% 42.37% 4.0%
Income Tax $325.9K $730.2K $1.608M
% Of Pretax Income 21.24% 21.7% 21.05%
Net Earnings $1.208M $2.635M $6.028M
YoY Change -4.94% 64.46% 9.12%
Net Earnings / Revenue 11.25% 20.28% 17.32%
Basic Earnings Per Share $0.07 $0.35
Diluted Earnings Per Share $0.07 $0.15 $0.35
COMMON SHARES
Basic Shares Outstanding 17.45M 17.45M 17.41M
Diluted Shares Outstanding 17.49M 17.42M

Balance Sheet

Concept 2024 Q1 2023 Q3 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $574.1K $3.097M $3.097M
YoY Change -97.1% -82.05% -82.05%
Cash & Equivalents $574.1K $3.097M $3.097M
Short-Term Investments
Other Short-Term Assets $325.0K $449.8K $15.21M
YoY Change -21.48% 23.19% 1230.97%
Inventory $9.121M $6.140M $6.140M
Prepaid Expenses
Receivables $6.061M $9.744M $10.23M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $24.47M $34.67M $34.67M
YoY Change -21.21% 22.95% 22.95%
LONG-TERM ASSETS
Property, Plant & Equipment $12.45M $7.892M $7.907M
YoY Change 100.78% 25.43% 25.1%
Goodwill $3.558M $3.558M
YoY Change
Intangibles $15.65M $16.19M
YoY Change 25830.14% 26719.98%
Long-Term Investments
YoY Change
Other Assets $319.7K $191.7K $633.1K
YoY Change 20.8% 16.67% 419.79%
Total Long-Term Assets $33.15M $28.28M $28.28M
YoY Change 369.64% 334.93% 334.93%
TOTAL ASSETS
Total Short-Term Assets $24.47M $34.67M $34.67M
Total Long-Term Assets $33.15M $28.28M $28.28M
Total Assets $57.62M $62.96M $62.96M
YoY Change 51.16% 81.41% 81.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.647M $1.337M $1.337M
YoY Change 76.57% 88.66% 88.65%
Accrued Expenses $2.415M $2.918M $2.918M
YoY Change 29.69% -1.82% -1.82%
Deferred Revenue $96.65K $143.4K
YoY Change -49.59% -44.69%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $10.64M $2.000M $2.000M
YoY Change
Total Short-Term Liabilities $15.80M $6.399M $6.399M
YoY Change 344.73% 62.4% 62.4%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $17.50M $17.50M
YoY Change
Other Long-Term Liabilities $444.4K $421.5K $421.5K
YoY Change 4.78% 2697.93% 2697.01%
Total Long-Term Liabilities $444.4K $17.92M $17.92M
YoY Change 4.78% 118861.22% 118821.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.80M $6.399M $6.399M
Total Long-Term Liabilities $444.4K $17.92M $17.92M
Total Liabilities $16.25M $24.32M $24.32M
YoY Change 308.48% 514.87% 514.87%
SHAREHOLDERS EQUITY
Retained Earnings $7.934M $5.669M
YoY Change 392.6% -1678.84%
Common Stock $54.81M $54.34M
YoY Change 1.69% 3.54%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $41.38M $38.64M $38.64M
YoY Change
Total Liabilities & Shareholders Equity $57.62M $62.96M $62.96M
YoY Change 51.16% 81.41% 81.41%

Cashflow Statement

Concept 2024 Q1 2023 Q3 2023
OPERATING ACTIVITIES
Net Income $1.208M $2.635M $6.028M
YoY Change -4.94% 64.46% 9.12%
Depreciation, Depletion And Amortization $146.2K $437.9K $697.9K
YoY Change 69.99% 384.77% 89.4%
Cash From Operating Activities $201.1K $1.156M $2.096M
YoY Change -49.16% -454.73% -65.61%
INVESTING ACTIVITIES
Capital Expenditures $125.7K $128.4K $298.4K
YoY Change 165.09% 85.06%
Acquisitions $35.86M
YoY Change
Other Investing Activities $0.00 $0.00 -$35.86M
YoY Change -100.0% -1403.73%
Cash From Investing Activities -$125.7K -$128.4K -$36.16M
YoY Change 165.09% -104.67% -1496.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 31.37K -501.1K 19.91M
YoY Change -276.46% 6510.85%
NET CHANGE
Cash From Operating Activities 201.1K 1.156M 2.096M
Cash From Investing Activities -125.7K -128.4K -36.16M
Cash From Financing Activities 31.37K -501.1K 19.91M
Net Change In Cash 106.7K 526.7K -14.15M
YoY Change -69.34% -80.56% -257.52%
FREE CASH FLOW
Cash From Operating Activities $201.1K $1.156M $2.096M
Capital Expenditures $125.7K $128.4K $298.4K
Free Cash Flow $75.37K $1.028M $1.798M
YoY Change -78.35% -415.34% -69.7%

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CY2023 us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:13.7pt;text-indent:-13.7pt;margin:0pt;"><b style="font-weight:bold;">1.  Background</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:13.5pt;text-indent:-13.5pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Innovative Solutions and Support, Inc. (the “Company,” “IS&amp;S,” “we” or “us”) was incorporated in Pennsylvania on February 12, 1988. The Company operates in one business segment as a systems integrator that designs, develops, manufactures, sells and services air data equipment, engine display systems, standby equipment, primary flight guidance and cockpit display systems for retrofit applications and original equipment manufacturers (“OEMs”). The Company supplies integrated Flight Management Systems (“FMS”), Flat Panel Display Systems (“FPDS”), FPDS with Autothrottle, air data equipment, Integrated Standby Units (“ISU”), ISU with Autothrottle and advanced GPS receivers that enable reduced carbon footprint navigation, communications, navigation and inertial reference products.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The Company has continued to position itself as a system integrator, which provides the Company with the capability and potential to generate more substantive orders over a broader product base. This strategy, as both a manufacturer and integrator, is designed to leverage the latest technologies developed for the computer and telecommunications industries into advanced and cost-effective solutions for the general aviation, commercial air transport, DoD/governmental and foreign military markets. This approach, combined with the Company’s industry experience, is designed to enable IS&amp;S to develop high-quality products and systems, to reduce product time to market and to achieve cost advantages over products offered by its competitors. Customers include various OEMs, commercial air transport carriers and corporate/general aviation companies, DoD and its commercial contractors, aircraft operators, aircraft modification centers, government agencies and foreign militaries.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">On June 30, 2023 (the “Acquisition Date”), the Company entered into an Asset Purchase and License Agreement (the “Honeywell Agreement”) with Honeywell International, Inc. (“Honeywell”) whereby Honeywell sold certain assets and granted perpetual license rights to manufacture and sell licensed products related to its inertial, communication and navigation product lines (the “Product Lines”) to the Company (the “Transaction”). The Transaction involved a sale of certain inventory, equipment and customer-related documents; an assignment of certain customer contracts; and a grant of exclusive and non-exclusive licenses to use certain Honeywell intellectual property related to its inertial, communication and navigation product lines to repair, overhaul, manufacture sell, import, export and distribute certain products to the Company. See Note 4, “Acquisition” for more details.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">On September 22, 2023, the Company entered into an at-the-market equity offering Sales Agreement (the “ATM Sales Agreement”) with Stifel, Nicolaus &amp; Company, Incorporated (the “Sales Agent”), pursuant to which the Company may offer and sell from time to time through the Sales Agent up to $40 million of shares of its common stock. The shares will be offered and sold pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-267595), which was declared effective by the SEC on October 14, 2022. The Company filed a prospectus supplement, dated September 22, 2023, with the SEC in connection with the offer and sale of the shares. Subject to the terms and conditions of the ATM Sales Agreement, the Sales Agent will use commercially reasonable efforts to sell shares of the Company’s common stock from time to time, based upon the Company’s instructions. The Company is not obligated to sell any shares under the ATM Sales Agreement, and the Company or the Sales Agent may at any time suspend solicitation and offers under the ATM Sales Agreement or terminate the ATM Sales Agreement. The Company has provided the Sales Agent with customary indemnification rights, and the Sales Agent will be entitled to compensation for its services of up to 3.0% of the gross sales price per share of the shares of the Company’s common stock sold through the Sales Agent. Sales of the shares of the Company’s common stock, if any, under the ATM Sales Agreement may be made in transactions that are deemed to be “at the market offerings” as defined in Rule 415 under the Securities Act, including sales made directly on or through NASDAQ or any other existing trading market for the Company’s common stock, in negotiated transactions at market prices prevailing at the time of sale or at prices related to such prevailing market prices and/or any other method permitted by law.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">During fiscal 2023, we did not sell any shares of common stock under the ATM Sales Agreement.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Reclassification</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The Company presented intangible assets, net, separately in the consolidated balance sheet as of September 30, 2023. In order to conform to the presentation of the consolidated balance sheet as of September 30, 2023, the Company reclassified $60,348 from other assets to intangible assets, net, in the consolidated balance sheet as of September 30, 2022. This reclassification has no impact on the Company’s net income for the years ended September 30, 2023 and 2022.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which require management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates. Estimates are used in accounting for, among other items, valuation of tangible and intangible assets acquired, long term contracts, evaluation of allowances for doubtful accounts, inventory obsolescence, product warranty cost liabilities, income taxes, engineering and material costs on EDC programs, percentage of completion on EDC contracts, the useful lives of long-lived assets for depreciation and amortization, the recoverability of long-lived assets, evaluation of goodwill impairment and contingencies. Estimates and assumptions are reviewed periodically, and the effects of changes, if any, are reflected in the consolidated statements of operations in the period they are determined.</p>
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Files In Submission

Name View Source Status
issc-20230930_cal.xml Edgar Link unprocessable
issc-20230930_lab.xml Edgar Link unprocessable
issc-20230930_def.xml Edgar Link unprocessable
issc-20230930_pre.xml Edgar Link unprocessable
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Financial_Report.xlsx Edgar Link pending
issc-20230930.xsd Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
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