Innovative Solutions & Support, Inc. Board of Directors Authorizes Stock
EXTON, Pa. -- April 29, 2013
Innovative Solutions & Support, Inc. (NASDAQ:ISSC - News) (the “Company”)
today announced that the Board of Directors has approved a stock repurchase
program, effective as of May 1, 2013, pursuant to which the Company may
repurchase up to 250,000 shares of its common stock. The program will remain
in effect until May 1, 2014, unless extended by the Board of Directors. This
program replaces the Company’s previous stock repurchase program, which
expired as of February 10, 2013.
Geoffrey S. M. Hedrick, Chief Executive Officer of Innovative Solutions &
Support, said, “The Board’s repurchase authorization demonstrates our
commitment to improve shareholder value. Given the Company’s strong financial
position, our Board has encouraged us to opportunistically use this repurchase
authorization when our stock price is at a level that the Board believes is
significantly below our intrinsic value.”
Under the repurchase program, the Company may purchase shares of its common
stock through open market transactions or in privately negotiated block
purchases or other private transactions (either solicited or unsolicited). The
timing and amount of repurchase transactions under this program will depend on
market conditions and corporate and regulatory considerations, and the program
may be discontinued or suspended at any time. The Company anticipates funding
for this program to come from available corporate funds, including cash on
hand and future cash flow.
About Innovative Solutions & Support, Inc.
Headquartered in Exton, Pa., Innovative Solutions & Support, Inc.
(www.innovative-ss.com) is a systems integrator that designs and manufactures
flight guidance and cockpit display systems for Original Equipment
Manufacturers (OEM’s) and retrofit applications. The company supplies
integrated Flight Management Systems (FMS) and advanced GPS receivers for
precision low carbon footprint navigation.
Certain matters contained herein that are not descriptions of historical facts
are “forward-looking” (as such term is defined in the Private Securities
Litigation Reform Act of 1995). Because such statements include risks and
uncertainties, actual results may differ materially from those expressed or
implied by such forward-looking statements. Factors that could cause results
to differ materially from those expressed or implied by such forward-looking
statements include, but are not limited to, those discussed in filings made by
the Company with the Securities and Exchange Commission. Many of the factors
that will determine the Company’s future results are beyond the ability of
management to control or predict. Readers should not place undue reliance on
forward-looking statements, which reflects management’s views only as of the
date hereof. The Company undertakes no obligation to revise or update any
forward-looking statements, or to make any other forward-looking statements,
whether as a result of new information, future events or otherwise.
Innovative Solutions & Support, Inc.
Ronald C. Albrecht, Chief Financial Officer
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