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Last $2.81 USD
Change Today +0.0275 / 0.99%
Volume 8.0K
ISSC On Other Exchanges
Symbol
Exchange
NASDAQ GS
As of 2:35 PM 08/31/15 All times are local (Market data is delayed by at least 15 minutes).

innovative solutions & supp (ISSC) Key Developments

Innovative Solutions & Support Inc. Reports Consolidated Unaudited Earnings Results for the Third Quarter and Nine Months Ended June 30, 2015

Innovative Solutions & Support Inc. reported consolidated unaudited earnings results for the third quarter and nine months ended June 30, 2015. For the quarter, the company reported net sales of $4,919,689 compared with $10,575,976 for the same period last year. Operating loss was $264,860 compared with operating income $659,901 for the same period last year. Loss before income taxes was $247,315 compared with income before income taxes of $673,120 for the same period last year. Net loss was $3,531,973 or $0.21 diluted per share compared with net income of $497,030 or $0.03 diluted per share for the same period last year. Cash provided by operating activities was $150,000 for the quarter, a significant turnaround from $813,000 used in operating activities in the third quarter of fiscal 2014. For the nine months, the company reported net sales $16,929,995 compared with $34,176,802 for the same period last year. Operating loss was $736,512 compared with operating income $3,158,163 for the same period last year. Loss before income taxes was $686,838 compared with income before income taxes of $3,201,716 for the same period last year. Net loss was $3,302,322 or $0.20 diluted per share compared with net income of $2,289,842 or $0.13 diluted per share for the same period last year. Cash provided by operating activities was $913,000 for the first nine months of fiscal 2015, up significantly from $1.6 million of cash used in operations during the first nine months of fiscal 2014.

Innovative Solutions and Support, Inc. Receives Non-Compliance Notice From Nasdaq

As previously announced, effective July 31, 2015, Robert A. Mionis resigned from the board of directors of Innovative Solutions and Support, Inc. Mr. Mionis was serving as a member of the Audit Committee and the Compensation Committee of the Board prior to his resignation. On August 5, 2015, as a result of this resignation, the company received a customary notice from the Nasdaq Stock Market, LLC (Nasdaq) that it was no longer in compliance with (a) Nasdaq Listing Rule 5605(c)(2)(A), which requires that a listed company’s audit committee be comprised of at least three members, all of whom are independent, and (b) Nasdaq Listing Rule 5605(d)(2)(A), which requires that a listed company’s compensation committee be comprised of at least two members, all of whom are independent. While the Board will determine a suitable member to replace Mr. Mionis on the Audit Committee and the Compensation Committee, in accordance with Nasdaq Listing Rules 5605(c)(4) and 5605(d)(4), respectively, the company has a cure period until the earlier of the company’s next annual stockholders’ meeting or July 31, 2016 to add a third member to the Audit Committee and a second member to the Compensation Committee and regain compliance. The company expects to comply with the Nasdaq audit and compensation committee requirements within the specific cure period.

Innovative Solutions & Support Inc. to Report Q3, 2015 Results on Aug 05, 2015

Innovative Solutions & Support Inc. announced that they will report Q3, 2015 results at 5:00 PM, Eastern Standard Time on Aug 05, 2015

Innovative Solutions & Support Inc., Q3 2015 Earnings Call, Aug 06, 2015

Innovative Solutions & Support Inc., Q3 2015 Earnings Call, Aug 06, 2015

Robert A. Mionis Intends to Resign from Innovative Solutions and Support, Inc Board of Directors

On July 9, 2015, Robert A. Mionis provided notice to Innovative Solutions and Support Inc. of his intention to resign from the board of directors of the Company, effective as of July 31, 2015. Mr. Mionis was serving as a member of the audit committee and the compensation committee of the board prior to his resignation. Mr. Mionis indicated that his decision to resign was due to his desire to focus on other professional and personal pursuits and was not the result of any disagreement with the company.

 

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Industry Analysis

ISSC

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Valuation ISSC Industry Range
Price/Earnings NM Not Meaningful
Price/Sales 1.8x
Price/Book 1.4x
Price/Cash Flow NM Not Meaningful
TEV/Sales 1.2x
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