Innovative Solutions & Support, Inc. ("IS&S" or the "Company") (NASDAQ: ISSC) today announced its financial results for the third quarter and first nine months of fiscal year 2022, ending June 30, 2022.

For the third quarter of fiscal 2022, the Company reported net sales of $6.9 million, up from 12% from $6.2 million reported for the third quarter of fiscal 2021. Net income for the third quarter of fiscal 2022 was $1.4 million, or $0.08 per share, compared to $2.7 million, or $0.16 per share, in the same quarter a year ago. Third quarter fiscal 2021 results include a $1.5 million, or $0.09 per share, tax benefit from the release of a deferred tax valuation allowance. The Company reported a 41% increase in operating income, rising to $1.7 million from $1.2 million a year ago.

Shahram Askarpour, Chief Executive Officer, said, "I am pleased to report another quarter of strong growth in revenue, operating income and cash flow.

Mr. Askarpour added, "I am also pleased to welcome two experienced aviation industry professionals to our Board, Ms. Parizad Olver (Parchi) and Mr. Stephen L. Belland. Both individuals strengthen our Board with their extensive experience in aviation finance and aerospace and defense, respectively. In addition, I want to also welcome Michael Linacre as Chief Financial Officer. Mike has an accomplished track record of successful financial management and driving financial results. He has recently joined IS&S as CFO upon the retirement of Relland Winand. I believe we have a leadership team that will continue to drive growth and create value for our shareholders.”

Cash Flow, New Orders and Backlog

The Company’s cash on hand increased to $14.5 million at June 30, 2022, from $8.3 million at the end the latest fiscal year end. Net cash provided by operating activities was $6.4 million for the first nine months of the year.

New orders in the third quarter of fiscal 2022 were approximately $12.0 million and backlog as of June 30, 2022, was $12.6 million, up from $7.5 million at March 31, 2022. Only purchase orders in hand from the Pilatus PC-24, Textron King Air and the KC-46A long-term programs are included in the backlog total. The Company expects these programs to remain in production for approximately a decade and believes that they will continue to add to production sales already included in the backlog.

Nine Months Results

Total sales for the nine months ended June 30, 2022 were $20.5 million, up 26.6% compared to $16.2 million for the nine months ended June 30, 2021. For the nine months ended June 30, 2022, the company reported net income of $3.9 million, or $0.23 per share, up from $3.5 million, or $0.21 per share for the first nine months of fiscal 2021. The company’s operating income of $4.9 million is up 138% from $2.0 million for the nine months a year ago

Conference Call

The Company will be hosting a conference call on Thursday, August 11, 2022, at 10:00 a.m. ET to discuss these results and the Company’s business outlook and product development. Please use the following dial in number to register your name and company affiliation for the conference call: 1-844-739-3798 and ask to be joined into the Innovative Solutions & Support call. The call will also be carried live on the Investor Relations page of the Company web site at www.innovative-ss.com.

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 (OEMs) and retrofit applications. The company supplies integrated Flight Management Systems (FMS), Auto-Throttle Systems 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.

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