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Innovative Solutions and Support Inc. (ISSC+15.94%) has filed its annual report on Form 10-K for the fiscal year ended September 30, 2024. filing
The company reported net sales of $47.2 million, an increase of 36.0% from the previous year. This growth was driven by a 7% increase in product sales and an 87.6% increase in service sales.
Net income for the fiscal year was $7.0 million, up from $6.0 million in fiscal year 2023. The increase in net income was attributed to higher sales volumes and improved operational efficiencies.
The company completed several acquisitions from Honeywell International Inc., including assets related to military display generators and flight control computers, for a total consideration of $14.2 million.
The company operates as a systems integrator, providing avionics products and systems for commercial and military markets. Its product offerings include integrated flight deck systems, navigation systems, communication systems, sensors and control systems, and advanced flight actuators.
The company's backlog as of September 30, 2024, was $89.2 million, a significant increase from $13.5 million at the end of fiscal year 2023. This increase includes $74.3 million of acquired backlog from the Honeywell transactions.
The company reported cash and cash equivalents of $538,977 as of September 30, 2024, a decrease from $3.1 million at the end of the previous fiscal year. This decrease was primarily due to cash used in acquisitions and capital expenditures.
The company entered into an amended and restated revolving line of credit with PNC Bank, increasing its borrowing capacity to $35 million to support its growth and acquisition strategy.
The company continues to focus on expanding its product line portfolio and improving operational efficiency to drive future growth.
The company does not anticipate paying any cash dividends in the foreseeable future, as it plans to reinvest earnings into business development and growth initiatives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Innovative Solutions and Support Inc. annual 10-K report dated December 30, 2024. To report an error, please email earnings@qz.com.