Tue, May 14, 8:42 PM (73 days ago)
Innovative Solutions and Support, Inc. (IS&S) reports a significant increase in net sales for the quarter ending March 31, 2024, totaling $10.74 million, up 46.3% from $7.34 million in the same quarter of 2023. This growth is driven by a 265.4% surge in customer service sales, partially offset by a 17.7% decline in product sales. Cost of sales rose by 98.3%, resulting in a decreased gross margin of 52.0%, down from 64.6% in the previous year. Operating expenses increased by 19.0% in R&D and 18.9% in selling, general, and administrative costs. Net income slightly decreased to $1.21 million from $1.27 million. Despite higher revenues, increased costs and interest expenses from new debt impacted profitability. The company's cash flow from operations improved significantly to $4.42 million, up from $2.21 million. The report also notes the successful integration of Honeywell's product lines and an expanded revolving credit facility to $30 million.