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| Statement |
|---|
| This is further evidence of our strong value proposition and the confidence we gained with our customers |
| Cash flow was strong in the quarter, enabling us to reduce our debt position by nearly $9 million in the quarter |
| Many of the hundreds of customers that came along with the new products are new to IS&S, representing another new market, we believe, offers great promise |
| That aside, results once again demonstrate the strength of our strategy, addressing the diversified military, commercial air transport and business aviation markets |
| And again, I want to congratulate you on a really strong quarter |
| These production contracts provide a growing pace of reliable revenue that generates strong margins and strong cash flow |
| Margins this quarter were 59.3%, an improvement from the first quarter of fiscal year 2023 |
| While we have always enjoyed a good reputation internationally, the Honeywell acquisition provided us an experienced, established global sales footprint, which we believe opens large new markets, not only for the Honeywell products but also for our legacy products |
| So kudos to you guys and the team for doing a great job improving the balance sheet so quickly |
| You've done a wonderful job |
| Well, I guess that's it for me, but I did want to say that you guys have done a pretty amazing job generated good cash flow here |
| For the quarter, revenues were up 43% with net income increasing 51% from a year ago |
| This work is directed at our long-term vision where we believe there is increasing demand for technologies that reduce pilot workload and would ultimately lead to single pilot flights in air transport aircraft |
| This increase has us on pace to meet our goal of increasing revenues by 40% of the organic fiscal 2023 revenues due to the addition of the Honeywell product lines |
| Revenue in the first quarter was up 43% due to the contribution of customer service sales of the product lines acquired and licensed from Honeywell |
| As we begin to develop strategies to fully recognize the inherent synergies and potential of these products, we believe that we will realize growth from such synergies and strategies |
| Our goal now is to leverage this momentum to sustain this growth over both near and longer term organically and through additional acquisitions |
| We expect the top and bottom line benefit of these new products to begin to gradually ramp up |
| I want to start off by congratulating you on a really strong quarter |
| Net income for the quarter was $1.1 million or $0.06 per share, up from $700,000 or $0.04 per share in the year ago quarter |
| And I think long term, it saves us money because that reduces your insurance cost as well |
| Rell Winand Upgrading servers |
| Although, we have experienced an anticipated slowdown in commercial air transport and cargo markets, we have counted the slowdown by renewed strength in the military markets |
| Shahram Askarpour Good morning |
| Thank you for your support |
| Theodore O'Neill Thank you very much |
| So that's a big driver of the increase |
| And obviously, as we add more Honeywell and you're going to see that grow and grow and grow because the prepaid Honeywell inventory was $12 million |
| Rell Winand Thanks |
| So all that's going to increase |
| Statement |
|---|
| But the big-ticket items of completely retrofitting a cockpit of a 5767 aircraft that has slowed down |
| First quarter gross margin was 59.3%, up from a year ago but down slightly on a sequential basis in the fourth quarter, primarily due to the impact of increased material costs and overhead absorption and customer service |
| Can you just help us understand what's going on? And is this related to are you excess inventory as you make these product transitions |
| But we've anticipated that on the cargo market, as these airplanes get older-and-older, and that eventually will see a slowdown in these upgrades, which -- and because of that, we developed some additional products and put a larger emphasis on our military efforts, which were kind of not -- in some ways, there was another priority before we were focusing on the overall product lines |
| Interest income was down in the quarter, consistent with our new P&C bank line of credit account that uses daily cash balance to reduce debt at the end of every day |
| Can you repeat that? I missed that |
| But yes, it is down from previous |
| We expect the credit line balance will continue to be reduced throughout the fiscal year, barring another acquisition |
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