Innovative Solutions & Support, Inc. of Exton has announced it has had 10 consecutive profitable quarters, with revenue of $10.6 million in the quarter ending June 30 – up 20 percent over the 2013 figure.

The company also reported third quarter 2014 net income of $497,000, or $0.03 per share, an increase from $307,000, or $0.02 per share, in the same quarter a year ago.

Geoffrey Hedrick, chairman and chief executive office, said results reflect progress on engineering development programs.  This year, IS&S began production deliveries on the Eclipse 550, the KC-46A, the USAF PC-12, and the foreign C-130 full cockpit.

“As these programs are completed and as the related products are certified, we believe that commercial air transport, military, and general aviation operators will want to capitalize on the significant price for performance advantages of the resulting products,” said Hedrick. “By leveraging our core technology to develop a more comprehensive portfolio of products, we are expanding our addressable market and creating value for our shareholders.”

New orders for the quarter were $2.2 million, and backlog at June 30, 2014 was $72.5 million. Backlog includes a large contract with Delta Airlines, with initial production deliveries set for later this year. IS&S anticipates increasing sales, operating income and net income and to report its sixth consecutive profitable year on Sept. 30.

Shahram  Askarpour,  president, said several of the firm’s engineering programs  are at advanced stages of development, and IS&S is  focused on transitioning these programs to full production. Consequently, engineering revenues have been much higher than normal. A July 30 conference call and full business outlook are online at:  www.innovative-ss.com.

IS&S is a 25-year-old firm that designs and manufactures flight guidance and cockpit display systems for original equipment manufacturers and retrofit applications. The company supplies integrated flight management systems and advanced GPS receivers for precision low carbon footprint navigation.

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