Exton-based Innovative Solutions & Support, Inc. has reported that Delta Airlines is terminating its contract with IS&S to upgrade cockpits in its fleet of MD88 and MD90 aircraft.
IS&S, however, said it is continuing to discuss with Delta Airlines its obligations under the contract. As of June 30, the contracts represented approximately $62 million of the company’s reported backlog.
IS&S was founded in 1988. The company’s web site is still showing six job openings including positions for a quality inspector, program manager and systems engineer. The company is a systems integrator 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.
News of the contract termination sent Innovative Solutions & Support, Inc stock (ISSC) plumetting to a 52-week low of $2.57. At NASDAQ’s close the stock had recovered slightly to $2.77 a share (-45.36%).
