Innovative Solutions and Support Inc. (ISSC, Financial) filed Annual Report for the period ended 2010-09-30.
Innovative Solutions And Support Inc. has a market cap of $85.7 million; its shares were traded at around $5.11 with a P/E ratio of 127.8 and P/S ratio of 3.4. ISSC is in the portfolios of Ronald Muhlenkamp of Muhlenkamp Fund, Jim Simons of Renaissance Technologies LLC, Mario Gabelli of GAMCO Investors, Chuck Royce of Royce& Associates.
As of September 30, 2010 and 2009, our backlog was $32.3 million and $34.1 million, respectively. The year over year decrease of $1.8 million or 5.3% was the result of $29.9 million in new business offset by $25.3 million of recognized revenue and $6.4 million of order de-bookings. The preponderan
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Innovative Solutions And Support Inc. has a market cap of $85.7 million; its shares were traded at around $5.11 with a P/E ratio of 127.8 and P/S ratio of 3.4. ISSC is in the portfolios of Ronald Muhlenkamp of Muhlenkamp Fund, Jim Simons of Renaissance Technologies LLC, Mario Gabelli of GAMCO Investors, Chuck Royce of Royce& Associates.
Highlight of Business Operations:
Retrofit focus. We believe offering cockpit avionics upgrades for existing aircraft is of great interest in today's economic environment. Retrofitting an aircraft with the COCKPIT/IP Flat Panel Display System is cost effective compared to acquiring a new aircraft and yet can provide the same functionality. When the economy returns to more robust levels, we believe lead times to acquire new aircraft will lengthen and demand for retrofits will continue as operators update their existing fleets to provide needed lift capacity. Establishing leadership in the flat panel display market. We expect that over the next several years, many aircraft will be retrofitted with flat panel displays. Given the versatility, visual appeal and lower cost of displaying a series of instruments and other flight relevant information on a single flat panel, we believe flat panel displays will increasingly replace individual analog and digital instruments and CRTs. We also believe our COCKPIT/IP has significant benefits over flat panel displays currently offered by competitors, including lower cost, larger size, reduced weight, enhanced viewing angles and a broad array of functions. Our patented and proprietary Integrity Checking Processor and Zooming features provide increased situational awareness, reliability, performance and utility to the owner/operator. Accordingly, we believe these advantages will allow us to generate significant revenues from our COCKPIT/IP and increase market share. Demand for new aircraft, FAA mandates to upgrade older aircraft and obsolescence issues on older aircraft will fuel this growth. Continuing our engineering and product development successes. We developed innovative products by combining our avionics, engineering and design expertise with commercially available technologies, components and products from non-aviation applications, including the personal computer and telecommunications industries. Our COCKPIT/IP Flat Panel Display System is an example of our ability to engineer products through the selective application of non-avionic technology. Our research and development expenses were $5.2 million, $5.3 million and $10.3 million for fiscal years ended September 30, 2010, 2009 and 2008, respectively. Maintaining our leadership in air data markets. We believe we are one of the largest suppliers of air data products to the U.S. retrofit market. Significant demand remains to retrofit aging aircraft with newer, more advanced and more supportable air data systems. Additionally upgrading business jets with higher performance engines is driving a need for more sophisticated air data products supplied by us. Increasing our sales to the DoD, other government agencies, defense contractors, commercial air transport and corporate/general aviation markets. We strengthened efforts to diversify our sales to include all end user markets of the aviation industry, particularly legacy military aircraft programs and the commercial air transport market. This includes national and regional carriers and other fleet operators, the corporate/general aviation market, primarily through aircraft 5As of September 30, 2010 and 2009, our backlog was $32.3 million and $34.1 million, respectively. The year over year decrease of $1.8 million or 5.3% was the result of $29.9 million in new business offset by $25.3 million of recognized revenue and $6.4 million of order de-bookings. The preponderan
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