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FLYHT Aerospace Solutions Ltd. (the “Company” or “FLYHT”) a leading provider of real-time data communications technology for the aviation industry has reported financial results for its third quarter ended Sept. 30, 2013.
“The FLYHT team continued the work of the previous quarters,” stated Bill Tempany, president and chief executive officer of FLYHT. “Revenue has continued to grow quarter over quarter while research and development costs are decreasing as predicted. Progress continues on the certification activities related to the AFIRS 228.”
Third Quarter Highlights Include:
– Revenue of $2,183,037, which represents an increase of 40.9 per cent over the same period last year.
– Recurring revenue (UpTime usage) of $881,903, an increase of 10.3 per cent over the third quarter of 2013.
– Gross profit was 56.9 per cent of revenue compared to 60.1 per cent for the third quarter of 2012.
– Net loss of $615,950 which included research and development costs of $440,963, which if removed would have resulted in a net loss of $174,987, an increase of $482,848 and a decrease of $115,576 respectfully over the third quarter of 2012.
– Distribution expenses were $681,515 representing a decrease of $73,321 from the third quarter of 2012.
– Administration expenses increased to $573,132 versus the third quarter of 2012 or an increase of $70,720.
– Research and development expenses were $440,963 or $598,424 lower than the third quarter of 2012.
– Signed a contract with a Nigerian airline to install AFIRS 220 on four Boeing 737 model aircraft.
– Received activation STC for AFIRS 228 on Boeing 767 – 200/300 model aircraft from Transport Canada
– Received certification from the Iridium Communication System (”Iridium”) for the commercial use of AFIRS 228S on the Iridium system.
– Hired a senior aviation professional for customer delivery and product development department.
– AFIRS 228S was approved for use on the SITA network which was the result of completion of SITA’s VHF AIRCOM Qualification testing.
– Approval received for AFIRS(TM) 228S usage on the ARINC network to provide ACARS over Iridium messages. The approval was the result on the completion of ARINC’s GLOBALink/Iridium Phase 3 AQP testing
Nine Months Highlights Include:
– Revenue of $6,063,607, which represents an increase of 42.7 per cent over the first nine months of last year.
– Recurring revenue (UpTime usage) of $2,544,215, an increase of 9.8 per cent over the first nine months of 2012.
– Gross profit for the first nine months of 2013 was 58.8 per cent of revenue compared to 52.6 per cent for the same period of 2012.
– Net loss of $2,624,369 which included research and development costs of $1,486,876, which if removed would have resulted in a net loss of $1,137,493, a reduction of 38.4 per cent and 53.3 per cent respectfully over the first nine months of 2012.
– Distribution expenses were $2,122,118 representing a decrease of $504,443 from the first nine months of 2012.
– Administration expenses increased to $2,053,607 versus $1,856,739 for the first nine months of 2012 or an increase of 10.6 per cent.
– Research and development expenses were $1,486,876 or $339,851 lower than the first nine months of 2012.
– Net finance costs increased $341,440 from the same nine month period of 2012 to $720,313 in the first nine months of 2013.
For detailed information FLYHT’s 2013 Third Quarter Report containing the President and CEO’s Message, Management Discussion and Analysis and Financial Statements has been posted to the Company’s website and can be accessed at http://www.flyht.com/investors/financial-reports-results-centre/.
