Innovative Solutions & Support Inc. (NASDAQ:ISSC) Q1 2019 Earnings Conference Call Transcript
Feb 07, 2019 • 10:00 am ET
Good day, and welcome to the Innovative Solutions and Support First Quarter 2019 Fiscal Earnings Conference Call.
All participants will be in listen-only mode. (Operator Instructions) Please note, this event is being recorded.
I would now like to turn the conference over to Geoffrey Hedrick, Chairman and Chief Executive Officer. Please go ahead, sir.
Geoffrey S. M. Hedrick
Good morning. This is Geoff Hedrick. I would like to welcome you this morning to our conference call to discuss the -- our performance of the first quarter of fiscal 2019, current business conditions and our outlook for the upcoming-year.
Joining me today are Shahram Askarpour, our President; and Rell Winand, our CFO. Before I begin, I would like Rell to read the safe harbor message. Rell?
Thank you, Geoff, and good morning, everyone. I would remind our listeners that certain matters discussed in the conference call today, including new products and operational and financial results, for future periods are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially, either better or worse from those discussed, including other risks and uncertainties reflected in our Company's 10-K, which is on file with the SEC and other public filings.
Now I will turn the call back to Geoff.
Geoffrey S. M. Hedrick
Thank you, Rell. The new fiscal-year has responded positively to the cost controls and marking refocus put in-place at the start of this fiscal year. Both revenues and backlog were up, we reported a long-awaited profit for the first fiscal quarter of this year. I believe that the foundation for a growth here is now in-place. Shipments of displays for retrofit programs, of commercial air transport, drove first quarter revenue growth, an encouraging sign that this market is rebounding.
In general aviation, the highly successful PC-24 UMS program is now in full-production mode, excuse me, now in full-production mode and expectations of steady stream of orders is in-place. Orders for the autothrottle have started delivery and installation. PC-24 flight deck orders, will be delivered this quarter. In the military market, the development of the new air data computer for the F-5 is in final stages of predelivery qualification testing. We are pursuing applications of our technology into the drone market, as well.
As previously discussed in the last earnings call, we have been concentrating on -- our resources, on few but potentially more lucrative opportunities. We have reorganized the Company proved resources and focused our research efforts on developing new innovative products, with clear performance and cost advantages.
The principal results of our efforts is our ThrustSense integrated PT6 autothrottle. We are notified that the ThrustSense autothrottle is the first FAA certified autothrottle for turboprop aircraft. ThrustSense protects the engine from exceedance damage and helping to protect against over and underspeed loss of control.
We understand that there are over 10,000 vulnerable PT6 powered airplanes that do not include the potential and that does not include the potential of other markets, such as drones and remote generators. Consequently, because of its light-weight, easily