Press release from Marketwire
FLYHT Reports First Quarter Results
Tuesday, May 07, 2013
FLYHT Reports First Quarter Results13:08 EDT Tuesday, May 07, 2013
CALGARY, ALBERTA--(Marketwired - May 7, 2013) - FLYHT Aerospace Solutions Ltd. (TSX VENTURE:FLY) (the "Company" or "FLYHT") a leading provider of real-time data communications technology for the aviation industry today reported financial results for its first quarter ended March 31, 2013.
"During the quarter we continued to demonstrate progress in our long term growth strategy and are off to a solid start for 2013 with first quarter revenue results that were up 54% over the same period last year," stated Bill Tempany, President and Chief Executive Officer of FLYHT Aerospace. "Our ongoing work is paying off through major both major OEM and government support."
First Quarter Highlights Include:
- Revenue of $1,717,136, which represents an increase of 54.0% over the same period last year.
- Recurring revenue (UpTime usage) of $815,874, an increase of 7.3% over the first quarter of 2012.
- Net loss of $970,136 which included research and development costs of $688,566, which if removed would have resulted in a net loss of $281,570, a reduction of 55.4% and 70.7% respectfully over the first quarter of 2012.
- Distribution expenses were $680,865 representing a decrease of $288,103 from the first quarter of 2012.
- Administration expenses increased to $601,372 versus the first quarter of 2012 or an increase of $38,933.
- Research and development expenses were $688,566 or $524,593 lower than the first quarter of 2012.
- Net finance costs increased $100,872 from the same quarter of 2012 to $207,124 in the first quarter of 2013.
- Signed a contract with a Nigerian airline to install AFIRS 220 on five Airbus A319 and A320 aircraft.
- A master service agreement was signed in January with Jabil Defense and Aerospace Services, a wholly owned subsidiary of Jabil Circuit, Inc. to manufacture the AFIRS 228 product line.
- Received an activation Supplemental Type Certificate ("STC") for the AFIRS 228 for the CRJ-900 Series aircraft.
- An activation STC for the AFIRS 220 for the Bombardier DHC 8 - Q400 series aircraft was received.
- Received a provisions STC for the AFIRS 228 for the Boeing B737 NG series aircraft.
- Installations of AFIRS 220 commenced in China on aircraft of three new operators.
- Jabil Defense and Aerospace began manufacturing the AFIRS 228B for FLYHT customers globally.
- Delivered a major software release to CMC to further the Royal Saudi Air Force program.
- Shipments commenced of the AFIRS solution to its first South American customer.
For detailed information FLYHT's 2013 First 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/. The MD&A and Financial Statements have also been sent to SEDAR and will be accessible at www.sedar.com.
FLYHT will host a live conference call to discuss first quarter results on Wednesday, May 8 at 8 am MDT (10:00 am EDT, 7 am PDT).
To access the conference call by phone within Canada and the U.S. the toll-free number is 1-800-319-4610. Outside Canada and the U.S., dial 1-604-638-5340. (Callers should dial in five to 10 minutes prior to the scheduled start time).
Management will accept questions by telephone and e-mail. Individuals wishing to ask a question during the call can do so by pressing *1. Also questions can be forwarded in advance or during the conference call to firstname.lastname@example.org.
An archive of the conference call will be posted on the Presentations and Webcasts section of FLYHT's website (www.flyht.com) as soon as it is available.
About FLYHT Aerospace Solutions Ltd.
FLYHT provides proprietary technological products and services designed to reduce costs and improve efficiencies in the airline industry. The Company has patented and commercialized three products and associated services currently marketed to airlines, manufacturers and maintenance organizations around the world. Its premier technology, AFIRS™ UpTime™, allows airlines to monitor and manage aircraft operations anywhere, anytime, in real time. If an aircraft encounters an emergency, FLYHT's triggered data streaming mode, FLYHTStream™, automatically streams vital data, normally secured in the black box, to designated sites on the ground in real time.
AFIRS, UpTime, FLYHT, FLYHTStream and AeroQ are trademarks of FLYHT Aerospace Solutions Ltd.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Contact Information:
FLYHT Aerospace Solutions Ltd.
Thomas R. French, CGA
VP Finance and CFO
The Howard Group Inc.
Investor Relations, Senior Associate
(888) or (403)-221-0915
Bristol Institutional Relations
(905) 326 - 1888