FLYHT Provides Third Quarter 2019 Update
Calgary, Alberta – October 2, 2019 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced preliminary third quarter 2019 highlights and updates.
Third Quarter 2019 Highlights
- Secured an aggregate of US $1.0 million in new sales contracts and purchase orders, assuming the Company provides services over the full term of these contracts.
- Reported sales order backlog of more than $50 million.
- Successfully completed the integration of Panasonic Weather Solutions (PWS) assets, known as the “OneFLYHT” Program, which were acquired in October 2018.
- Expanded a licensing agreement with L3Harris Technologies to customize the Automated Flight Information Reporting System (AFIRS) 228S for use as the Satcom option on the Airbus A220 family of aircraft; expanding the agreement which previously established L3Harris’ AFIRS 228S as the Satcom option for the Airbus A320 and A330 families. These details can be reviewed in the press release dated August 1, 2019.
- Received the Chinese Validation of our newest Federal Aviation Administration (FAA) Airbus A320 AFIRS Supplemental Type Certificate (VSTC), which includes all models of the A320 family, including the “New Engine Option” (NEO). FLYHT also received FAA validation of our Transport Canada Supplemental Type Certificate (STC) for the Bombardier Q400.
During the third quarter 2019, FLYHT secured an aggregate of US $1.0 million in sales contracts and purchase orders, including:
- A purchase order from Azur Havacilik A.S (Azur Aviation), an existing customer, to install five AFIRS kits on their Boeing 777 fleet to enable FLYHTVoiceTM, FLYHTLogTM and FLYHTASDTM. After completion of this order, FLYHT will have installed AFIRS kits throughout the entire Azur fleet of Boeing 737 Next Gen’s, Boeing 757’s, Boeing 767’s, and Boeing 777 aircraft.
- A purchase order from Avmax Chad to enable three aircraft with FLYHTVoice, FLYHTASD, and FLYHTHealthTM
- A purchase order from an existing North American charter operator customer for one additional AFIRS kit as well as FLYHTVoice, FLYHTLog and FLYHTFuelTM.
- A purchase order from an international aircraft manufacturer for AFIRS in order to perform integration and certification as the Satcom option for future aircraft deliveries.
- A purchase order from a current Chinese cargo carrier customer for three additional AFIRS aircraft kits.
- A purchase order from a current Chinese airline for one additional AFIRS kit.
- A purchase order for technical services from an Asia-Pacific airline and modems from an original equipment supplier partner.
After completing third quarter 2019 shipments, FLYHT’s sales order backlog totaled more than $50 million. The sales order backlog is defined as the sum of all unrecognized revenues from previously announced purchase orders and contracts and includes technical services, licenses, and hardware as well as the future value of contracted SaaS products. Backlog value from contracts deemed unlikely to manifest is excluded. Twelve months of SaaS product value is included in backlog if a customer is currently paying for SaaS products under a contract that has exceeded its original term and is auto-renewing annually for subsequent one-year terms. The sales order backlog value assumes that FLYHT provides hardware and services over the full scope and term of the constituent contracts.
As of September 30, FLYHT successfully completed the integration of the assets acquired from Panasonic Weather Solutions, known as the “OneFLYHT” Program, into FLYHT Inc., a wholly owned United States-based subsidiary of FLYHT Aerospace Solutions Ltd. The goal of the project was to combine both entities into one, holistic company that operates in multiple locations. Completing the project required collaboration between multiple departments and the successful execution of 266 independent tasks.
FLYHT has begun the process of obtaining a multi-site AS9100 aerospace quality certification as part of its 2020 ISO 9001 recertification. In July and in-line with internal goals, FLYHT also began shipping FlightLink satellite data units and Tropospheric Airborne Meteorological Data Reporting (TAMDAR) sensors from its Littleton, CO facility. The company now hires talent, designs, manufactures, and delivers products at both its Calgary and Littleton locations.
Managed independently from the OneFLYHT program, FLYHT has begun integrating TAMDAR with the AFIRS 228 family. By augmenting both legacy and future AFIRS installations with TAMDAR, FLYHT will expand its worldwide data set of valuable real-time weather observations. This development program is expected to be completed by the end of this year.
About FLYHT Aerospace Solutions Ltd.
FLYHT’s mission is to improve aviation safety, efficiency and profitability. Globally, and for more than 20 years, airlines, leasing companies, fractional owners and original equipment manufacturers have installed FLYHT’s differentiated aircraft and enterprise-based solutions to deliver real-time, flight-deck, satellite connectivity for tracking, health monitoring, and streaming of operational, maintenance and weather data. FLYHT is publicly traded as FLY in Canada on the TSX.V; and as FLYLF in the USA on the OTCQX. FLYHT is based in Calgary, Canada with an office in Littleton, Colorado and is an AS9100 Quality registered company. For more information visit www.flyht.com.
|FLYHT Aerospace Solutions Ltd.
Chief Financial Officer
Adelaide Capital Markets Inc.
|USA Investor Relations:
Gateway Investor Relations
Matt Glover or Charlie Schumacher
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