FLYHT Reports First Quarter Results- Sets Record for Highest Quarterly Revenue
Calgary, Alberta – May 12, 2015 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (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, 2015.
“Revenue for the quarter was the highest on record at $2.57 million, along with a very small loss,” stated Bill Tempany, Chief Executive Officer of FLYHT. “We are very pleased the contracts signed and relationships developed in the past few years are now starting to deliver returns.”
First Quarter Results Include:
- Revenue of $2,569,908 which represents FLYHT’s best quarter ever.
- Net loss for the quarter at $60,414, compared to a loss of $1,273,101 in Q1 2014.
- Modified Working Capital at the end of Q1 2015 of $5,093,967 compared to $5,283,775 at December 31, 2014.
- Customer deposits of $851,703, a 34.7% decrease over the first quarter of 2014; payments received of $475,698 a decrease of 63.8% compared to the same quarter of 2014.
- Unearned revenue decreased to $1,346,427 or 1.4% from the first quarter of 2014; revenue recognized has exceeded AFIRS units shipped not accepted as it included units shipped prior to December 31, 2014.
- Recurring revenue (Voice and data services) of $963,560, an increase of 4.6% over the first quarter of 2014, and Parts sales of $840,362 in the quarter.
- Administration expenses decreased to $551,471 or 16.9% versus the first quarter of 2014.
- Net finance gain was $60,108 compared to a loss of $303,678 in the first quarter of 2014, due to increased foreign exchange gains.
For detailed information FLYHT’s 2015 First Quarter Report containing the 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 13 at 9 am MDT (11 am EDT, 8 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 http://flyht.com/investors/videos/ 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. The Dragon is FLYHT’s latest product, a revolutionary light weight portable satellite communications device that blends existing FLYHT technology with that of the iPad.
AFIRS, UpTime, the Dragon, FLYHTStream and AeroQ are trademarks of FLYHT Aerospace Solutions Ltd.
FLYHT Aerospace Solutions Ltd.
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