FLYHT Reports Second Quarter Results
Calgary, Alberta – August 26, 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 second quarter ended June 30, 2015.
“FLYHT made many strides in the second quarter; we hired a sales team, Ascend Aero, employed an additional sales resource and prepared to welcome David Perez as the VP of Sales and Marketing in early July,” stated Bill Tempany, Chief Executive Officer of FLYHT. “Other highlights include an increase in revenue over the same quarter last year, the signing of two contracts, welcoming Major General Mark V. Rosenker to the Board of Directors and receiving the 2015 Excellence in Avionics Safety Systems Innovation Award by Avionics Magazine.”
Second Quarter Results Include:
- Revenue of $1,598,603 in the second quarter, a 6% increase from Q2 2014.
- Net loss for the quarter at $1,943,924, compared to a loss of $46,926 in the same period last year; in 2014 a $1,950,957 reversal of a provision for settlement of a liability was recorded in Q2.
- Modified Working Capital at the end of Q2 2015 of $1,081,766, compared to $5,283,775 at December 31, 2014.
- Customer deposits of $864,332, a 30.2% decrease over the second quarter of 2014; payments received of $298,863, were 28.7% lower than the same quarter of 2014.
- Unearned revenue decreased to $1,236,476 or 3.6% lower than the second quarter of 2014; revenue recognized on AFIRS units shipped was lower and there was a lower amount of customer deposit value moved to unearned revenue.
- Recurring revenue (voice and data services) of $855,121, showed a decrease of 4.3% over the second quarter of 2014 due mainly to suspended modems on slow paying customers, and parts sales of $285,459, an increase of 155% from the second quarter of 2014.
- Administration expenses decreased to $943,931 or 15.7% versus the second quarter of 2014.
- R&D expense increased from $673,167 in 2014 (when the $1,950,957 litigation settlement provision reversal in that year is excluded) to $737,968.
- Distribution expense increased $171,090 due to additional resources focused on customer deliverables, recruitment costs and production of marketing materials.
For detailed information FLYHT’s 2015 Second 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 second quarter results on Thursday, August 27, 2015 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. Questions can also be forwarded in advance or during the conference call to email@example.com.
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.
Nola Heale, CA
Chief Financial Officer
The Howard Group Inc.
(888) or (403)-221-0915
Bristol Institutional Relations
Kin Communications Inc.
(866) or (604) 684-6730
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