Innovative Solutions and Support, Inc. (NASDAQ:ISSC) Q1 2024 Earnings Conference Call February 15, 2024 10:00 AM ET

Company Participants

Shahram Askarpour - CEO

Rell Winand - CFO

Conference Call Participants

Theodore O'Neill - Litchfield Hills Research

Andrew Rem - Odinson Partners

Doug Ruth - Lenox Financial Services

Operator

Good day, and welcome to the Innovative Solutions & Support First Quarter Fiscal 2024 Financial Results 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 Dr. Shahram Askarpour, Chief Executive Officer and a member of the Board of Directors. Please go ahead.

Shahram Askarpour

Good morning. This is Shahram Askarpour, Chief Executive Officer of Innovative Solutions & Support. Welcome to our conference call to discuss our performance for the first quarter of fiscal 2024, current business conditions and outlook for the coming year. Joining me is, Rell Winand, our CFO.

Before we begin, I'd like Rell to provide a cautionary statement about forward-looking information.

Rell Winand

Thank you, Shahram, and good morning, everyone. I would remind our listeners that certain statements made in matters discussed in the conference call today, including those about new products and operational and financial results for future periods contain forward-looking information. These forward-looking statements are subject to assumptions, risks and uncertainties that could cause actual results to differ materially, either better or worse from those discussed.

I specifically call our listeners' attention to our disclaimer regarding forward-looking statements in our Form 10-Q filed yesterday, which disclaimer, along with our public filings represented describe these assumptions, risks and uncertainties. I also remind our listeners that plans and expectations we expressed speak only as of today's date, and listeners should not place undue reliance on any forward-looking statements.

Now I'll turn the call back to Shahram.

Shahram Askarpour

Thank you, Rell. I will begin today with remarks on our performance in the first quarter of fiscal 2024, followed by comments on our long-term growth plan and strategy, including the ongoing integration of the products acquired and licensed from Honeywell. I will then turn the call back to Rell, who will take us through the financials.

For the quarter, revenues were up 43% with net income increasing 51% from a year ago. This increase has us on pace to meet our goal of increasing revenues by 40% of the organic fiscal 2023 revenues due to the addition of the Honeywell product lines. At this time, we expect full integration of the Honeywell product line to be nearly completed this fiscal year. First quarter results were in line with the expectations expressed previously.