FLYHT Aerospace Solutions Ltd.
TSX Venture: FLY
Shares Issued: 139,386,166
Fully Diluted: 178,135,626
Below are selected highlights from FLYHT’s Q3 financial results and will be addressed in additional detail later today during the management conference call:
- Historically, Q3 is one of the slowest quarters of the year. In spite of this, FLYHT registered a 7.6% increase in revenue compared to the same quarter in 2011, with $1.55 million in sales this year compared to $1.44 million in the same quarter last year.
- Recurring revenue generated by AFIRS™ Uptime usage was just under $800 thousand representing an 8.8% increase over the $735 thousand recorded in Q3/11.
Reductions on the Expense Side
- Research & Development (R&D) costs were down significantly compared to the same quarter last year. According to the management, this is a trend that is expected to continue.
- The company had a net recovery of $157 thousand compared to R & D cost of $1.12 million for the same quarter last year.
- That was due to government grants and Scientific Research and Experimental Development (SRED) credits totalling $925 thousand.
Continued Achievement with Key Certifications
- FLYHT received the first certification for a “factory installation” of an AFIRS 228 in a new aircraft prior to delivery. Certification was received from the Civil Aviation Authority of China in July for the Bombardier CJR-900 aircraft to be delivered to China Express Airlines.
- Received the key European certification in September for the AFIRS 228 that was needed for the Hawker Beechcraft 750, 800XP, 850Xp and 900XP series aircraft. This allows AFIRS to be immediately activated on the NetJets Europe Hawker fleet.
- Steady growth of approved Supplemental Type Certificate’s, which will allow for more AFIRS units to be installed in the coming quarter.
Non-Brokered Private Placements
- On September 27, 2012, the company closed a non-brokered private placement at a price of $0.20 per common share for proceeds of $200,000.
Increased Foreign Activity
- Significant activity in Western Africa was noted over the past quarter with the delivery of a Safety Management System to the Nigerian Civil Aviation Authority.
- In this quarter, deals in Africa and the Middle East have contributed 21% of the company’s overall revenue, second only to North America.
- Four aircraft were delivered to China during Q3. No forecasting or formal information was provided.
- The company states, “There is more activity anticipated in Q4 from China and we believe that a slow start to the long anticipated roll out in China may be commencing.”
Management at FLYHT will be hosting a conference call later today at 3:00 pm MT (5:00 pm ET) to provide a summary of the latest financial reports and answer questions from shareholders.
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. Questions can be forwarded in advance or during the conference call to email@example.com and may be posed live by dialing one of the above numbers and pressing *1 on a touch-tone phone.
To view today’s news release, please click here........