FLYHT Aerospace Solutions Ltd.
TSX Venture: FLY
Shares Issued: 142.5 million
Fully Diluted: 182.1 million
This morning (August 8, 2013) an upbeat sounding President & CEO Bill Tempany and Tom French, CFO, hosted FLYHT Aerospace’s second quarter conference call for investors.
Mr. French opened the call by providing an overview of key financial highlights from the quarter.
- Revenue increased in Q2/13 over same quarter in 2012 by 36.5% to $2.1 million and year-to-date revenue is $3.9 million, which represents a 43.7% increase.
- Recurring revenue (UpTime usage) increased 11.9% over the second quarter 2012 and 9.6% year-to-date. We note that the $846 thousand number is a record!
- The most significant increase in total revenue was sales revenue which increased 73.7% over Q2/12 and represents an 81.2% increase year-to-date.
- Net loss also fell “as we stated it would on previous conference calls”. For the 2nd quarter over the same quarter of 2012 the net loss was $916,000 lower, including research and development, and $502,000 if the research and development was factored out of the loss calculation.
- The net year-to-date loss was $2.1 million lower including research and development, and $1.2 million lower if the Research & Development was excluded.
- The company’s certification work with L-3 Communications has been going very smoothly. Met the deadlines in the programs, delivered what was to be delivered and the product has performed admirably.
- Last quarter NetJets turned on the 10 installs that they had completed. NetJets is requesting meetings for adding more AFIRS units for the program.
- The mandate still stands to install satellite communications on all commercial aircraft by the end of 2016. A team from FLYHT is going over to China on Sunday to work with four or five airlines to get their plans for rollout to the government. FLY management is expecting to capture a large portion of that market.
- C-130 upgrade program is moving forward very well with integrators. Working with CMC, IAccess and Snow Aviation.
- Still believe the company will be cash flow positive by the end of 2013.
- Verbal confirmation that a major fleet has accepted FLYHT’s proposal through L-3/Airbus program.