FLYHT Reports First Quarter 2020 Results
May 06 2020 - 4:35PM
FLYHT Aerospace Solutions Ltd. (TSX-V: FLY)
(OTCQX: FLYLF) (the “Company” or “FLYHT”) today reported financial
results for the quarter ended March 31, 2020.
Tom Schmutz, CEO, remarked, “FLYHT’s first
quarter was strong in total sales orders captured, and set records
in SaaS and Licensing revenues. Our attention is now focused on the
preservation of cash while developing new solutions to support
commercial aviation as it recovers.”
First Quarter 2020 Results
- Revenues and Other Income decreased by 4% to $5,295,232
compared to the first quarter of 2019. This included:
- SaaS revenue of $2,738,654, an increase of 14% from the first
quarter of 2019;
- Hardware revenue of $227,684, a decrease of 90% from 2019’s
first quarter;
- Licensing revenue of $2,263,677, an increase of 499% from the
first quarter of 2019;
- A Technical Services revenue total of $65,217, which is a
decrease of 65% from the first quarter of 2019; and
- Other Income of $628,500 associated with Subsidy Recovery from
Panasonic Avionics Corporation (PAC).
- Gross margin was 75% of revenue, compared to 55% in the first
quarter of 2019.
- Operating expenses increased 11% from the first quarter of
2019. Distribution expenses increased by 2%, Administration
expenses increased by 15%, and Research and Development expenses
increased by 31%.
- Positive EBITDA1 totaled $729,438 in the quarter compared to
$676,350 in the same quarter of 2019.
- Net income was $686,022, compared to net income in Q1 2019 of
$206,658.
FLYHT’s balance sheet ended the quarter
with:
- A cash balance of $3,716,388, which was a decrease from 2019
year-end’s balance of $4,127,648; and
- An increase in both trade receivables (25%) and trade payables
(29%), reflecting delays in receipt of customer payments due to the
COVID-19 pandemic, and an associated delay in payments to
suppliers; and
- An increase in Property and Equipment of $2.2 million, with a
corresponding increase in Lease liability, as FLYHT brought a new
building lease for its Calgary headquarters onto the balance sheet,
having taken possession of the space in March 2020.
FLYHT’s Q1 2020 Report, which contains more
detailed information including the CEO’s Message, Management
Discussion and Analysis and Financial Statements, has been posted
to the Company’s website at http://flyht.com/financial-reports/.
The MD&A and Financial Statements have also been filed with
SEDAR, accessible at www.sedar.com.
FLYHT will host a live conference call to
discuss its first quarter financial results
on Thursday, May 7, 2020 at 7 am MDT (9 am EDT, 6 am
PDT). The conference call will include a brief
presentation about FLYHT’s first quarter and will be followed by a
question and answer period with management.
To access the conference call by phone within
Canada and the U.S.A., the toll-free number is
1-855-327-6838. Outside Canada and the U.S.A., dial
1-604-235-2082. 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 be emailed in advance or
during the conference call to investors@flyht.com.
An archive of the conference call will be posted
on the Presentations and Webcasts section of
FLYHT’s website as soon as it is available from the
conference call provider.
About FLYHT Aerospace Solutions
Ltd. FLYHT improves aviation safety, efficiency and
profitability by providing airlines, leasing companies, owners,
operators and original equipment manufacturers with real-time
insights into how their aircraft are performing. The company’s
products include AFIRS™ (Automated Flight Information Reporting
System), a satellite communications (Satcom) aircraft interface
device (AID) which enables real-time streaming of flight
information, aircraft tracking and health monitoring, fuel
management, and black box data streaming, as well as TAMDAR™
(Tropospheric Airborne Meteorological Data Reporting), which
aggregates and streams airborne weather data in real-time. FLYHT is
headquartered in Calgary, Canada with an office in Littleton,
Colorado and is an AS9100 Quality registered company. For more
information, visit www.flyht.com
Contact Information: |
FLYHT Aerospace Solutions
Ltd. Alana ForbesChief Financial Officer
403-291-7437aforbes@flyht.com |
Investor
Relations:Adelaide Capital Markets
Inc.Deborah Honig647-203-8793deborah@adcap.ca |
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www.flyht.com Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
1 EBITDA: defined as earnings before interest, income tax,
depreciation and amortization (a non-GAAP financial measure).
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