FLYHT Reports Second Quarter 2018 Results
CALGARY, Alberta, Aug. 08, 2018 (GLOBE NEWSWIRE) -- FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”), the leading provider of real-time data streaming and communication technologies in the aerospace industry, has reported financial results for the second quarter ended June 30, 2018.
Second Quarter financial results include:
- Revenue of $3,146,266, which represents a 3% decrease from the second quarter of 2017, including:
- Software as a Service (SaaS) of $1,079,214, a decrease of $79,126 or 7% over the second quarter of 2017.
- AFIRS Hardware of $854,350, an increase of $111,235 or 15% over the second quarter of 2017. Revenue was recognized on 17 installation kits in Q2 2018 compared to 12 in the second quarter of 2017.
- Licensing of $1,122,974, a decrease of $195,523 or 15% compared to the second quarter of 2017.
- Technical Services of $89,728, an increase of $67,298 over the second quarter of 2017.
- Gross profit was 66% of revenue compared to 67% for the second quarter of 2017.
- Operating expenses totalled $2,669,242 in Q2 2018, a decrease of $239,623 over Q2 2017, including:
- Distribution expenses decreased 10% to $1,281,936 due primarily to a change in our stock-based compensation plans.
- Administration expenses decreased 37% to $682,575 compared to the second quarter of 2017.
- Research and development expenses were $704,731, or 76% higher than in the same quarter of 2017, due mainly to increased staffing effort involved in R&D activities.
- Net loss of $649,293 was a decrease of $110,081 from the second quarter of 2017’s net loss of $759,374.
- EBITDA1 of negative $561,791 in the quarter compared to negative $655,501 in the same quarter of 2017.
- The balance of $808,734 in customer deposits at quarter end was a decrease of $100,584 over Q2 2017 and a decrease of $879,237 from Q4 2017, as many deposits received in Q4 were applied to Q1 and Q2 2018 customer shipments.
Detailed information in FLYHT’s 2018 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://flyht.com/financial-reports/. The MD&A and Financial Statements have also been filed with SEDAR and will be accessible at www.sedar.com.
FLYHT will host a live conference call to discuss second quarter results on Thursday, August 9, 2018 at 7 am MDT (9 am EDT, 6 am PDT). The conference call will include a brief presentation about FLYHT’s second quarter results 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 1-800-319-4610. Outside Canada and the U.S.A., 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 be emailed in advance or during the conference call to [email protected].
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. http://flyht.com/presentation-and-webcast/.
About FLYHT Aerospace Solutions Ltd.
2018 marks FLYHT’s 20th anniversary as a leader in real-time data streaming. FLYHT’s mission is to improve aviation safety, efficiency and profitability (located in Calgary, Canada; publicly traded as: FLY:TSX.V; FLYLF:OTCQX). Airlines, leasing companies, fractional owners and original equipment manufacturers have installed the Automated Flight Information Reporting System (AFIRSTM) on their aircraft to capture, process and stream aircraft data. AFIRS sends this information through satellite networks to the Company’s UpTimeTM Cloud data center, which provides aircraft operators with direct insight into the operational status and health of their aircraft and enables them to take corrective action to maintain the highest standard of operational control to manage their aircraft more efficiently.
Contact InformationFLYHT Aerospace Solutions Ltd. Alana Forbes Chief Financial Officer 403-291-7437[email protected]
Adelaide Capital Markets Inc.Deborah Honig647-203-8793[email protected]
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1 EBITDA: defined as earnings before interest, income tax, depreciation and amortization (a non-GAAP financial measure).