|By Marketwired .||
|April 14, 2014 06:22 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 04/14/14 -- FLYHT Aerospace Solutions Ltd. (TSX VENTURE:FLY) (the "Company" or "FLYHT") a leading provider of real-time data communications technology for the aviation industry today reported financial results for the fourth quarter and its year end December 31, 2013.
Bill Tempany, CEO stated: "2013 was a year of milestones for FLYHT during which we grew year over year revenues by 23.7% to over $8.0M. New contract wins, new customers, new certifications and more trials positioned FLYHT for considerable growth in the years to come."
"As we geared up to service the Chinese install in Q4, our expenses increased in order to deal with associated documentation and marketing costs. Furthermore in Q4, there were associated expenses for releasing our new product, the Dragon(TM)."
"Our progress and anticipated ramp-up in our business did not go unnoticed by our supportive and loyal shareholders, many of whom participated in exercising warrants in order to assist FLYHT with the need for growth capital. We took in over $6.1M during Q4 and at year end had a cash position of $5.2M, which is more than sufficient to meet our financial needs for planned growth in 2014 and beyond."
Fourth Quarter Highlights Include:
-- Revenue of $1,936,757, which represents a decrease of 12.8% over fourth quarter of 2012. -- Recurring revenue (UpTime usage) of $1,080,503, an increase of 39.5% over the fourth quarter of 2012. -- Gross profit was 60.4% of revenue compared to 54.8% for the fourth quarter of 2012. -- Net loss of $1,438,795 which included research and development costs of $693,351, which if removed would have resulted in a net loss of $745,444, an increase of $817,349 and $705,008 respectfully over the fourth quarter of 2012. -- Distribution expenses were $834,328 representing an increase of $99,684 from the fourth quarter of 2012. -- Administration expenses increased to $805,515 versus the fourth quarter of 2012 or an increase of $165,486. -- Research and development expenses were $693,351 or $112,340 higher than the fourth quarter of 2012. -- Signed a contract with an eastern European airline for AFIRS 220 on four Boeing 737 aircraft. -- Signed a contract with a South American cargo airline for AFIRS on 12 Boeing 737 - 400 and 12 ATR - 200 aircraft. -- Datang Mobil Aviation division in China agreed that the AFIRS 228 would be standard fit on production ARJ21 aircraft. -- Shareholders exercised warrants and stock options totally $6,087,733 FLYHT introduced the Dragon as an exciting new member of the FLYHT family of products. -- DAC Aviation International Ltee., purchased five of the recently release Dragon product.
Year Highlights Include:
-- Revenue of $8,000,364, which represents an increase of 23.7% over 2012. -- Recurring revenue (UpTime usage) of $3,624,718, an increase of 17.2% over 2012. -- Gross profit for 2013 was 59.2% of revenue compared to 57.2% for 2012. -- Net loss for the year of $4,063,164 which included research and development costs of $2,180,277, which if removed would have resulted in a net loss of $1,882,937887, a reduction of 16.8989% and 24.0% respectfully over 2012. -- Distribution expenses were $2,956,446 representing a decrease of $404,759 from 2012. -- Administration expenses increased to $2,859,122 versus $2,496,769 for 2012 or an increase of $362,353. -- Research and development expenses were $2,180,227 or $227,510 lower than 2012. -- Net finance costs increased $488,440 over 2012 to $1,060,002.
Detailed information in FLYHT's 2013 Annual 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://www.flyht.com/investors/financial-reports-results-centre/. The MD&A and Financial Statements have also been sent to SEDAR and will be accessible at www.sedar.com.
FLYHT will host a live conference call to discuss fourth quarter and year end results on Tuesday, April 15 at 2:30 pm MDT (4:30 pm EDT, 1:30 pm PDT).
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. Individuals wishing to ask a question during the call can do so by pressing (i)1. Also questions can be forwarded 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 (www.flyht.com) as soon as it is available.
About FLYHT Aerospace Solutions Ltd.
FLYHT provides proprietary technological products and services designed to reduce costs and improve efficiencies in the airline industry. The Company has patented and commercialized three products and associated services currently marketed to airlines, manufacturers and maintenance organizations around the world. Its premier technology, AFIRS(TM) UpTime(TM), allows airlines to monitor and manage aircraft operations anywhere, anytime, in real time. If an aircraft encounters an emergency, FLYHT's triggered data streaming mode, FLYHTStream(TM), automatically streams vital data, normally secured in the black box, to designated sites on the ground in real-time. The Dragon is FLYHT's latest product, a revolutionary light weight portable satellite communications device that blends existing FLYHT technology with that of the iPad.
AFIRS, UpTime, the Dragon, FLYHTStream and AeroQ are trademarks of FLYHT Aerospace Solutions Ltd.
Join us on social media!
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.
FLYHT Aerospace Solutions Ltd.
Thomas R. French, CGA
Chief Financial Officer
The Howard Group Inc.
(888) or (403)-221-0915
Bristol Institutional Relations
Kin Communications Inc.
(866) or (604) 684-6730
By now most people have either created their configuration management solution or are just embarking on this journey. In his session at @DevOpsSummit at 19th Cloud Expo, Marco Ceppi, a DevOps Engineer working at Canonical, will discuss how to take configuration management to the next level with modelling and orchestration. He will also discuss how and why people are moving from a machine-centric view to a service/application-oriented view of deployments, and how you can leverage the knowledge a...
Oct. 25, 2016 10:00 AM EDT Reads: 1,891
operations aren’t merging to become one discipline. Nor is operations simply going away. Rather, DevOps is leading software development and operations – together with other practices such as security – to collaborate and coexist with less overhead and conflict than in the past. In his session at @DevOpsSummit at 19th Cloud Expo, Gordon Haff, Red Hat Technology Evangelist, will discuss what modern operational practices look like in a world in which applications are more loosely coupled, are deve...
Oct. 25, 2016 09:45 AM EDT Reads: 1,781
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
Oct. 25, 2016 09:45 AM EDT Reads: 1,367
In his session at 19th Cloud Expo, Nick Son, Vice President of Cyber Risk & Public Sector at Coalfire, will discuss the latest information on the FedRAMP Program. Topics will cover: FedRAMP Readiness Assessment Report (RAR). This new process is designed to streamline and accelerate the FedRAMP process from the traditional timeline by initially focusing on technical capability instead of documentation preparedness. FedRAMP for High-impact level systems. Early in 2016 FedRAMP officially publishe...
Oct. 25, 2016 09:42 AM EDT
What are the successful IoT innovations from emerging markets? What are the unique challenges and opportunities from these markets? How did the constraints in connectivity among others lead to groundbreaking insights? In her session at @ThingsExpo, Carmen Feliciano, a Principal at AMDG, will answer all these questions and share how you can apply IoT best practices and frameworks from the emerging markets to your own business.
Oct. 25, 2016 09:30 AM EDT Reads: 2,581
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
Oct. 25, 2016 09:15 AM EDT Reads: 1,064
Security, data privacy, reliability, and regulatory compliance are critical factors when evaluating whether to move business applications from in-house, client-hosted environments to a cloud platform. Quality assurance plays a vital role in ensuring that the appropriate level of risk assessment, verification, and validation takes place to ensure business continuity during the migration to a new cloud platform.
Oct. 25, 2016 09:00 AM EDT Reads: 1,945
DevOps is speeding towards the IT world like a freight train and the hype around it is deafening. There is no reason to be afraid of this change as it is the natural reaction to the agile movement that revolutionized development just a few years ago. By definition, DevOps is the natural alignment of IT performance to business profitability. The relevance of this has yet to be quantified but it has been suggested that the route to the CEO’s chair will come from the IT leaders that successfully ma...
Oct. 25, 2016 08:45 AM EDT Reads: 16,496
In his session at Cloud Expo, Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, will provide economic scenarios that describe how the rapid adoption of software-defined everything including cloud services, SDDC and open networking will change GDP, industry growth, productivity and jobs. This session will also include a drill down for several industries such as finance, social media, cloud service providers and pharmaceuticals.
Oct. 25, 2016 08:45 AM EDT Reads: 1,996
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor...
Oct. 25, 2016 08:30 AM EDT Reads: 893
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to impr...
Oct. 25, 2016 08:00 AM EDT Reads: 5,739
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Oct. 25, 2016 07:45 AM EDT Reads: 4,910
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, will draw together recent research and lessons learned from emerging and established ...
Oct. 25, 2016 07:45 AM EDT Reads: 1,400
Amazon has gradually rolled out parts of its IoT offerings, but these are just the tip of the iceberg. In addition to optimizing their backend AWS offerings, Amazon is laying the ground work to be a major force in IoT - especially in the connected home and office. In his session at @ThingsExpo, Chris Kocher, founder and managing director of Grey Heron, explained how Amazon is extending its reach to become a major force in IoT by building on its dominant cloud IoT platform, its Dash Button strat...
Oct. 25, 2016 06:45 AM EDT Reads: 4,825
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...
Oct. 25, 2016 06:15 AM EDT Reads: 11,436