Welcome!

News Feed Item

FLYHT Reports First Quarter Results

CALGARY, ALBERTA -- (Marketwired) -- 05/13/14 -- 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 its first quarter ended March 31, 2014.

"Q1 was a mixed emotions type of quarter. We received the first payment for shipments to China on the order out of the 218 units announced in November. Those payments don't show up in revenue in accordance with our revenue recognition policies, so Q1 revenues are below where we would have liked them. On the other hand, costs were also lower so the modified working capital improved and that is very significant for us. We intend to keep the pressure on decreasing costs while increasing our focus on sales and now that our products are certified and being delivered to our customers, we are confident the revenues will grow and costs will remain in check to provide the kind of returns our shareholders expect," stated Bill Tempany, Chief Executive Officer of FLYHT.

First Quarter Highlights Include:

--  Revenue of $1,348,786 which represents a decrease of 21.5% over the same
    period last year. 
--  Customer deposits of $1,304,721 an increase of 100.2% over the first
    quarter of 2013. 
--  Recurring revenue (AFIRS(TM) UpTime(TM) usage) of $921,116, an increase
    of 12.9% over the first quarter of 2013. 
--  Net loss of $1,273,101 which included research and development costs of
    $434,695, which if removed would have resulted in a net loss of
    $838,406, an increase of 31.2% and an increase of 197.7% respectfully
    over the first quarter of 2013. 
--  Distribution expenses were $780,050, representing an increase of $99,185
    from the first quarter of 2013. 
--  Administration expenses increased to $663,344 versus the first quarter
    of 2013 or an increase of $61,972 or 9%. 
--  Research and development expenses were $434,695 or $253,871 lower than
    the first quarter of 2013 a reduction of 36.9%. 
--  Net finance costs increased $96,554 from the same quarter of 2013 to
    $303,678 in the first quarter of 2014. 
--  In January, FLYHT announced the delivery of the AFIRS 228S to L-3
    Aviation Recorders as planned and on schedule. 
--  In February, FLYHT announced a realignment of officer roles and named
    Matt Bradley as President, Derek Graham as the Chief Technical Officer
    and Jeff Brunner as VP Certification Engineering and China Operations. 
--  FLYHT was recognized as a top ten performer in the Technology & Life
    Sciences Category of the 2014 TSX Venture 50®. The list is a ranking
    of strong performing companies trading on the TSX Venture Exchange. 
--  In March, FLYHT signed a contract with an Asian Charter Airline for the
    AFIRS 220 on four Bombardier CRJ aircraft. 
--  Also in March, FLYHT signed a contract with the Middle Eastern
    Operations group of an International Cargo Airline for the AFIRS 228 on
    four Boeing 757 aircraft. 
--  FLYHT received certification for its AFIRS 228 on the ATR 42/72 aircraft
    from the National Civil Aviation Agency ("ANAC") of Brazil. 

For detailed information FLYHT's 2014 First 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://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 first quarter results on Wednesday, May 14 at 11 am MDT (1 pm EDT, 10 am 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!

www.facebook.com/flyht

www.twitter.com/flyhtcorp

www.slideshare.net/flyhtcorp

www.youtube.com/flyhtcorp

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.

Contacts:
FLYHT Aerospace Solutions Ltd.
Thomas R. French, CGA
Chief Financial Officer
403-291-7427
[email protected]

Investor Relations
The Howard Group Inc.
Dave Burwell
Senior Associate
(888) or (403)-221-0915
[email protected]

Bristol Institutional Relations
Glen Akselrod
President
(905) 326-1888
[email protected]

Kin Communications Inc.
Fred Leigh
(866) or (604) 684-6730
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
In this presentation, you will learn first hand what works and what doesn't while architecting and deploying OpenStack. Some of the topics will include:- best practices for creating repeatable deployments of OpenStack- multi-site considerations- how to customize OpenStack to integrate with your existing systems and security best practices.
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: implemen...
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, provided a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services with...
Most people haven’t heard the word, “gamification,” even though they probably, and perhaps unwittingly, participate in it every day. Gamification is “the process of adding games or game-like elements to something (as a task) so as to encourage participation.” Further, gamification is about bringing game mechanics – rules, constructs, processes, and methods – into the real world in an effort to engage people. In his session at @ThingsExpo, Robert Endo, owner and engagement manager of Intrepid D...
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
Evan Kirstel is an internationally recognized thought leader and social media influencer in IoT (#1 in 2017), Cloud, Data Security (2016), Health Tech (#9 in 2017), Digital Health (#6 in 2016), B2B Marketing (#5 in 2015), AI, Smart Home, Digital (2017), IIoT (#1 in 2017) and Telecom/Wireless/5G. His connections are a "Who's Who" in these technologies, He is in the top 10 most mentioned/re-tweeted by CMOs and CIOs (2016) and have been recently named 5th most influential B2B marketeer in the US. H...
Michael Maximilien, better known as max or Dr. Max, is a computer scientist with IBM. At IBM Research Triangle Park, he was a principal engineer for the worldwide industry point-of-sale standard: JavaPOS. At IBM Research, some highlights include pioneering research on semantic Web services, mashups, and cloud computing, and platform-as-a-service. He joined the IBM Cloud Labs in 2014 and works closely with Pivotal Inc., to help make the Cloud Found the best PaaS.
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
"With Digital Experience Monitoring what used to be a simple visit to a web page has exploded into app on phones, data from social media feeds, competitive benchmarking - these are all components that are only available because of some type of digital asset," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution. In his session at @ThingsExpo, Akvelon expert and IoT industry leader Sergey Grebnov provided an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"Venafi has a platform that allows you to manage, centralize and automate the complete life cycle of keys and certificates within the organization," explained Gina Osmond, Sr. Field Marketing Manager at Venafi, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Creating replica copies to tolerate a certain number of failures is easy, but very expensive at cloud-scale. Conventional RAID has lower overhead, but it is limited in the number of failures it can tolerate. And the management is like herding cats (overseeing capacity, rebuilds, migrations, and degraded performance). In his general session at 18th Cloud Expo, Scott Cleland, Senior Director of Product Marketing for the HGST Cloud Infrastructure Business Unit, discussed how a new approach is neces...
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
"We're developing a software that is based on the cloud environment and we are providing those services to corporations and the general public," explained Seungmin Kim, CEO/CTO of SM Systems Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.