|By Marketwired .||
|May 13, 2014 05:24 PM EDT||
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!
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
Today’s connected world is moving from devices towards things, what this means is that by using increasingly low cost sensors embedded in devices we can create many new use cases. These span across use cases in cities, vehicles, home, offices, factories, retail environments, worksites, health, logistics, and health. These use cases rely on ubiquitous connectivity and generate massive amounts of data at scale. These technologies enable new business opportunities, ways to optimize and automate, al...
Oct. 8, 2015 08:15 PM EDT Reads: 134
Manufacturing has widely adopted standardized and automated processes to create designs, build them, and maintain them through their life cycle. However, many modern manufacturing systems go beyond mechanized workflows to introduce empowered workers, flexible collaboration, and rapid iteration. Such behaviors also characterize open source software development and are at the heart of DevOps culture, processes, and tooling.
Oct. 8, 2015 08:00 PM EDT Reads: 1,074
Chris Van Tuin, Chief Technologist for the Western US at Red Hat, has over 20 years of experience in IT and Software. Since joining Red Hat in 2005, he has been architecting solutions for strategic customers and partners with a focus on emerging technologies including IaaS, PaaS, and DevOps. He started his career at Intel in IT and Managed Hosting followed by leadership roles in services and sales engineering at Loudcloud and Linux startups.
Oct. 8, 2015 08:00 PM EDT Reads: 159
The IoT market is on track to hit $7.1 trillion in 2020. The reality is that only a handful of companies are ready for this massive demand. There are a lot of barriers, paint points, traps, and hidden roadblocks. How can we deal with these issues and challenges? The paradigm has changed. Old-style ad-hoc trial-and-error ways will certainly lead you to the dead end. What is mandatory is an overarching and adaptive approach to effectively handle the rapid changes and exponential growth.
Oct. 8, 2015 08:00 PM EDT
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. Migration to cloud shifts computing resources from your data center, which can yield significant advantages provided that the cloud vendor an offer enterprise-grade quality for your application.
Oct. 8, 2015 08:00 PM EDT Reads: 226
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Oct. 8, 2015 07:30 PM EDT Reads: 169
The APN DevOps Competency highlights APN Partners who demonstrate deep capabilities delivering continuous integration, continuous delivery, and configuration management. They help customers transform their business to be more efficient and agile by leveraging the AWS platform and DevOps principles.
Oct. 8, 2015 07:30 PM EDT Reads: 215
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Oct. 8, 2015 07:30 PM EDT Reads: 247
Containers are changing the security landscape for software development and deployment. As with any security solutions, security approaches that work for developers, operations personnel and security professionals is a requirement. In his session at @DevOpsSummit, Kevin Gilpin, CTO and Co-Founder of Conjur, will discuss various security considerations for container-based infrastructure and related DevOps workflows.
Oct. 8, 2015 07:15 PM EDT Reads: 192
As-a-service models offer huge opportunities, but also complicate security. It may seem that the easiest way to migrate to a new architectural model is to let others, experts in their field, do the work. This has given rise to many as-a-service models throughout the industry and across the entire technology stack, from software to infrastructure. While this has unlocked huge opportunities to accelerate the deployment of new capabilities or increase economic efficiencies within an organization, i...
Oct. 8, 2015 07:15 PM EDT Reads: 230
There are so many tools and techniques for data analytics that even for a data scientist the choices, possible systems, and even the types of data can be daunting. In his session at @ThingsExpo, Chris Harrold, Global CTO for Big Data Solutions for EMC Corporation, will show how to perform a simple, but meaningful analysis of social sentiment data using freely available tools that take only minutes to download and install. Participants will get the download information, scripts, and complete en...
Oct. 8, 2015 07:15 PM EDT Reads: 256
Containers are revolutionizing the way we deploy and maintain our infrastructures, but monitoring and troubleshooting in a containerized environment can still be painful and impractical. Understanding even basic resource usage is difficult - let alone tracking network connections or malicious activity. In his session at DevOps Summit, Gianluca Borello, Sr. Software Engineer at Sysdig, will cover the current state of the art for container monitoring and visibility, including pros / cons and li...
Oct. 8, 2015 07:00 PM EDT Reads: 181
IT data is typically silo'd by the various tools in place. Unifying all the log, metric and event data in one analytics platform stops finger pointing and provides the end-to-end correlation. Logs, metrics and custom event data can be joined to tell the holistic story of your software and operations. For example, users can correlate code deploys to system performance to application error codes.
Oct. 8, 2015 06:45 PM EDT Reads: 202
Between the compelling mockups and specs produced by analysts, and resulting applications built by developers, there exists a gulf where projects fail, costs spiral, and applications disappoint. Methodologies like Agile attempt to address this with intensified communication, with partial success but many limitations. In his session at DevOps Summit, Charles Kendrick, CTO and Chief Architect at Isomorphic Software, will present a revolutionary model enabled by new technologies. Learn how busine...
Oct. 8, 2015 06:45 PM EDT Reads: 255