|By Marketwired .||
|August 12, 2014 06:06 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 08/12/14 -- FLYHT Aerospace Solutions Ltd. (TSX VENTURE:FLY) (OTCQX:FLYLF) (the "Company" or "FLYHT") a leading provider of real-time data communications technology for the aviation industry today reported financial results for its second quarter ended June 30, 2014.
"While revenue was down from Q2 2013, our net loss decreased by 95% and the company significantly increased its working capital through the successful exercise of warrants. In addition, the litigation settlement with Sierra Nevada Corporation has created a new commercial partner while further strengthening the balance sheet," stated Bill Tempany, Chief Executive Officer of FLYHT. "We feel strongly that FLYHT is uniquely positioned to help correct the lack of visibility most operators have over their aircraft and AFIRS is poised to be a leader in meeting real-time communication mandates as they emerge."
Second Quarter Results Include:
-- Revenue of $1,505,767 which represents a decrease of 30.4% over the same period last year -- Modified Working Capital at the end of Q2 was $4,680,039 compared to $760,174 at December 31, 2013. -- Customer deposits of $1,238,458, an increase of 40.3% over the second quarter of 2013 with payments received of $419,327 an increase of 110.5% compared to the same quarter of 2013. -- Unearned revenue decreased to $1,283,086 or 13.9% from the second quarter of 2013. -- Recurring revenue (AFIRS(TM) UpTime(TM) usage) of $893,464, an increase of 5.6% over the second quarter of 2013. -- Net loss of $46,926 a decrease of 95.5% from same period last year. -- Distribution expenses were $816,240, representing an increase of $56,502 from the second quarter of 2013. -- Administration expenses increased to $1,119,379 versus the second quarter of 2013, or an increase of $240,276. -- The litigation settlement with Sierra Nevada Corporation of $1,950,957 created a recovery of research and development expenses a decrease of $1,635,137 from the second quarter in 2013. -- Net finance costs increased $4,488 to $289,908 in the second quarter of 2014. -- In April, FLYHT's customer First Air led the industry with the adoption of FLYHTStream's automatically trigged, real-time data and live black box streaming capability to its fleet of B737, ATR and B767 aircraft. -- In April, FLYHT reported that its flagship technology AFIRS reached a major milestone having surpassed one million flights onboard customer aircraft. -- In May, FLYHT signed a contract with a Nigerian airline for the AFIRS 220 on five Boeing 737 aircraft. -- In June, FLYHT and Sierra Nevada Corporation ("SNC") renewed their strategic relationship by updating their license and manufacturing agreement and adding a value-added reseller agreement. In addition, the legal action between the two companies was discontinued and FLYHT's indebtedness to SNC of $1,986,746 CAD was terminated. -- In June, FLYHT announced the successful warrant exercise for an aggregate of $2,151,352. -- In June, FLYHT commenced trading on the OTCQX marketplace under the symbol FLYLF as a way to reach more investors in the U.S.
For detailed information FLYHT's 2014 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://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 second quarter results on Wednesday, August 13 at 9 am MDT (11 am EDT, 8 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 star 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.
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
Join us on social media!
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 2, 2016 11:15 PM EST Reads: 861
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Dec. 2, 2016 11:15 PM EST Reads: 1,670
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
Dec. 2, 2016 10:30 PM EST Reads: 1,720
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effici...
Dec. 2, 2016 08:30 PM EST Reads: 4,967
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 2, 2016 08:30 PM EST Reads: 348
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
Dec. 2, 2016 08:15 PM EST Reads: 1,553
The cloud competition for database hosts is fierce. How do you evaluate a cloud provider for your database platform? In his session at 18th Cloud Expo, Chris Presley, a Solutions Architect at Pythian, gave users a checklist of considerations when choosing a provider. Chris Presley is a Solutions Architect at Pythian. He loves order – making him a premier Microsoft SQL Server expert. Not only has he programmed and administered SQL Server, but he has also shared his expertise and passion with b...
Dec. 2, 2016 07:00 PM EST Reads: 3,912
"IoT is going to be a huge industry with a lot of value for end users, for industries, for consumers, for manufacturers. How can we use cloud to effectively manage IoT applications," stated Ian Khan, Innovation & Marketing Manager at Solgeniakhela, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 2, 2016 06:45 PM EST Reads: 3,981
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
Dec. 2, 2016 06:30 PM EST Reads: 1,475
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
Dec. 2, 2016 05:15 PM EST Reads: 365
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, provided an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data professionals...
Dec. 2, 2016 05:00 PM EST Reads: 4,076
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Dec. 2, 2016 04:45 PM EST Reads: 2,103
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Onalytica. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
Dec. 2, 2016 04:45 PM EST Reads: 1,969
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 ...
Dec. 2, 2016 04:15 PM EST Reads: 364
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...
Dec. 2, 2016 04:15 PM EST Reads: 348