CALGARY, ALBERTA--(Marketwired - Aug. 12, 2014) - 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™ UpTime™ 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 *1. Also questions can be forwarded in advance or during the conference call to firstname.lastname@example.org.
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™ UpTime™, 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™, 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.