FLYHT Reports 2013 Year End Results
15 April 2014 - 8:21AM
Marketwired
FLYHT Reports 2013 Year End Results
Total Revenues Up 23.7% from 2012
CALGARY, ALBERTA--(Marketwired - Apr 14, 2014) - 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™."
"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 *1. Also questions can be forwarded in advance or during
the conference call to investors@flyht.com.
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.
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.
FLYHT Aerospace Solutions Ltd.Thomas R. French, CGAChief
Financial Officer403-291-7427tfrench@flyht.comInvestor RelationsThe
Howard Group Inc.Dave BurwellSenior Associate(888) or
(403)-221-0915dave@howardgroupinc.comBristol Institutional
RelationsGlen AkselrodPresident(905) 326-1888glen@bristolir.comKin
Communications Inc.Fred Leigh(866) or (604)
684-6730FLY@kincommunications.com
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