FLYHT Provides Third Quarter 2019 Update
02 October 2019 - 9:04PM
FLYHT Aerospace Solutions Ltd. (TSX-V: FLY)
(OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced
preliminary third quarter 2019 highlights and updates.
Third Quarter 2019
Highlights
- Secured an aggregate of US $1.0 million in new sales contracts
and purchase orders, assuming the Company provides services over
the full term of these contracts.
- Reported sales order backlog of more than $50 million.
- Successfully completed the integration of Panasonic Weather
Solutions (PWS) assets, known as the “OneFLYHT” Program, which were
acquired in October 2018.
- Expanded a licensing agreement with L3Harris Technologies to
customize the Automated Flight Information Reporting System (AFIRS)
228S for use as the Satcom option on the Airbus A220 family of
aircraft; expanding the agreement which previously established
L3Harris’ AFIRS 228S as the Satcom option for the Airbus A320 and
A330 families. These details can be reviewed in the press release
dated August 1, 2019.
- Received the Chinese Validation of our newest Federal Aviation
Administration (FAA) Airbus A320 AFIRS Supplemental Type
Certificate (VSTC), which includes all models of the A320
family, including the “New Engine Option” (NEO). FLYHT also
received FAA validation of our Transport Canada Supplemental Type
Certificate (STC) for the Bombardier Q400.
During the third quarter 2019, FLYHT secured an
aggregate of US $1.0 million in sales contracts and purchase
orders, including:
- A purchase order from Azur Havacilik A.S (Azur Aviation), an
existing customer, to install five AFIRS kits on their Boeing 777
fleet to enable FLYHTVoiceTM, FLYHTLogTM and FLYHTASDTM.
After completion of this order, FLYHT will have installed AFIRS
kits throughout the entire Azur fleet of Boeing 737 Next Gen’s,
Boeing 757’s, Boeing 767’s, and Boeing 777 aircraft.
- A purchase order from Avmax Chad to enable three aircraft with
FLYHTVoice, FLYHTASD, and FLYHTHealthTM products.
- A purchase order from an existing North American charter
operator customer for one additional AFIRS kit as well as
FLYHTVoice, FLYHTLog and FLYHTFuelTM.
- A purchase order from an international aircraft manufacturer
for AFIRS in order to perform integration and certification as the
Satcom option for future aircraft deliveries.
- A purchase order from a current Chinese cargo carrier customer
for three additional AFIRS aircraft kits.
- A purchase order from a current Chinese airline for one
additional AFIRS kit.
- A purchase order for technical services from an Asia-Pacific
airline and modems from an original equipment supplier
partner.
After completing third quarter 2019 shipments,
FLYHT’s sales order backlog totaled more than $50 million. The
sales order backlog is defined as the sum of all unrecognized
revenues from previously announced purchase orders and contracts
and includes technical services, licenses, and hardware as well as
the future value of contracted SaaS products. Backlog value from
contracts deemed unlikely to manifest is excluded. Twelve months of
SaaS product value is included in backlog if a customer is
currently paying for SaaS products under a contract that has
exceeded its original term and is auto-renewing annually for
subsequent one-year terms. The sales order backlog value
assumes that FLYHT provides hardware and services over the full
scope and term of the constituent contracts.
As of September 30, FLYHT successfully completed
the integration of the assets acquired from Panasonic Weather
Solutions, known as the “OneFLYHT” Program, into FLYHT Inc., a
wholly owned United States-based subsidiary of FLYHT Aerospace
Solutions Ltd. The goal of the project was to combine both entities
into one, holistic company that operates in multiple locations.
Completing the project required collaboration between multiple
departments and the successful execution of 266 independent
tasks.
FLYHT has begun the process of obtaining a
multi-site AS9100 aerospace quality certification as part of its
2020 ISO 9001 recertification. In July and in-line with internal
goals, FLYHT also began shipping FlightLink satellite data units
and Tropospheric Airborne Meteorological Data Reporting (TAMDAR)
sensors from its Littleton, CO facility. The company now hires
talent, designs, manufactures, and delivers products at both its
Calgary and Littleton locations.
Managed independently from the OneFLYHT program,
FLYHT has begun integrating TAMDAR with the AFIRS 228 family. By
augmenting both legacy and future AFIRS installations with TAMDAR,
FLYHT will expand its worldwide data set of valuable real-time
weather observations. This development program is expected to be
completed by the end of this year.
About FLYHT Aerospace Solutions Ltd.
FLYHT’s mission is to improve aviation safety,
efficiency and profitability. Globally, and for more than 20 years,
airlines, leasing companies, fractional owners and original
equipment manufacturers have installed FLYHT’s differentiated
aircraft and enterprise-based solutions to deliver real-time,
flight-deck, satellite connectivity for tracking, health
monitoring, and streaming of operational, maintenance and weather
data. FLYHT is publicly traded as FLY in Canada on the TSX.V; and
as FLYLF in the USA on the OTCQX. FLYHT is based in Calgary, Canada
with an office in Littleton, Colorado and is an AS9100 Quality
registered company. For more information
visit www.flyht.com.
Contact Information: |
|
FLYHT Aerospace Solutions
Ltd. Alana ForbesChief Financial Officer
403-291-7437aforbes@flyht.com |
Canada
Investor Relations:Adelaide
Capital Markets Inc.Deborah
Honig647-203-8793deborah@adelaidecapital.ca |
U.S. Investor
Relations:Gateway Investor RelationsMatt
Glover or Charlie Schumacher949-574-3860 FLY@gatewayir.com |
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