|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
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting we...
Mar. 26, 2015 11:45 PM EDT Reads: 885
"We help companies that are using a lot of Software as a Service. We help companies manage and gain visibility into what people are using inside the company and decide to secure them or use standards to lock down or to embrace the adoption of SaaS inside the company," explained Scott Kriz, Co-founder and CEO of Bitium, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Mar. 26, 2015 11:00 PM EDT Reads: 4,448
DevOps means different things to different people. Qubell defines DevOps as the ability for the developer teams to do what they need to do to have this level of self-service. At DevOps Summit, Stan Klimoff, CTO of Qubell, demos the enterprise DevOps platform.
Mar. 26, 2015 11:00 PM EDT Reads: 2,790
The WebRTC Summit 2014 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
Mar. 26, 2015 10:45 PM EDT Reads: 1,151
Even though it’s now Microservices Journal, long-time fans of SOA World Magazine can take comfort in the fact that the URL – soa.sys-con.com – remains unchanged. And that’s no mistake, as microservices are really nothing more than a new and improved take on the Service-Oriented Architecture (SOA) best practices we struggled to hammer out over the last decade. Skeptics, however, might say that this change is nothing more than an exercise in buzzword-hopping. SOA is passé, and now that people are ...
Mar. 26, 2015 10:15 PM EDT Reads: 826
Cloud computing started a technology revolution; now DevOps is driving that revolution forward. By enabling new approaches to service delivery, cloud and DevOps together are delivering even greater speed, agility, and efficiency. No wonder leading innovators are adopting DevOps and cloud together! In his session at DevOps Summit, Andi Mann, Vice President of Strategic Solutions at CA Technologies, explored the synergies in these two approaches, with practical tips, techniques, research data, wa...
Mar. 26, 2015 09:00 PM EDT Reads: 4,823
SYS-CON Events announced today that Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborat...
Mar. 26, 2015 07:00 PM EDT Reads: 5,003
WSM International is launching a DevOps services division that offers assessment, consulting and implementation to large enterprises and organizations with complex infrastructures. This is the first independent services company to create a dedicated practice to help organizations looking to transition to the DevOps model. The concept of DevOps is to blend information technology (IT) software development with operations to optimize the computing infrastructure according to the specific needs of ...
Mar. 26, 2015 07:00 PM EDT Reads: 1,335
The term culture has had a polarizing effect among DevOps supporters. Some propose that culture change is critical for success with DevOps, but are remiss to define culture. Some talk about a DevOps culture but then reference activities that could lead to culture change and there are those that talk about culture change as a set of behaviors that need to be adopted by those in IT. There is no question that businesses successful in adopting a DevOps mindset have seen departmental culture change, ...
Mar. 26, 2015 07:00 PM EDT Reads: 3,882
15th Cloud Expo, which took place Nov. 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, expanded the conference content of @ThingsExpo, Big Data Expo, and DevOps Summit to include two developer events. IBM held a Bluemix Developer Playground on November 5 and ElasticBox held a Hackathon on November 6. Both events took place on the expo floor. The Bluemix Developer Playground, for developers of all levels, highlighted the ease of use of Bluemix, its services and functionalit...
Mar. 26, 2015 06:30 PM EDT Reads: 4,590
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Mar. 26, 2015 06:00 PM EDT Reads: 1,206
Temasys has announced senior management additions to its team. Joining are David Holloway as Vice President of Commercial and Nadine Yap as Vice President of Product. Over the past 12 months Temasys has doubled in size as it adds new customers and expands the development of its Skylink platform. Skylink leads the charge to move WebRTC, traditionally seen as a desktop, browser based technology, to become a ubiquitous web communications technology on web and mobile, as well as Internet of Things...
Mar. 26, 2015 06:00 PM EDT Reads: 1,636
"Our premise is Docker is not enough. That's not a bad thing - we actually love Docker. At ActiveState all our products are based on open source technology and Docker is an up-and-coming piece of open source technology," explained Bart Copeland, President & CEO of ActiveState Software, in this SYS-CON.tv interview at DevOps Summit at Cloud Expo®, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Mar. 26, 2015 06:00 PM EDT Reads: 4,593
Chef announced that James Casey has been appointed Vice President of Engineering. Casey has more than a decade of experience managing engineering and operations for CERN and is a three-year Chef veteran. Casey brings deep expertise in DevOps practices, as well as an innate understanding of the needs of Chef customers and the community. Casey will oversee the quality and cadence of product development for Chef's engineering and operations teams, and will report to Chef CEO Barry Crist.
Mar. 26, 2015 05:00 PM EDT Reads: 948
WebRTC is an up-and-coming standard that enables real-time voice and video to be directly embedded into browsers making the browser a primary user interface for communications and collaboration. WebRTC runs in a number of browsers today and is currently supported in over a billion installed browsers globally, across a range of platform OS and devices. Today, organizations that choose to deploy WebRTC applications and use a host machine that supports audio through USB or Bluetooth can use Plantro...
Mar. 26, 2015 05:00 PM EDT Reads: 1,459