From FLYHT Aerospace Solutions Ltd.

CALGARY, Alberta, May 06, 2020 (GLOBE NEWSWIRE) — FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today reported financial results for the quarter ended March 31, 2020.
Tom Schmutz, CEO, remarked, “FLYHT’s first quarter was strong in total sales orders captured, and set records in SaaS and Licensing revenues. Our attention is now focused on the preservation of cash while developing new solutions to support commercial aviation as it recovers.”
First Quarter 2020 Results
- Revenues and Other Income decreased by 4% to $5,295,232 compared to the first quarter of 2019. This included:
- SaaS revenue of $2,738,654, an increase of 14% from the first quarter of 2019;
- Hardware revenue of $227,684, a decrease of 90% from 2019’s first quarter;
- Licensing revenue of $2,263,677, an increase of 499% from the first quarter of 2019;
- A Technical Services revenue total of $65,217, which is a decrease of 65% from the first quarter of 2019; and
- Other Income of $628,500 associated with Subsidy Recovery from Panasonic Avionics Corporation (PAC).
- Gross margin was 75% of revenue, compared to 55% in the first quarter of 2019.
- Operating expenses increased 11% from the first quarter of 2019. Distribution expenses increased by 2%, Administration expenses increased by 15%, and Research and Development expenses increased by 31%.
- Positive EBITDA1 totaled $729,438 in the quarter compared to $676,350 in the same quarter of 2019.
- Net income was $686,022, compared to net income in Q1 2019 of $206,658.
FLYHT’s balance sheet ended the quarter with:
- A cash balance of $3,716,388, which was a decrease from 2019 year-end’s balance of $4,127,648; and
- An increase in both trade receivables (25%) and trade payables (29%), reflecting delays in receipt of customer payments due to the COVID-19 pandemic, and an associated delay in payments to suppliers; and
- An increase in Property and Equipment of $2.2 million, with a corresponding increase in Lease liability, as FLYHT brought a new building lease for its Calgary headquarters onto the balance sheet, having taken possession of the space in March 2020.
FLYHT’s Q1 2020 Report, which contains more detailed information including the CEO’s Message, Management Discussion and Analysis and Financial Statements, has been posted to the Company’s website at http://flyht.com/financial-reports/. The MD&A and Financial Statements have also been filed with SEDAR, accessible at www.sedar.com.