Calgary, Alberta – November 2, 2017 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLD) (the “Company” or “FLYHT”), the leading provider of real-time data streaming technology that enhances the efficiency and safety of aircraft, today reported financial results for the third quarter ended September 30, 2017.
“Shortfalls in Parts and Voice & Data Services (V&DS) lowered revenue in the third quarter,” stated Thomas R. Schmutz, Chief Executive Officer of FLYHT. “Also, as we cautioned in our October 3, 2017 quarterly sales update, unforeseen delays in obtaining STC approvals deferred the recognition of some AFIRS hardware revenue, thus limiting growth in this product category.” Schmutz added, “Despite this quarter’s revenue decline, FLYHT’s revenue is trending above last year on a year-to-date basis, we continue to generate cash from operating activities and finished the quarter with a strong cash position, and we continue to build upon our $27M backlog of AFIRS hardware and V&DS revenue as we win more business around the world.”
Third Quarter 2017 highlights
Detailed information can be found in FLYHT’s 2017 Third Quarter Report containing the CEO’s Letter to Shareholders, Management Discussion and Analysis, and Financial Statements. The report has been posted to the Company’s website and can be accessed at https://flyht.com/financial-reports/. The MD&A and Financial Statements have been filed with SEDAR and can be accessed at www.sedar.com.
FLYHT has scheduled a live conference call to discuss its second quarter results on Friday, November 3, 2017 at 7 am MDT (9 am EDT, 6 am PDT).
To access the conference call by phone within Canada and the U.S.A. the toll-free number is 1-800-319-4610. Outside Canada and the U.S.A., 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. Questions can be emailed to firstname.lastname@example.org.
An archive of the conference call will be posted on the Presentations and Webcasts section of FLYHT’s website as soon as it is available from the conference call provider. https://flyht.com/presentation-and-webcast/
About FLYHT Aerospace Solutions Ltd.
FLYHT’s mission is to improve aviation safety, efficiency and profitability (located in Calgary, Canada; publicly traded as: FLY:TSX.V; FLYLF:OTCQX). Airlines, leasing companies, fractional owners and original equipment manufacturers have installed the Automated Flight Information Reporting System (AFIRSTM) on their aircraft to capture, process and stream aircraft data with real-time alerts. AFIRS sends this information through satellite networks to the UpTimeTM cloud-based data center, which provides aircraft operators with direct insight into the operational status and health of their aircraft and enables them to take corrective action to maintain the highest standard of operational control.
FLYHT Aerospace Solutions Ltd.
Interim Chief Financial Officer
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