FLYHT sets record for highest quarterly revenue
Calgary - FLYHT Aerospace Solutions Ltd. has reported financial results for its first quarter ended March 31, 2015.
“Revenue for the quarter was the highest on record at $2.57 million, along with a very small loss,” said Bill Tempany, chief executive officer of FLYHT. “We are very pleased the contracts signed and relationships developed in the past few years are now starting to deliver returns.”
First Quarter Results Include:
- Revenue of $2,569,908 which represents FLYHT’s best quarter ever.
- Net loss for the quarter at $60,414, compared to a loss of $1,273,101 in Q1 2014.
- Modified Working Capital at the end of Q1 2015 of $5,093,967 compared to $5,283,775 at December 31, 2014.
- Customer deposits of $851,703, a 34.7% decrease over the first quarter of 2014; payments received of $475,698 a decrease of 63.8% compared to the same quarter of 2014.
- Unearned revenue decreased to $1,346,427 or 1.4% from the first quarter of 2014; revenue recognized has exceeded AFIRS units shipped not accepted as it included units shipped prior to December 31, 2014.
- Recurring revenue (Voice and data services) of $963,560, an increase of 4.6% over the first quarter of 2014, and Parts sales of $840,362 in the quarter.
- Administration expenses decreased to $551,471 or 16.9% versus the first quarter of 2014.
- Net finance gain was $60,108 compared to a loss of $303,678 in the first quarter of 2014, due to increased foreign exchange gains.