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| Innovative Solutions and Support, Incorporated |
| 420 Lapp Road, Malvern, PA 19355 * (610) 889-9898 |
| Business Description | The company designs, manufactures and sells flight information computers, electronic displays and advanced monitoring systems to the military and government, commercial air transport and corporate aviation markets. |
| Offering Information Company has | |||
| Trading As | ISSC (NASNTL) | Industry | High-Tech (SIC 7371) |
| Type of Stock Offered | Common Shares | Filing Date | 5/9/00 |
| Domestic Shares Offered | 3,000,000 | Offer Date | 8/3/00 |
| Foreign Shares Offered | 0 | Filing Range | $10.00 - $12.00 |
| Company Shares | 3,000,000 | Offer Price | $11.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.770 |
| Gross Proceeds | $33,000,000 | Selling | $0.460 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 12,120,000 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Friedman, Billings, Ramsey & Co., Inc. | Lead Manager | (703) 312-9571 |
| Janney Montgomery Scott | Co-manager | (215) 665-6520 |
| Stifel, Nicolaus & Company, Incorporated | Co-manager | (314) 342-2130 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 3 Months Ending | ||||||
| Figures in U.S. millions except per share data | 9/30/95 | 9/30/96 | 9/30/97 | 9/30/98 | 9/30/99 | 12/31/98 | 12/31/99 |
| Revenues | 2.172 | 6.686 | 10.594 | 14.682 | 22.488 | 3.856 | 6.337 |
| Income from Oper. | -1.496 | -1.235 | 0.904 | 2.155 | 6.668 | 0.634 | 2.019 |
| Net Income | -1.496 | -1.208 | -0.841 | 3.944 | 4.181 | 0.385 | 1.301 |
| E.P.S | -0.250 | -0.200 | 0.140 | 0.650 | 0.680 | 0.060 | 0.200 |
| Revenue Growth (%) | 207.75 | 58.46 | 38.59 | 53.163 | 64.36 | ||
| Net Income Growth (%) | - | - | - | 5.99 | 237.80 | ||
| Oper. Profit Margin (%) | - | - | 8.54 | 14.68 | 29.65 | 31.86 | 16.45 |
| Net Profit Margin (%) | - | - | - | 26.86 | 18.59 | 20.53 | 9.99 |
| Cash Flow - Oper. | 5.96 | 0.14 | 0.02 | ||||
| Cash Flow - Inv. | -0.59 | -0.13 | -0.09 | ||||
| Cash Flow - Fin. | -0.83 | 0.03 | 0.71 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/31/99 | Financial Ratios | ||||
| Total Assets | 15.10 | Current Assets | 13.91 | Current Ratio | 3.96 |
| Total Liab. | 4.15 | Current Liab. | 3.51 | Debt Ratio | 27.51% |
| Total Equity | 10.95 | Working Cap. | 10.40 | Debt to Equity Ratio | 0.38 |
| Cash | 5.28 | Return on Assets | 8.62% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for general corporate purposes including working capital, product development of flat panel displays and other products, possible acquisitions, to finance a portion of a new facility and capital expenditures. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Cozen and O'Connor |
| Bank's Law Firm | Jenkens & Gilchrist |
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| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| P/A Fund, The | 18.30 | |
| Parker Hannifin Corporation | 15.90 | |
| NEPA Venture Fund, L.P. | 9.10 | |
| Note: represents ownership of 5% or more prior to the offering. | ||