Fourth Quarter 2019 and Recent Operational Highlights
- New sales contracts and purchase orders increased to
US$6.5 million compared toUS$1.0 million in the third quarter of 2019 andUS$21.1 million in the fourth quarter of 2018 including:- Secured
US$6.2 million contact with WestJet to install Automated Flight Information Reporting Systems (AFIRSTM) on the airline’s entire fleet of Boeing 737 aircraft (see press releaseJan 16, 2020 ) - Expanded presence in
Asia andOceania by securing a two-year contract to supply FLYHTVoiceTM, FLYHTLogTM and FLYHTHealthTM to an operator based inKazakhstan and by selling two additional AFIRS kits to an airline based inPapua New Guinea - Secured an amendment to the contract to supply Aircraft Meteorological Data Relay (AMDAR) weather data to
Environment and Climate Change Canada in the Canadian government (original contract: press releaseSept 18, 2019 ), thereby expanding FLYHT’s weather-related revenue streams
- Secured
- Issued the Company’s first
FAA Form 8130-3 for airworthiness approval of an AFIRS unit out ofLittleton, CO inNovember 2019 . This Authorized Release Certificate attests that AFIRS units manufactured in theLittleton facility under 14 CFR part 21, conform to their design and are in a condition for safe operation as defined by theFAA . - Successfully closed
CAD$6.7 million private placement to diversify FLYHT’s product offering, expand sales and marketing efforts, and fund general working capital (press releasesNov 15 and 25, 2019) - Total AFIRSTM or FlightLinkTM units shipped by FLYHT increased to 2,668 as of
December 31, 2019 compared to 2,241 units at the same time last year - Sales order backlog was
CAD$49.2 million , which compares toCAD$50.0 million in the third quarter of 2019. The sales order backlog is defined as the sum of all unrecognized revenues from previously announced purchase orders and contracts and includes technical services, licenses and hardware as well as the future value of contracted Software-as-a-Service (SaaS) products. Backlog value from contracts deemed unlikely to manifest is excluded. Twelve months of SaaS product value is included in backlog if a customer is currently paying for SaaS products under a contract that has exceeded its original term and is auto-renewing annually for subsequent one-year terms. The sales order backlog value assumes that FLYHT provides hardware and services over the full scope and term of the constituent contracts.
Management Commentary
“2019 has been a momentous year for our business, and the preliminary insight we have into our fourth quarter results based on our operational success indicates that we ended the year and entered 2020 with significant operational momentum,” said
“We look forward to building upon the momentum generated by our operational progress in the fourth quarter of 2019 as we shift our focus to the full year 2020.”
About
FLYHT improves aviation safety, efficiency and profitability by providing airlines, leasing companies, owners, operators and original equipment manufacturers with real-time insights into how their aircraft are performing. The company’s products include AFIRSTM (Automated Flight Information Reporting System), a satellite communications (Satcom) aircraft interface device (AID) which enables real-time streaming of flight information, aircraft tracking and health monitoring, fuel management, and black box data streaming, as well as TAMDARTM (Tropospheric Airborne Meteorological Data Reporting), which aggregates and streams airborne weather data in real-time. FLYHT is headquartered in
Contact Information: | |||
Chief Financial Officer 403-291-7437 aforbes@flyht.com | Canada Investor Relations: 647-203-8793 deborah@adelaidecapital.ca | Gateway Investor Relations 949-574-3860 FLY@gatewayir.com |
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2020 GlobeNewswire, Inc., source