'We are encouraged that our customers have started a slow recovery from the
Tempany continued, 'Downsizing costs will become an even higher priority for airlines in the era of curtailed demand, and the challenging environment is accelerating our strategic re-focus on our software-first strategy. To date we have signed up the first two launch partners for our Actionable Intelligence suite of SaaS applications, which is uniquely suited to help the global aviation industry improve operations and profitability. Our tools bring substantial cost savings to airlines and highly profitable recurring revenue to Flyht.'
Concluded Tempany, 'We are well positioned to help our customers as their businesses recover, with the right team in place to use the new technologies to deliver on the industry stated goals of using digital technology and artificial intelligence to assist in recovery. Our efforts in recent months to refocus, retrain and return to our roots as a value added SaaS provider to the airlines will be the linchpin to our success as our customers recover and people's lives return to normal.'
Third Quarter 2020 Financial Overview
Total revenue decreased by 63% to
Other income of
Gross margin was 69.2% of revenue, compared to 48.5% in the third quarter of 2019. The increase in gross margin was due to a favorable overall mix shift toward higher margin SaaS revenue.
Operating expenses decreased by 31% from the third quarter of 2019. A 70% decrease in Distribution expense was partially offset by modest increases in Administration (9%) and Research and Development expenses (8%). COVID-19 governmental funding of
EBITDA1 loss totaled
Net loss was
Balance Sheet and Liquidity
Flyht's balance sheet ended the quarter with a cash balance of
Trade and other receivables decreased from 2019 year-end by
The balance sheet also shows an increase in Property and Equipment, with a corresponding increase in Lease Liability, as Flyht brought a new building lease for its
Total basic and diluted weighted average shares outstanding for the three months ended
Conference Call Information
Flyht will host a live conference call to discuss its third quarter results on
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 in advance or during the conference call to investors@flyht.com. An archive of the conference call will be posted on Flyht's website as soon as it is available from the conference call provider.
About
Flyht provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, delivering industry leading solutions to improve aviation safety, efficiency and profitability. This unique capability is driven by Flyht's patented aircraft certified hardware products including AFIRS, a satcom aircraft interface device which enables real-time streaming of flight information, cockpit voice and black box data streaming and TAMDAR, which aggregates and streams airborne weather data in real-time. Flyht is headquartered in
Contact:
Tel: 403.291.7437
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