Item 5. Market for Registrant’s Common Equity
Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters, and Issuer purchases of Equity Securities.
The Company’s common stock has been traded on the NASDAQ Global Select Market(R) tier of the NASDAQ Stock Market, LLC under the symbol “ISSC” since its initial public offering on August 4, 2000.
Many of our shares of common stock are held by brokers and other institutions on behalf of stockholders, as a result, we are unable to estimate the total number of stockholders represented by these record holders.
On September 4, 2020, the Company’s Board of Directors declared a special cash dividend in the amount of $0.65 per share, payable on October 1, 2020 to shareholders of record as of the close of business on September 15, 2020. The total dividend payment was approximately $11.2 million.
On December 10, 2020, the Company's Board of Directors declared a special cash dividend in the amount of $0.50 per share, payable on December 30, 2020 to shareholders of record as of the close of business on December 21, 2020. The total dividend payment was approximately $8.6 million.
The Company did not pay dividends in fiscal 2019. The declaration and payment of any dividend in the future will be at the discretion of the Company’s Board of Directors.
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The graph below shows the cumulative shareholder return on $100 invested at the market close on September 30, 2016 through and including September 30, 2021, the last trading day before the end of the Company’s most recently completed fiscal year, with the cumulative total return over the same time period of the same amount invested in the NASDAQ Composite Index, the Russell 2000 Index, and the Dow Jones US Aerospace & Defense Index.
9/16
9/17
9/18
9/19
9/20
9/21
Innovative Solutions and Support, Inc.
100.00
114.11
79.62
147.34
232.29
255.38
NASDAQ Composite
100.00
123.68
154.82
155.63
219.37
285.75
Russell 2000
100.00
120.74
139.14
126.77
127.27
187.94
Dow Jones US Aerospace & Defense
100.00
144.00
178.16
190.17
137.55
178.30
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Item 6. Selected Consolidated Financial Data.
The following tables present portions of the Company’s consolidated financial statements. The following selected consolidated financial data set forth below should be read together with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and related notes to the consolidated financial statements appearing elsewhere herein. The selected statement of operations data for the fiscal years ended September 30, 2021, 2020 and 2019 and the balance sheet data as at September 30, 2021 and 2020 are derived from the Company’s audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K. The selected statements of operations data for the fiscal years ended September 30, 2018 and 2017 and the balance sheet data as at September 30, 2019, 2018 and 2017 are extracted from the Company’s audited consolidated financial statements that are not included in this Annual Report on Form 10-K.
Fiscal year ended September 30,
2021
2020
2019
2018
2017
Statements of Operations Data:
Net sales
$
23,044,796
$
21,595,199
$
17,572,589
$
13,850,372
$
16,786,674
Cost of sales
10,263,166
9,793,224
7,676,119
7,311,923
8,668,348
Gross profit
12,781,630
11,801,975
9,896,470
6,538,449
8,118,326
Research and development
2,622,919
2,955,976
2,489,806
3,575,801
4,456,657
Selling, general and administrative
6,257,732
6,100,545
5,877,920
6,674,187
3,739,234
Total operating expenses
8,880,651
9,056,521
8,367,726
10,249,988
8,195,891
Operating income (loss)
3,900,979
2,745,454
1,528,744
(3,711,539)
(77,565)
Interest income
1,234
154,950
249,620
53,561
35,888
Other income
74,906
60,497
73,737
67,724
4,858,224
Income (loss) before income taxes
3,977,119
2,960,901
1,852,101
(3,590,254)
4,816,547
Income tax (benefit) expense
(1,087,783)
(308,882)
1,805
63,651
247,920
Net Income (loss)
$
5,064,902
$
3,269,783
$
1,850,296
$
(3,653,905)
$
4,568,627
Net income (loss) per common share:
Basic
$
0.29
$
0.19
$
0.11
$
(0.22)
$
0.27
Diluted
$
0.29
$
0.19
$
0.11
$
(0.22)
$
0.27
Cash dividends declared per common share
$
0.50
$
0.65
$
—
$
—
$
—
Weighted average shares outstanding:
Basic
17,225,423
16,939,302
16,867,550
16,805,991
16,742,461
Diluted
17,226,620
17,114,191
16,942,447
16,805,991
16,855,644
Amounts may not add due to rounding.
As of September 30,
2021
2020
2019
2018
2017
Balance Sheet Data:
Cash and cash equivalents
$
8,265,606
$
12,603,967
$
22,416,830
$
20,390,713
$
24,680,301
Restricted Cash
—
11,180,900
—
—
—
Working capital
15,218,172
19,473,305
27,739,070
25,315,334
30,819,796
Total assets
27,086,000
41,545,837
38,557,025
37,633,678
41,037,764
Total shareholders' equity
24,585,081
27,769,031
36,208,152
34,154,470
37,608,380
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