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FLYHT Provides First Quarter 2018 Update and Announces Fourth Quarter Conference Call(April 03, 2018)
CALGARY, Alberta, April 03, 2018 (GLOBE NEWSWIRE) -- FLYHT Aerospace Solutions Ltd. (TSX-V:FLY) (OTCQX:FLYLF) (the “Company” or “FLYHT”) is pleased to announce an aggregate USD $2.9 million in new sales contracts and purchase orders during the first quarter of 2018.
Ten customers renewed their sales contracts for UpTimeTM data services.
- The renewal was broad and included operators in Canada, the Middle East, Australia, the Caribbean and Mexico.
- One operator in the Middle East re-signed for a portion of their fleet through a third-party contract which FLYHT had reported expired last summer.
- Two of the ten also expanded their fleets with Automated Flight Information Reporting System (AFIRSTM) orders.
FLYHT also sold AFIRSTM hardware kits to:
- a new aerospace and defense Original Equipment Manufacturer (OEM) for integration into one of its airframes,
- a new global leasing company, and
- an existing commercial OEM customer.
Included in new sales contract amounts are additional orders from:
- an existing OEM partner (see release on July 15, 2014) for parts with related license fees for delivery, and
- a new agreement with a large global organization to monetize weather data from certain aircraft.
At quarter end, the sales order backlog for AFIRS kits and voice and data services exceeded $26 million1.
“We are pleased to sign contract extensions with our current customers, which is the best demonstration of the value they receive from AFIRS,” stated FLYHT’s Chief Executive Officer, Tom Schmutz. “In addition to securing contracts with long-standing and new customers, FLYHT has been supporting the Boeing ecoDemonstrator Program and we are delivering exactly what we proposed.”
The Boeing ecoDemonstrator Program started flying in March and continues into April. FLYHT has been streaming flight data from the FedEx Express Boeing 777 Freighter to an UpTimeTM Cloud animation which simulates the flight deck instrumentation, displays position on a map and creates a flying aircraft visualization. By also streaming flight deck audio, FLYHT has virtualized the flight deck environment on the ground, enhancing situational awareness and potentially satisfying future regulatory requirements.
“We believe that FLYHT is the first company to stream cockpit area microphone data in real-time,” Schmutz remarked. “This neatly compliments our being the first to stream the flight data recorder in real time also.”
FLYHT was issued five Supplemental Type Certificates (STC) for AFIRS 228 in the first quarter. FLYHT received the European Aviation Safety Agency (EASA) STCs for the Boeing 737– 300/400/500/700/800, the Boeing 757-200 and the Boeing 767-200/300 aircraft. FLYHT was also granted STCs from the Federal Aviation Administration (FAA) for the Boeing 737-900ER and Bombardier CRJ 100, 200, 440, 700, 705 and 900 models.
Conference Call Details
FLYHT will host a live conference call to discuss fourth quarter results on Wednesday, April 11, 2018 at 7 am MDT (9 am EDT, 6 am PDT). The conference call will include a brief presentation about FLYHT’s fourth quarter and year end results followed by a question and answer period with management.
To access the conference call by phone within Canada and the U.S.A., the toll-free number is 1-800-319-4610. Outside Canada and the U.S.A., dial 1-604-638-5340. (Callers should dial in five to 10 minutes prior to the scheduled start time).
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 [email protected].
An archive of the conference call will be posted on the Presentations and Webcasts section of FLYHT’s website as soon as it is available from the conference call provider. http://flyht.com/presentation-and-webcast/
About FLYHT Aerospace Solutions Ltd.
FLYHT’s mission is to improve aviation safety, efficiency and profitability (located in Calgary, Canada; publicly traded as: FLY:TSX.V; FLYLF:OTCQX). Airlines, leasing companies, fractional owners and original equipment manufacturers have installed the Automated Flight Information Reporting System (AFIRSTM) on their aircraft to capture, process and stream aircraft data with real-time alerts. AFIRS sends this information through satellite networks to the UpTimeTM cloud-based data center, which provides aircraft operators with direct insight into the operational status and health of their aircraft and enables them to take corrective action to maintain the highest standard of operational control.
Contact InformationFLYHT Aerospace Solutions Ltd.
Chief Financial Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
1 1 The measure of sales order backlog is comprised of the sales value of prior committed contracts for which neither the AFIRS hardware is installed, nor the voice and data services activated. These signed contracts have been previously announced in various press releases. This sales order backlog value assumes that FLYHT provides hardware and services over the full scope and term of the constituent contracts and does not include outstanding orders for Licensing or Technical Services revenue components.
Two photos accompanying this announcement are available at