Innovative Solutions and Support Inc. has a market cap of $69 million; its shares were traded at around $4.13 with a P/E ratio of 29.5 and P/S ratio of 2.2.
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Cost of sales. Cost of sales decreased $0.9 million or 20.7%, to $3.6 million, or 46.7% of net sales in the three months ended June 30, 2009 from $4.6 million, or 52.2% of net sales in the three months ended June 30, 2008. The decrease was primarily the result of the decrease in product sales during the quarter which accounted for $0.5 million of the decrease, as well as by a $0.4 million decrease in EMD related costs.
Research and development. Research and development expense decreased $1.9 million or 60.0% to $1.3 million or 16.6% of net sales in the three months ended June 30, 2009 from $3.2 million or 36.8% of net sales in the three months ended June 30, 2008. The decrease in research and development expense in the quarter was primarily due to a reduction in headcount related costs and a decrease in cost from third-party subcontractors of $1.0 million and $1.1 million, respectively. This was offset by an increase in deferred EMD related direct costs of $0.4 million. The significant research and development costs in the prior period primarily related to the Eclipse program that ended during the fourth quarter of fiscal year 2008. Since the termination of the Eclipse program the Company has reduced the total number of employees in the research and development department and has streamlined its research and development functions. However, the Company continues to invest in on-going research and development of our core products.
Selling, general, and administrative. Selling, general and administrative expenses decreased $1.4 million, or 43.9%, to $1.8 million, or 23.7% of net sales in the three months ended June 30, 2009 from $3.2 million or 37.5% of net sales in the three months ended June 30, 2008. The decrease was primarily due to a reduction in professional fees, specifically legal costs, as well as a decrease in headcount related costs of $0.5 million and $0.5 million respectively. During the three months ended June 30, 2008 the Company incurred $0.5 million of legal fees in connection with litigation related to protecting its Intellectual Property.
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