Innovative Solutions & Support Board Authorizes 250K Shares Repurchase Program

(RTTNews) - Innovative Solutions & Support, Inc. (ISSC) said Tuesday that its Board of Directors has approved a stock repurchase program, effective as of May 1, 2014, pursuant to which the company may repurchase up to 250,000 shares of its common stock.

The program will remain in effect until May 1, 2015, unless extended by the Board of Directors. The program will replace the company's previous stock repurchase program, which will expire on May 1, 2014.

Geoffrey Hedrick, Chief Executive Officer of Innovative Solutions & Support, said, "The Board's repurchase authorization demonstrates our commitment to improve shareholder value. Given the Company's strong financial position, our Board has encouraged us to opportunistically use this repurchase authorization when our stock price is at a level that the Board believes is significantly below our intrinsic value."

The company expects funding for the program to come from available corporate funds, including cash on hand and future cash flow.