Innovative Solutions & Support Inc. announced unaudited consolidated earnings results for the first quarter ended December 31, 2014. For the first quarter, the company reported net sales of $6.724 million compared to $11.105 million a year ago. Operating income was $0.166 million against $1.408 million a year ago.

Income before income taxes was $0.183 million against $1.424 million a year ago. Net income was $0.593 million or $0.03 per diluted share against $1.008 million or $0.06 per basic and diluted share a year ago. Cash used in operating activities was $726,000 in the quarter primarily due to a $1.8 million reduction in accruals and payments of accounts payable.