PhillyInc

About a month ago, Geoffrey S.M. Hedrick, former CEO and founder of Innovative Solutions & Support Inc. (Nasdaq: ISSC), a maker of flat-panel displays and monitoring systems in Exton, Pa., raised some eyebrows when he filed a registration statement that he might sell 3.5 million shares. He quickly insisted the filing was done to comply with SEC regulations, and not an intent to sell. He told curious analysts in a conference call on May 22 (and told PhillyInc through a spokesman):

"I kept my stock because, I don’t know, I had a lot of stockholders and I decided that I thought this was a great investment. I still do. And by the way I’ve done very well with it. I’m proud to be a stockholder."

And later during the conference:

"No, I’m not ready to sell. I think it’s going to go up. How about that?"

Since then, on June 5, the company announced Hedrick was stepping down as CEO and being replaced by Raymond Wilson. Hedrick remains chairman. And now today, Innovative says in a SEC filing that Hedrick is selling some of that stock, after all. It says he sold 47,810 shares at $25.03, worth just under $1.2 million, on June 15. He still owns more than 3.9 million shares. Sure, maybe in the ensuring weeks he decided the stock was ripe for selling -- except that $25.03 is at least a buck below its price when made that "proud" statement.

This time, no comment from Hedrick, says a company spokeswoman.

- Jonathan Berr and Thomas Ginsberg