PASSUR® Aerospace Announces 4% Revenue Increase and Results for the First Quarter Ended January 31, 2019
STAMFORD, Conn., March 20, 2019 /PRNewswire/ -- PASSUR® Aerospace, Inc. (OTC: PSSR), a global leader in digital aviation operational excellence, announced revenues of $3,656,000 for the three months ended January 31, 2019, compared with $3,513,000 for the same period in fiscal year 2018, an increase of $143,000, or 4%.
"We continue to get global traction for our services and software platform that should drive additional recurring revenue as new solutions are implemented by our existing and newest airline and airport customers," said Jim Barry, President and CEO.
Total revenues for the three months ended January 31, 2019 increased 4%, as compared to the same period in 2018, primarily due to an increase in subscription revenue of $91,000 and consulting revenue of $52,000.
PASSURs innovative digital technology provides the capability to grow global airspace and airport capacity, while minimizing expensive infrastructure investments. We serve global airlines, airports and Air Navigation Service Providers (ANSPs) with solutions that combine expertise with a proven software platform to improve punctuality and traffic throughput, while minimizing the impact of disruptions.
For the three months ended January 31, 2019, the Company incurred a net loss of $934,000, or $0.12 loss per diluted share, compared with a net loss of $1,167,000, or $0.15 loss per diluted share for the same period in fiscal year 2018. The decrease in net loss was primarily due to our increase in revenue of $143,000 and a decrease in operating expenses of $193,000, for the three months ended January 31, 2019, as compared to the same period in 2018.
Below are recent business highlights:
- Aeroméxico has contracted for implementation of PASSUR's main suite of traffic management optimization capabilities – part of Aeroméxico's long-term strategic investments in the growth of its primary hub operations at Mexico City International Airport. PASSUR is implementing many of the core elements of its PASSUR Integrated Traffic Management (PITM) platform, adapted from its original US configuration, for customers in Canada, Western Europe, and now Latin America.
- Greater Toronto Airports Authority has contracted for a new, innovative, and collaborative solution, PASSUR Regional Diversion Manager™ (RDM). RDM allows operational decision makers to use available diversion capacity better — helping to prevent any single airport from becoming over-saturated, and leading to faster return to normal operations.
- TAP Air Portugal (TAP) contracted with PASSUR to help expand and enhance the airline's operational capabilities in order to accelerate its strategic growth plan and vision. Focused on its Lisbon hub, this engagement was an important step in TAP's program to continuously improve operational excellence and to provide for anticipated future growth. It is also an important step to provide the Lisbon airport infrastructure with solutions to enhance its capacity and performance.
About PASSUR® Aerospace, Inc.
PASSUR Aerospace (OTC: PSSR) a global leader in digital operational excellence, provides predictive analytics and decision support technology for the aviation industry, primarily to improve the operational performance and cash flow of airlines and the airports where they operate. PASSUR Aerospace's information solutions are used at the five largest North American airlines, by more than 60 airport customers and used at the top 30 North American airports, by over one hundred business aviation customers, and by the U.S. government. PASSUR owns and operates the largest commercial passive radar network in the world that provides aircraft position updates every 1 to 4.6 seconds, powering a proprietary database that is accessible in real-time and delivers timely and accurate information and solutions via PASSUR's industry leading algorithms and business logic included in its products. PASSUR, Airwayz, NextGen2 and NextGen3 are trademarks or registered trademarks of PASSUR Aerospace, Inc. in the U.S. All other companies and product names of those companies contained herein may be trademarks of their respective holders.
Visit PASSUR Aerospace's website at www.passur.com for updated products, solutions, and news.
Contact: | Media: | Investor Relations: |
Ron Dunsky | Louis J. Petrucelly | |
SVP Marketing and New Business Development | SVP & Chief Financial Officer | |
(203) 989-9197 | (203) 622-4086 | |
PASSUR Aerospace, Inc. and Subsidiary | ||||
CONSOLIDATED BALANCE SHEETS | ||||
January 31, 2019 | October 31, 2018 | |||
(unaudited) | ||||
Assets | ||||
Current assets: | ||||
Cash | $ 2,860,717 | $ 100,856 | ||
Accounts receivable, net | 1,025,332 | 1,186,664 | ||
Prepaid expenses and other current assets | 226,718 | 199,173 | ||
Total current assets | 4,112,767 | 1,486,693 | ||
PASSUR Network, net | 4,649,011 | 4,800,750 | ||
Capitalized software development costs, net | 8,317,541 | 8,141,589 | ||
Property and equipment, net | 584,354 | 672,601 | ||
Other assets | 102,378 | 112,551 | ||
Total assets | $ 17,766,051 | $ 15,214,184 | ||
Liabilities and stockholders' equity | ||||
Current liabilities: | ||||
Accounts payable | $ 971,034 | $ 989,958 | ||
Accrued expenses and other current liabilities | 1,120,514 | 1,189,342 | ||
Deferred revenue, current portion | 5,346,382 | 2,847,323 | ||
Total current liabilities | 7,437,930 | 5,026,623 | ||
Deferred revenue, long term portion | 360,892 | 409,971 | ||
Notes payable - related party Other Liabilities | 6,960,000 105,202 | 6,050,000 113,273 | ||
Total liabilities | 14,864,024 | 11,599,867 | ||
Total stockholders' equity |
2,902,027 |
3,614,317 | ||
Total liabilities and stockholders' equity | $ 17,766,051 | $ 15,214,184 | ||
PASSUR Aerospace, Inc. and Subsidiary | ||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
(Unaudited) | ||||
Three Months Ended | ||||
January 31, | ||||
2019 | 2018 | |||
Revenues | $ 3,656,124 | $ 3,513,487 | ||
Cost of expenses: | ||||
Cost of revenues | 2,032,420 | 2,239,299 | ||
Research and development expenses | 143,955 | 154,666 | ||
Selling, general, and administrative expenses | 2,245,897 | 2,220,828 | ||
4,422,272 | 4,614,793 | |||
Loss from operations | $ (766,148) | $(1,101,306) | ||
Interest expense - related party | 167,919 | 65,713 | ||
Loss before income taxes | (934,067) | (1,167,019) | ||
Provision for income taxes | - | - | ||
Net loss | $ (934,067) | $ (1,167,019) | ||
Net loss per common share - basic | $ (0.12) | $ (0.15) | ||
Net loss per common share - diluted | $ (0.12) | $ (0.15) | ||
Weighted average number of common shares outstanding - | 7,696,091 | 7,696,091 | ||
Weighted average number of common shares outstanding - | 7,696,091 | 7,696,091 | ||
SOURCE PASSUR Aerospace
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