STAMFORD, Conn., Sept. 12, 2016 /PRNewswire/ -- PASSUR® Aerospace, Inc. (OTC: PSSR), a business intelligence, predictive analytics, and big data company, announced that revenue increased 18% to $3,827,000 for the three months ended July 31, 2016, compared to $3,244,000 for the same period in fiscal year 2015. Net income was $181,000, or $0.02 per diluted share, for the for the three months ended July 31 2016, compared to $22,000, or $0.00 per diluted share, for the same period in fiscal year 2015.
For the nine months ended July 31, 2016, revenue increased 20% to $11,072,000, compared to $9,230,000 for the same period in fiscal year 2015. For the nine months ended July 31, 2016, net income was $328,000 or $0.04 per diluted share, compared to $315,000 or $0.04 per diluted share, in the same period in fiscal year 2015.
The revenue increase was largely due to higher recurring subscription sales to airline customers, while the increase in costs was largely due to the company adding to the size of its team to more aggressively pursue revenue opportunities in the market and to build and implement solutions sought by its customers.
"Our team is excited about our revenue growth and focused on the opportunities we have to deliver greater value to our customers and to realize a share of that value," said Jim Barry, PASSUR President and CEO. "We continue to build our team to meet industry demand for our solutions and to deliver bigger and broader capabilities to allow our customers to further improve their revenue growth and operational performance."
"Our continued revenue growth demonstrates that our customers increasingly rely on PASSUR to help them generate revenue and improve their operational performance," said G.S. Beckwith Gilbert, Chairman of PASSUR Aerospace. "We have earned our customers' trust through a combination of our unparalleled understanding of the national airspace and our industry-leading products that address many of their most costly operational issues."
About PASSUR® Aerospace, Inc.
PASSUR® Aerospace is a leading business intelligence company, providing 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 by the largest five North American airlines, over 60 airport customers, (including 22 of the top 30 North American airports, with PASSUR solutions also used at the remaining eight airports by one or more airline customer), more than 200 corporate aviation customers, and the U.S. government. PASSUR® Aerospace 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. Visit PASSUR® Aerospace's website at www.passur.com for updated products, solutions, and news.
The information provided in this press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 regarding PASSUR® Aerospace's future plans, objectives, and expected performance. The words "believe," "may," "will," "could," "should," "would," "anticipate," "estimate," "expect," "project," "intend," "objective," "seek," "strive," "might," "likely result," "build," "grow," "plan," "goal," "expand," "position," or similar words, or the negatives of these words, or similar terminology, identify forward-looking statements. These statements are based on assumptions that the company believes are reasonable, but are subject to a wide range of risks and uncertainties, and a number of factors that could cause the company's actual results to differ materially from those expressed in the forward-looking statements referred to above. These factors include, without limitation, the risks and uncertainties discussed under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's Form 10-K for the fiscal year ended October 31, 2015; the uncertainties related to the ability of the company to sell its existing product and professional service lines, as well as in new products and professional services (due to potential competitive pressure from other companies or other products); and the potential for terrorist attacks, changes in fuel costs, airline bankruptcies and consolidations, economic conditions, and other risks detailed in the company's periodic reports filed with the Securities and Exchange Commission. Other uncertainties which could impact the company include, without limitation, uncertainties with respect to future changes in governmental regulation and the impact that such changes in regulation will have on the company's business. Additional uncertainties include, without limitation, uncertainties relating to: (1) the company's ability to find and maintain the personnel necessary to sell, manufacture, and service its products; (2) its ability to adequately protect its intellectual property; and (3) its ability to secure future financing. Readers are cautioned not to place undue reliance on these forward-looking statements, which relate only to events as of the date on which the statements are made and which reflect management's analysis, judgments, beliefs, or expectations only as of such date. PASSUR® Aerospace undertakes no obligation to publicly update any forward-looking statements for any reason, even if new information becomes available or other events occur in the future. Readers are advised, however, to consult any further disclosures PASSUR® Aerospace makes on related subjects in its Forms 10-K, 10-Q and 8-K.
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