PASSUR® Aerospace Reports 22% Increase in Net Income for First Quarter FY2012
STAMFORD, Conn., March 21, 2012 /PRNewswire/ -- PASSUR Aerospace, Inc. (PSSR.PK), a business intelligence software and solutions company, reported a revenue decrease of 1% to $3,464,000 for the quarter ended January 31, 2012, compared to $3,510,000 in Q1 2011. Income from operations decreased 31% to $454,000 compared to $661,000 in the same period of the previous fiscal year. Net income was $380,000 or $.05 per diluted share compared to $310,000 or $.06 per diluted share in Q1 2011.
New customer subscriptions and existing customer upgrades to the company's suite of software applications increased by $70,000 in the period, but were more than offset by a reduction of $117,000 in professional service income after the successful completion of a consulting assignment.
"We're encouraged with the increase in subscription sales and profitability, and although we recognize that the completion of professional service engagements may negatively impact our year over year reporting of net income, we consider these engagements to be an important part of our vertically integrated solution strategy," said Jim Barry, President and CEO of PASSUR Aerospace. "Of particular note for the quarter, we were pleased to announce the contracting late in the quarter with JetBlue Airways for our complete PASSUR Integrated Traffic Management solution for enterprise-wide implementation at the airline, and the contracting with Atlantic Aviation for a system-wide deployment of our FBO solutions."
"We continue to make system, software development, and R&D investments in the company, over $3MM in the last year and over $900,000 in the last quarter alone, to respond to market opportunities," said G.S. Beckwith Glibert, PASSUR Aerospace Chairman of the Board. "We believe that these investments will contribute to future sales growth."
About PASSUR Aerospace
PASSUR Aerospace, Inc. is a business intelligence company which provides predictive analytics built on proprietary algorithms and on the concurrent integration and simultaneous mining of multiple databases. We believe we provide the industry standard in business intelligence dashboards and predictive analytics for aviation organizations. PASSUR serves dozens of airlines (including 6 of the top 8 North American airlines), all 5 of the top hub carriers, approximately 60 airport customers (including 23 of the top 30 North American airports), and approximately 200 corporate aviation customers, as well as the U.S. government, including the Federal Aviation Administration (FAA) and the Transportation Security Administration (TSA). PASSUR's system is driven by proprietary, patented, business intelligence software, which is powered by a unique North American network of 155 passive radars, company owned, with a radar covering 98 of the top 100 North American airports. Other PASSURs are located in Europe and Asia. Flight tracks are updated between 1 and 4.6 seconds, thereby providing a system which is user-friendly and useful for decision-making. Visit PASSUR Aerospace's website at www.passur.com for updated products, solutions, and PASSUR news.
The forward-looking statements in this press release relating to management's expectations and beliefs are based on preliminary information and management assumptions. Such forward-looking statements are subject to a wide range of risks and uncertainties that could cause results to differ in material respects, including those related to customer needs, budgetary constraints, competitive pressures, the success of airline trials, the profitable use of the Company's owned PASSURs located at major airports, the Company's maintenance of above average quality of its product and services, as well as potential regulatory changes. Further information regarding factors that could affect the Company's results is contained in the Company's SEC filings, including the October 31, 2011 Form 10-K and January 31, 2012 Form 10-Q.
James T. Barry
President & CEO
SOURCE PASSUR Aerospace, Inc.