PASSUR Aerospace Reports 36% Revenue Increase and 31% Operating Profit Increase for First Nine Months of Fiscal 2011
STAMFORD, Conn., Sept. 15, 2011 /PRNewswire/ -- PASSUR Aerospace, Inc. (OTC Bulletin Board: PSSR) announced total revenues for the first nine months of fiscal 2011 were up approximately 36% to $10,208,000 compared to $7,498,000 in the same period of the previous fiscal year. Operating profits were up approximately 31% to $1,400,000 compared to $1,070,000 in the same period of the previous fiscal year. As a result, for the nine months ending July 31, 2011, the company had a net income of $559,000 or $.09 per diluted share, compared to net income of $25,000 or $.00 per share in the same period of fiscal 2010.
Total revenues for third quarter 2011 were up approximately 20% to $3,333,000, compared to $2,771,000 in the same quarter of the previous fiscal year. Operating profits were down approximately 37% to $268,000 compared to $424,000 in the same period of the previous fiscal year primarily due to the hiring of several additional employees, almost all to our technical staff, as well as an increase in research and development. The Company had a net income of $127,000 or $.02 per diluted share in the third quarter ended July 31, 2011, compared to net income of $73,000 or $.01 per share in the same quarter of fiscal 2010.
"Our continued growth results from PASSUR's solutions and information platform playing an important, systemic role in helping our customers reduce their costs, curb carbon emissions, improve operational efficiencies, and improve the passengers' travel experience," said Jim Barry, PASSUR Aerospace's President and CEO. "The recent MIT/PASSUR study on surface management techniques and programs demonstrates the important impact our solutions, in close collaboration with our customers, are having in our industry - providing quantifiable reductions in fuel costs and emissions."
"We will continue to invest in our core capabilities - our surveillance network, data processing and management, predictive analytics and business intelligence - even in this challenging environment, because the market is clearly signaling its support," said G.S. Beckwith Gilbert, PASSUR Aerospace's Chairman of the Board.
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 5 of the top 6 North American airlines, and all 5 of the top hub carriers), more than 50 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 one covering 98 of the top 100 North American airports. Other PASSURs are located in Europe and Asia. Flight tracks are updated every 4.6 seconds, thereby providing a system which is user-friendly and useful for decision-making.
Visit PASSUR Aerospace's web site at http://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, 2010 Form 10-K and July 31, 2011 Form 10-Q.
James T. Barry
President & CEO
SOURCE PASSUR Aerospace, Inc.