PASSUR® Aerospace Reports 44% Increase in Income from Operations on 7% Revenue Increase for First Half of FY2014 Compared to the First Half of FY2013
STAMFORD, Conn., June 13, 2014 /PRNewswire/ -- PASSUR Aerospace, Inc (OTC: PSSR), an aviation business intelligence, Big Data, software and solutions company, reported an increase in revenue of 7% to $5,709,000 for the six months ended April 30, 2014, compared to $5,336,000 for the same period in fiscal year 2013. For the six months ended April 30, 2014, income from operations was $387,000 compared to $270,000 in the same period of the previous fiscal year, an increase of 44% over the same period in fiscal year 2013. For the six months ended April 30, 2014, net income was $145,000 or $.02 per diluted share, compared to $76,000 or $.01 per diluted share, in the same period in fiscal year 2013.
Total revenue for the quarter ended April 30, 2014 increased 6% to $2,813,000, compared to $2,661,000 for the same period in fiscal year 2013. For the three months ended April 30, 2014, income from operations was $219,000 compared to $156,000 in the same period of the previous fiscal year, an increase of 41% over the prior fiscal year. For the three months ended April 30, 2014, net income was $81,000 or $.01 per diluted share, compared to $64,000 or $.01 per diluted share, in the same period in fiscal year 2013.
"We were pleased that in the last six months, many of our airline and airport customers expanded their subscriptions to our gate-to-gate traffic management solutions, we believe because of proven cost savings, gains in reliability and predictability, and improvements which help lower fuel costs and carbon emissions," said Jim Barry, President and CEO of PASSUR Aerospace.
"We also saw growth by all key aviation segments in our collaborative decision making suite of products, both domestically and internationally," said Mr. Barry. "This collaborative suite and the participating members helped to manage a severe winter season, and several recent major aviation incidents – showing how the PASSUR platform can manage complex and expensive challenges by incorporating aviation best practices, a shared common operating picture, and real time communication."
"We continue to believe that the success of our investments in innovative air traffic constraint management solutions, as well as in Industrial Collaborative Networks, demonstrates that the commercial side of aviation can make major contributions to the efficiency of our aviation system," said G.S. Beckwith Gilbert, PASSUR Aerospace Chairman of the Board.
About PASSUR Aerospace
PASSUR Aerospace, Inc. is an aviation business intelligence and Big Data company that provides predictive analytics built on proprietary algorithms and the concurrent integration and simultaneous mining of multiple databases. PASSUR considers itself to be the industry standard in business intelligence dashboards and predictive analytics for aviation organizations. PASSUR serves more than 125 worldwide airlines (including all the top eight North American airlines), more than 60 airport customers (including 22 of the top 30 North American airports), and approximately 150 corporate aviation customers, as well as the U.S. government. PASSUR's system provides coast-to-coast coverage and is driven by proprietary, patented, business intelligence software, which is powered by a unique company owned North American network of 175 passive radar systems. Other systems are located in Europe and Asia. Supplementary, detailed coverage is also provided at 98 of the top 100 North American airports. Flight tracks are updated between 1 and 4.6 seconds, thereby making available a system that is user-friendly and useful for decision-making. Visit PASSUR Aerospace's web site at www.passur.com for updated products, solutions, and 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, 2013 Form 10-K and April 30, 2014 Form 10-Q.
James T. Barry
President & CEO
SOURCE PASSUR Aerospace, Inc.