PASSUR® Aerospace Reports 47% Increase in Income from Operations on 8% Revenue Increase for First Quarter FY14
STAMFORD, Conn., March 14, 2014 /PRNewswire/ -- PASSUR® Aerospace, Inc. (OTC: PSSR), an aviation business intelligence, Big Data, software and solutions company, reported an increase in revenue of 8% to $2,896,000 for the three months ended January 31, 2014, compared to $2,675,000 for the same period in fiscal year 2013. For the three months ended January 31, 2014, income from operations was $168,000 compared to $114,000 in the same period of the previous fiscal year, an increase of 47% over the prior year. For the three months ended January 31, 2014, net income was $64,000 or $.01 per diluted share compared to $12,000 or $.00 per diluted share, in the same period in fiscal year 2013.
"This quarter PASSUR achieved a significant increase in net income on record revenue for the airport, airline, and business aviation markets which now represent over 90% of our total revenue," said Jim Barry, President and CEO of PASSUR Aerospace. "We are also seeing the cost reduction benefits from our use of new communication technology."
Mr. Barry added, "In addition, during the quarter, we recorded increased monthly revenue from two of the largest airlines in the U.S. These airlines increased the number of modules and locations they use for PASSUR's Integrated Traffic Management, an integrated, gate-to-gate traffic management platform that optimizes the entire life cycle of a flight. These customer commitments demonstrate the cost savings, efficiency benefits, and improved reliability airlines achieve by using one of PASSUR's newest products."
"The rapid growth in subscribers of our Aviation Industrial Collaborative Social Networks worldwide is gratifying and shows the benefits of our investment in new products and new technologies," said G.S. Beckwith Gilbert, PASSUR Aerospace Chairman of the Board.
About PASSUR Aerospace, Inc.
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® serves dozens of 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 North American network of 165 passive radar sensors, company owned.
Visit PASSUR Aerospace's website 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-owned PASSUR Systems located at major airports, the Company's maintenance of above average quality of its products 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 January 31, 2014 Form 10-Q.
James T. Barry
President & CEO
SOURCE PASSUR Aerospace, Inc.