PASSUR® Aerospace Reports 6% Increase in Airline, Airport, and Business Aviation Revenue for First Half of FY2013
STAMFORD, Conn., June 14, 2013 /PRNewswire/ -- PASSUR Aerospace, Inc (OTC: PSSR), a business intelligence, Big Data, software and solutions company, reported a 6% increase to $5,040,000 in its airline, airport, and business aviation revenue for the six months ended April 30, 2013. Overall revenue for the first six months of fiscal 2013 decreased 24%, to $5,336,000 compared to $6,996,000 in the same period of the previous fiscal year, primarily due to the completion of a government contract and a professional services engagement in fiscal year 2012. For the same period, the Company's net income decreased to $76,000 or $.01 per diluted share, compared to net income of $939,000 or $.12 per share.
Total revenue for the quarter ended April 30, 2013 decreased 25% to $2,661,000, compared to $3,532,000 in the same quarter of the previous fiscal year. The Company had net income of $64,000 or $.01 per diluted share in the second quarter ended April 30, 2013, compared to a net income of $559,000 or $.07 per diluted share in the same quarter of fiscal 2012.
"We're pleased with our continued growth in market share and sales in our commercial markets – we now have all eight of the largest North American airlines, and more than 60 airports (including 24 of the top 30 North American airports) as customers – and the deeper penetration of our traffic management and collaboration platform into many more organizations," said Jim Barry, President and CEO of PASSUR Aerospace. "We are especially pleased with the launch in April of the IATA Tactical Operations Portal, which provides a global collaborative platform for airlines worldwide to minimize same-day air traffic constraints in the highly complex and disruption prone U.S. National Airspace System. The PASSUR collaborative platform now extends across the local, regional, national, and global levels. We remain focused on helping to solve expensive, complex, and disruptive aviation problems that can only be addressed through the smart use of Big Data, predictive analytics, information and data visualization, and collaboration among all key aviation players."
"We continue to make the investments needed to take advantage of what we see as a significant opportunity for long term, robust growth," said G.S. Beckwith Gilbert, PASSUR Aerospace Chairman of the Board.
About PASSUR Aerospace
PASSUR Aerospace, Inc. is a business intelligence and Big Data company that provides predictive analytics built on proprietary algorithms and the concurrent integration and simultaneous mining of multiple databases. We believe PASSUR is the industry standard in business intelligence dashboards and predictive analytics for aviation organizations. PASSUR serves dozens of airlines (including all the top eight North American airlines), approximately 60 airport customers (including 24 of the top 30 North American airports), and approximately 200 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 162 passive radar sensors, company owned. Other sensors 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 which is user-friendly and useful for decision-making. 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'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, 2012 Form 10-K and April 30, 2013 Form 10-Q.
James T. Barry
President & CEO
SOURCE PASSUR Aerospace, Inc.