PASSUR Aerospace Reports 96% Net Income Increase for First Nine Months of Fiscal 2012
STAMFORD, Conn., Sept. 17, 2012 /PRNewswire/ -- PASSUR Aerospace, Inc. (OTC: PSSR) announced total revenues for the first nine months of fiscal 2012 of $9,943,000 compared to $10,208,000 in the same period of the previous fiscal year, a decline of approximately 3%. Operating profits for the first nine months of fiscal 2012 were $1,331,000 compared to $1,400,000 in the same period of the previous fiscal year, a decrease of approximately 5%. For the nine months ended July 31, 2012, net income was up approximately 96% to $1,096,000 or $.14 per diluted share, compared to net income of $559,000 or $.09 per diluted share in the same period of fiscal 2011.
Total revenues for the three months ended July 31, 2012 were $2,947,000, compared to $3,333,000 in the same quarter of the previous fiscal year, a decrease of approximately 12%. Operating profits for the three months ended July 31, 2012 were $240,000 compared to $268,000 in the same period of the previous fiscal year, a decrease of approximately 10%. Net income was up 23% to $156,000 or $.02 per diluted share in the third quarter ended July 31, 2012, compared to net income of $127,000 or $.02 per diluted share in the same quarter of fiscal 2011.
"Our professional services group continues to play an important role in providing complete solutions to our customers and the market has been receptive to our team of experts," said Jim Barry, President and CEO of PASSUR Aerospace. "However, we also recognize the revenue from professional services engagements will be more variable than our traditional software revenue. As a case in point, the revenue decrease reported this quarter was primarily a result of the completion of professional services engagements. Finally, and as demonstrated by the recent new customer announcements, we remain encouraged by the acceptance of our PASSUR Integrated Traffic Management (PITM) solution suite within our core markets of airport, airlines, and business aviation, as well as the market adoption of PASSUR's Airport Information Network (AIN). AIN now includes over 90 airports, almost all major air carriers, and approximately 500 individual members. We believe AIN is contributing to the future of collaboration and coordination within the aviation industry."
"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 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 six of the top eight North American airlines, and all five 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 provides coast-to-coast coverage and is driven by proprietary, patented, business intelligence software, which is powered by a unique North American network of 155 passive radars, company owned. Supplementary, detailed coverage is also provided at 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 making available a system which is user-friendly and useful for decision-making.
Visit PASSUR Aerospace's Web site at http://www.passur.com for updated news, products, and solutions.
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 July 31, 2012 Form 10-Q.
James T. Barry
President & CEO
SOURCE PASSUR Aerospace, Inc.