STAMFORD, Conn., March 19, 2013 /PRNewswire/ -- PASSUR® Aerospace, Inc (OTC: PSSR), a business intelligence, Big Data, software and solutions company, reported that despite an 8% increase in its North American airline, airport, and business aviation revenue, total Company revenue decreased 23% to $2,675,000 for the three months ended January 31, 2013, compared to $3,464,000 for the same period in fiscal year 2012. For the three months ended January 31, 2013, international, professional services, and government revenue decreased $977,000, primarily due to the completion of a government contract and a professional services engagement in fiscal year 2012.
For the three months ended January 31, 2013, income from operations was $114,000 compared to $454,000 in the same period of the previous fiscal year. For the three months ended January 31, 2013, net income was $12,000 or $.00 per diluted share compared to $380,000 or $.05 per diluted share, as compared to the same period in fiscal year 2012.
"We're pleased with the increase in commercial subscription sales, which is a revenue record for PASSUR," said Jim Barry, President and CEO of PASSUR Aerospace. "This quarter was the first one in which the Company had revenue from each of the eight major North American airlines. In addition, the market is responding very positively to PASSUR Integrated Traffic Management (PITM), as well as our collaborative industrial social networks, which include Airport Information Network (AIN) and IATA Tactical Operations Portal (ITOP). These new products continue to enhance the value of the PASSUR platform to a worldwide community of aviation customers."
"We believe that PASSUR is a pioneer in the use of Big Data for the aviation industry. This capability should fuel continued growth for our business," 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 22 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 over 150 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 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, 2012 Form 10-K and January 31, 2013 Form 10-Q.
James T. Barry
President & CEO
SOURCE PASSUR Aerospace, Inc.