PASSUR Aerospace Reports Revenue and Profit Results for First Nine Months of Fiscal 2013
STAMFORD, Conn., Sept. 20, 2013 /PRNewswire/ -- PASSUR Aerospace, Inc. (OTC: PSSR), a business intelligence, Big Data, software and solutions company, reported a 6% increase to $7,298,000 in its airline, airport, and business aviation revenue for the nine months ended July 31, 2013 compared to the same period of the previous fiscal year. Overall revenue for the first nine months of fiscal 2013 decreased 19%, to $8,078,000 compared to $9,943,000 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 nine months ended July 31, 2013, the Company's net income decreased to $182,000 or $.02 per diluted share, compared to net income of $1,096,000 or $.14 per share for the nine months ended July 31, 2012.
Total revenue for the quarter ended July 31, 2013 decreased 7% to $2,743,000, compared to $2,947,000 in the same quarter of the previous fiscal year. The Company had net income of $105,000 or $.01 per diluted share in the third quarter ended July 31, 2013, compared to a net income of $156,000 or $.02 per diluted share in the same quarter of fiscal 2012.
"PASSUR's focus on selling its integrated traffic management software and solutions to its broad commercial aviation markets continues to produce growth," said Jim Barry, President and CEO of PASSUR Aerospace. "We are especially pleased with the rapid and widespread adoption of our Global Collaborative Decision Making platform. Our Airport Information Network (AIN) is now connected to IATA's Tactical Operations Portal (ITOP), linking more than 100 North American Airports with more than 98 worldwide airlines. We believe AIN and ITOP are contributing to the future of collaboration and coordination within the aviation industry across regional, national, and global constituencies. Along with our collaborative layer, we believe that our traffic management suite – PASSUR Integrated Traffic Management – continues to help address our customers' complex aviation challenges through the smart use of Big Data, predictive analytics, information and data visualization, and collaboration among all key aviation players."
"We continue to believe in our growth playbook, with a very focused execution plan addressing expensive problems that have a direct and major impact on the customers' bottom line," 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 23 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 163 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.
Visit PASSUR Aerospace's Web site at 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, 2012 Form 10-K and July 31, 2013 Form 10-Q.
James T. Barry
President & CEO
SOURCE PASSUR Aerospace, Inc.