PASSUR Announces FY2013 Financial Results
STAMFORD, Conn., Jan. 29, 2014 /PRNewswire/ -- PASSUR Aerospace, Inc. (OTC: PSSR), an aviation business intelligence, Big Data, software and solutions company, announced revenues for its fiscal year ended October 31, 2013 of $11,035,000, income before taxes of $637,000, and earnings per share of $0.04.
Total revenue decreased $1,472,000, or 12%, from $12,507,000 in the prior fiscal year, as a result of the completion of a government contract and a professional services engagement during fiscal year 2012. The decline of $2,062,000 in revenues from these contracts was partially offset by a revenue increase of $590,000 from the Company's North American airline and airport customers. The profit impact of this revenue decline was offset in part by cost reductions, resulting in an overall decline in income from operations of $453,000 to a level of $925,000 in fiscal year 2013, from $1,378,000 in the prior year.
The diluted earnings per share in fiscal year 2013 was $0.04 which was after a tax provision of $356,000 or $.05 per diluted share. In fiscal year 2012, an income tax benefit of $1,776,000 or $0.22 per diluted share was included in diluted earnings per share of $0.36.
PASSUR serves all the top eight North American airlines and more than 60 airport customers (including 22 of the top 30 North American airports), with at least one of its products, and more than 125 worldwide airlines, approximately 150 corporate aviation customers, as well as the U.S. government.
"We're very pleased with our sales to airlines and airports – with record setting sales in 2013," said Jim Barry, president and CEO of PASSUR. "We continue to be encouraged with sales of PASSUR Integrated Traffic Management (PITM) to airlines and airports, and are especially pleased with the rapid and widespread adoption of our Global Collaborative Decision Making platform, to include Airport Information Network (AIN), which is now connected to the International Air Transport Association's (IATA) Tactical Operations Portal (ITOP) – linking more than 100 North American Airports with about 100 worldwide airlines on integrated PASSUR platforms. We believe AIN and ITOP are contributing to the future of collaboration and coordination within the aviation industry across regional, national, and global constituencies."
"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, 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 considers itself to be the industry standard in business intelligence dashboards and predictive analytics for aviation organizations. PASSUR serves more than 125 worldwide 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 company owned North American network of 164 passive radar systems. Other systems 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, 2013 Form 10-K.
James T. Barry
President & CEO
SOURCE PASSUR Aerospace, Inc.