PASSUR® Aerospace Reports 13% Increase in Third Quarter Revenue and an 8% Increase in Revenue for the Nine Months Ended July 31, 2015

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Sep 14, 2015, 08:38 ET

STAMFORD, Conn., Sept. 14, 2015 /PRNewswire/ -- PASSUR^® Aerospace, Inc. (OTC: PSSR), an aviation business intelligence, big data, and software solutions company reported total revenue for the quarter ended July 31, 2015 increased 13% to $3,244,000, compared to $2,865,000 for the same period in fiscal year 2014, primarily as a result of two major multi-year contracts signed during the year. For the three months ended July 31, 2015, income from operations was $91,000 compared to $224,000 in the same period of the previous fiscal year, a decrease of 59% from the prior year. Starting in April, in anticipation of new revenue opportunities, the company has made further investments in infrastructure by hiring a Chief Technology Officer, a Chief Financial Officer, as well as additional software developers, which resulted in over $400,000 of higher expenses for the quarter. For the three months ended July 31, 2015, net income was $22,000, or $0.00 per diluted share, compared to $129,000, or $0.02 per diluted share, in the same period in fiscal year 2014.

For the nine months ended July 31, 2015, revenue increased 8% to $9,230,000, compared to $8,574,000 for the same period in fiscal year 2014. For the nine months ended July 31, 2015, income from operations was $793,000 compared to $610,000 in the same period of the previous fiscal year, an increase of 30% over the prior year. For the nine months ended July 31, 2015, net income was $315,000, or $0.04 per diluted share, compared to $274,000, or $0.04 per diluted share, in the same period in fiscal year 2014.

"We are pleased to deliver continued revenue growth," said Jim Barry, President and CEO of PASSUR^® Aerospace. "Our momentum and positive customer feedback has encouraged us to increase our investment in our business to broaden and strengthen our product offerings, enabling our customers to operate more efficiently. We believe that we can build upon our successes and continue to grow in the coming years as we execute on our strategy."

"Our momentum continues because our platform effectively addresses our customers' key business objectives, resulting in measurable improvements in their operational and financial performance while enhancing the passenger experience," said G.S. Beckwith Gilbert, PASSUR^®Aerospace Chairman of the Board. "We are pleased to welcome great new team members, and look forward to their contribution to our future growth and success."

About PASSUR^® Aerospace

PASSUR^® Aerospace 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^® Aerospace considers itself to be the industry standard in business intelligence dashboards and predictive analytics for aviation organizations. PASSUR^® Aerospace serves more than 125 worldwide airlines (including all of the top North American airlines), more than 60 airport customers (including 22 of the top 30 North American airports), and approximately 200 corporate aviation customers, as well as the US government. PASSUR^® Aerospace'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 over 180 passive radar systems, with other PASSUR^® Aerospace systems located worldwide. Supplementary, detailed coverage is also provided at 98 of the top 100 North American airports. Flight tracks are rapidly updated between 1 and 4.6 seconds, thereby making available a system that is user-friendly and useful for decision-making. Visit PASSUR^® Aerospace's new website at www.passur.com for updated products, solutions, and news.

Contact:
Ron Dunsky
SVP Marketing and Communications
(203) 622-4086
Email
or
Investor Relations
David Henderson
Chief Financial Officer
(203) 622-4086

The forward-looking statements in this press release, including statements 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 risks and uncertainties related to customer needs, budgetary constraints, competitive pressures, the success of airline trials, the profitable use of PASSUR Aerospace's owned PASSURs located at major airports, PASSUR Aerospace's maintenance of above average quality of its product and services, as well as potential regulatory changes. Further information regarding factors that could affect PASSUR Aerospace's results are contained in PASSUR Aerospace's SEC filings, including the October 31, 2014 Form 10-K and July 31, 2015 Form 10-Q. PASSUR Aerospace undertakes no obligation to publicly update any forward-looking statements for any reason, even if new information becomes available, or other events occur in the future.

SOURCE PASSUR Aerospace