STAMFORD, Conn., June 14 /PRNewswire-FirstCall/ -- PASSUR Aerospace, Inc. (OTC Bulletin Board: PSSR) announced total revenues for the first six months of fiscal 2010 were up approximately 7% to $4,727,000 compared to $4,421,000 in the same period of the previous fiscal year. Operating profits were up approximately 11% to $646,000 compared to $580,000 in the same period of the previous fiscal year. Interest costs for the six months ended April 30, 2010 were $206,000 higher compared to those in the same period of the proceeding year, due to the extension of the maturity of the company's debt to November 1, 2011. As a result, for the six months ending April 30, 2010, the company had a net loss of $48,000 or $.01 per share, compared to a net profit of $103,000 or $.02 per share in the same period of fiscal 2009.
Total revenues for second quarter 2010 were up approximately 3% to $2,403,000, compared to $2,344,000 in the same quarter of the previous fiscal year. Operating profits were down approximately 24% to $257,000 compared to $336,000 in the same period of the previous fiscal year. The Company had a net loss of $73,000 or $.02 per share in the second quarter ended April 30, 2010, compared to a net profit of $27,000 or $.01 per share in the same quarter of fiscal 2009.
"PASSUR's solutions are focused on its customers' key operational performance metrics, each with a defined, substantial financial impact - and we believe the company's continued growth shows that the strategy is working," said Jim Barry, PASSUR Aerospace's President and CEO.
"We like our strategy, and we are optimistic about our prospects - even in this challenging environment," said G.S. Beckwith Gilbert, PASSUR Aerospace's Chairman of the Board.
About PASSUR Aerospace
PASSUR Aerospace, Inc. is a business intelligence company which provides its customers predictive analytics built on proprietary algorithms and on the concurrent integration and simultaneous mining of multiple databases. We believe we provide the industry standard in business intelligence dashboards and predictive analytics for aviation organizations. PASSUR serves most major airlines (including 6 of the top 7 North American airlines, as well as the top five hub airlines), over 50 airport customers (including 10 of the top 15 North American airports), and more than 200 corporate aviation customers. PASSUR's system is driven by its proprietary, patented business intelligence software which is powered by a unique North American network of 140 passive radars, company owned, including one located at each of the top 35 U.S. airports. Other PASSURs are located in Europe and Asia. Flight tracks are updated every 4.6 seconds, thereby providing a system which is user-friendly and useful for decision making.
Visit PASSUR Aerospace's web site at http://www.passur.com for updated products, solutions and PASSUR news.
The forward-looking statements in this shareholder letter 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, 2009 Form 10-K and April 30, 2010 Form 10-Q.
James T. Barry
President & CEO
SOURCE PASSUR Aerospace, Inc.