PASSUR® Aerospace Reports 90% Increase in Income from Operations on 15% Revenue Increase for the Three months Ended April 30, 2015
Jun 15, 2015, 08:45 ET
STAMFORD, Conn., June 15, 2015 /PRNewswire/ -- PASSUR® Aerospace, Inc. (OTC: PSSR), an aviation business intelligence, big data, software and solutions company reported total revenue for the quarter ended April 30, 2015 increased 15% to $3,221,000, compared to $2,813,000 for the same period in fiscal year 2014, primarily as a result of two major multi-year contracts signed during the quarter. For the three months ended April 30, 2015, income from operations was $417,000 compared to $219,000 in the same period of the previous fiscal year, an increase of 90% over the prior year. For the three months ended April 30, 2015, net income was $152,000 or $.02 per diluted share, compared to $81,000 or $.01 per diluted share, in the same period in fiscal year 2014.
For the six months ended April 30, 2015, revenue increased 5% to $5,986,000, compared to $5,709,000 for the same period in fiscal year 2014. For the six months ended April 30, 2015, income from operations was $702,000 compared to $387,000 in the same period of the previous fiscal year, an increase of 81% over the prior year. For the six months ended April 30, 2105, net income was $293,000 or $.04 per diluted share, compared to $145,000 or $.02 per diluted share, in the same period in fiscal year 2014.
"We're having a good year, with revenue and profit growth," said Jim Barry, President and CEO of PASSUR® Aerospace. "Our broad customer base is seeing even greater value in our aviation intelligence platform. Our customers are able to measure the impact we're having on key operational and financial metrics – as well as on the overall passenger experience. We like our strategy and are proud of our team – and will continue to execute."
"We have momentum, our strategy is working, and – as our results show – our platform effectively addresses expensive problems which impact our customers' bottom line," said G.S. Beckwith Gilbert, PASSUR® Aerospace Chairman of the Board.
About PASSUR® Aerospace
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 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®'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® 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®'s website at www.passur.com for updated products, solutions, and news.
James T. Barry
President & CEO
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 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, 2014 Form 10-K and April 30, 2015 Form 10-Q. The company 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, Inc.
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