STAMFORD, Conn., March 18, 2011 /PRNewswire/ -- PASSUR Aerospace, Inc. (OTC Bulletin Board: PSSR), a business intelligence software and solutions company, reported a revenue increase of 51% to $3,510,000 for the quarter ended January 31, 2011, compared to revenue of $2,323,000 in the same quarter of the previous fiscal year. Income from operations increased approximately 70% to $661,000, compared to $389,000 in the same quarter of the previous fiscal year. Net income was $310,000 or $.06 per diluted share, compared to $25,000 or $.00 per diluted share in the same quarter of the previous fiscal year.
"Our year-over-year increase reflected growth across all markets," said Jim Barry, President & CEO of PASSUR Aerospace. "We closed a major contract with the U.S. Government (the FAA and the TSA), introduced the PASSUR Departure Metering Program, an entirely new way of managing departures with direct applications to NextGen, and executed on several large contracts with our expanded professional services program. We are pleased with our results, but have a long way to go to meet our own high expectations. Aviation remains a challenging environment, and we will continue to invest in our important mission of providing business analytics to help the industry reduce costs, improve operating efficiencies, and enhance the flying experience."
"We've made significant investments in the Company and they are paying off. We have built what we believe to be the largest commercial air traffic surveillance network in the world, and the value of that network, combined with the suite of business intelligence solutions we have created, have helped to deliver the 51% sales increase - confirming that our strategy is working," 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 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 dozens of airlines (including 5 of the top 6 North American airlines, and all 5 of the top hub carriers), more than 50 airport customers (including 22 of the top 30 North American airports), approximately 200 corporate aviation customers, as well as the U.S. Government, including the Federal Aviation Administration (FAA) and the Transportation Security Administration (TSA). PASSUR's system is driven by proprietary, patented, business intelligence software, which is powered by a unique North American network of 154 passive radars, company-owned, with a radar covering 98 of the top100 North American 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 website at http://www.passur.com for updated products, solutions, and PASSUR 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, 2010 Form 10-K and January 31, 2011 Form 10-Q.
James T. Barry
President & CEO
SOURCE PASSUR Aerospace, Inc.