STAMFORD, Conn., March 17, 2015 /PRNewswire/ --
PASSUR® Aerospace, Inc. (OTC: PSSR), an aviation
business intelligence, big data, software and solutions company
reported a 122% increase in net income and 70% increase in income
from operations with a 5% reduction in revenue for the same period
in fiscal year 2014. The revenue reduction was largely due to
one-time transactions that occurred in the first quarter of fiscal
year 2014 which were not continued in the following year. However,
based on long term sales contracts closed in the second quarter of
fiscal year 2015, we expect that each of the second, third, and
fourth quarters of fiscal year 2015 will have an increase in
revenue over the corresponding quarters of 2014. Full fiscal year
2015 revenue is also expected to be above that of fiscal year
2014.
For the three months ended January 31,
2015, revenue was $2,764,000,
compared to $2,896,000 for the same
period in fiscal year 2014. For the three months ended January 31, 2015, income from operations was
$285,000 compared to $168,000 in the same period of the previous
fiscal year, an increase of 70% over the prior year. For the three
months ended January 31, 2015, net
income was $141,000 or $.02 per diluted share, compared to $64,000 or $.01 per
diluted share in the same period in fiscal year 2014, an increase
of 122% over the prior year.
"PASSUR®'s focus on selling its integrated
traffic management software and solutions to its broad commercial
aviation markets continues to be a successful strategy," said
Jim Barry, President and CEO of
PASSUR® Aerospace. "Our newest product,
PASSUR® Integrated Traffic Management, continues
to help address many of our customers' most complex aviation
problems through the smart use of big data, predictive analytics,
information and data visualization, and also enables collaboration
between all relevant aviation players."
"Our strategy is working and includes a focused execution plan
that 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.
Contact:
James T. Barry
President
& CEO
(203) 622-4086
Email
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, 2014 Form 10-K and January 31, 2015 Form 10-Q.
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SOURCE PASSUR Aerospace