PASSUR Aerospace Reports 20% Revenue Increase for First Nine Months of Fiscal 2009
GREENWICH, Conn., Sept. 16 /PRNewswire-FirstCall/ — PASSUR Aerospace, Inc. (OTC Bulletin Board: PSSR) announced total revenues for third quarter 2009 were up approximately 17% to $2,336,000, compared to $1,998,000 in the same quarter of the previous fiscal year. Subscription sales for the third quarter were up approximately 17% to $2,188,000, compared to $1,873,000 in the same quarter of fiscal 2008. Income from operations for the third quarter was down approximately 19% to $228,000, compared to $282,000 in the same quarter of the previous fiscal year. The Company incurred a net loss of $92,000 or $.02 per share in the third quarter ended July 31, 2009, compared to a net profit of $127,000 or $.02 per share diluted share in the same quarter of fiscal 2008.
For the nine months ended July 31, 2009, total revenues were up approximately 20% to $6,757,000 compared to $5,608,000 in the same period of the previous fiscal year. Subscription sales for the first nine months were up approximately 20% to $6,307,000, compared to $5,240,000 in the same period of fiscal 2008. Income from operations for the first nine months was down approximately 5% to $807,000, compared to $853,000 in the same period in fiscal 2008. The Company had a net profit of $11,000 or $0.0 per share, 97% lower than the net profit of $406,000 or $.07 per share in the same period of fiscal 2008.
Operating profit decreased in the third quarter 2009 and for the nine months ended July 31, 2009, due to a decrease in the number of PASSUR systems added to the PASSUR network as well as a decrease in the capitalization of manufacturing costs due to differences in timing of manufacturing production activities. Net income decreased in the third quarter 2009 and for the nine months ended July 31, 2009, due to higher costs related to long-term financing.
“Our sales growth demonstrates that the suite of predictive solutions we offer our customers is playing an important role in helping them save money and improve efficiencies during these tough economic times,” 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 our customers with 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 6 of the top 8 North American airlines), over 50 airport customers (including 8 of the top 10) and more than 200 corporate aviation customers, as well as the U.S. government.
PASSUR’s system is driven by our proprietary, patented, business intelligence software which is powered by its unique North American network with 110 passive radars, almost all company owned, with one located at each of the top 35 U.S. airports. Flight tracks are updated every 4.6 seconds, thereby providing a system which is user-friendly and useful for decision making. Other PASSURs are located in Europe and Asia.
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, 2008 Form 10-K and July 31, 2009 10-Q.
Contact: James T. Barry President & CEO (203) 622-4086 firstname.lastname@example.org
SOURCE PASSUR Aerospace, Inc.