PASSUR Aerospace Reports 11% Revenue Increase for First Nine Months of Fiscal 2010
STAMFORD, Conn., Sept. 16 /PRNewswire/ — PASSUR Aerospace, Inc. (OTC Bulletin Board: PSSR) announced today that total revenues for the nine months ended July 31, 2010, increased approximately 11% to $7,498,000 compared to $6,757,000 in the same period of the previous fiscal year.
Revenues for third quarter 2010 increased approximately 19% to $2,771,000, compared to $2,336,000 in the same quarter of the previous fiscal year. Subscription sales for the third quarter were up approximately 21% to $2,657,000, compared to $2,188,000 in the same quarter of fiscal 2009. Income from operations for the third quarter increased approximately 86% to $424,000, compared to $228,000 in the same quarter of the previous fiscal year. The Company had a net profit of $73,000 or $.01 per diluted share in the third quarter ended July 31, 2010, compared to a net loss of $92,000 or $.02 per diluted share in the same quarter of fiscal 2009.
For the nine months ended July 31, 2010, total revenues increased approximately 11% to $7,498,000 compared to $6,757,000 in the same period of the previous fiscal year. Subscription sales for the first nine months were up approximately 13% to $7,102,000, compared to $6,307,000 in the same period of fiscal 2009. Income from operations for the first nine months increased approximately 33% to $1,070,000, compared to $807,000 in the same period in fiscal 2009. The Company had a net profit of $25,000 or $0.0 per diluted share for the first nine months of fiscal 2010, compared to a net profit of $11,000 or $0.0 per diluted share in the same period of fiscal 2009.
“Our sales growth demonstrates that our business intelligence, predictive analytics, and professional services solutions are playing an increasingly important role in helping our clients to increase operational efficiency, improve the customer experience, and enhance safety and security,” said Jim Barry, PASSUR Aerospace’s President and CEO.
“Our strategy of steady growth by offering value through continuous innovation is sound. We are optimistic about our prospects,” said G.S. Beckwith Gilbert, PASSUR Aerospace’s Chairman of the Board.
About PASSUR Aerospace, Inc.
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, as well as the U.S. Government. 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 news 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, 2009 Form 10K, and the July 31, 2010 10Q.
Contact: James T. Barry President & CEO (203) 622-4086 firstname.lastname@example.org
SOURCE PASSUR Aerospace, Inc.