PASSUR Aerospace Reports 45% Revenue Increase and 75% Operating Profit Increase for First Six Months of Fiscal 2011
STAMFORD, Conn., June 14, 2011 /PRNewswire/ — PASSUR Aerospace, Inc. (OTC Bulletin Board: PSSR) announced total revenues for the first six months of fiscal 2011 increased approximately 45% to $6,875,000 compared to $4,727,000 in the same period of the previous fiscal year. Operating profits increased approximately 75% to $1,132,000 compared to $646,000 in the same period of the previous fiscal year. As a result, for the six months ending April 30, 2011, the Company had net income of $432,000 or $.08 per diluted share, compared to a net loss of $48,000 or $.01 per share in the same period of fiscal 2010.
Total revenues for the quarter ended April 30, 2011 increased approximately 40% to $3,365,000, compared to $2,403,000 in the same quarter of the previous fiscal year. Revenue for the quarter ended April 30, 2011 decreased $145,000, as compared to the first quarter of fiscal year 2011 primarily due to the completion of a professional service engagement in the first quarter. Operating profits increased approximately 83% to $471,000 for the quarter ended April 30, 2011, compared to $257,000 in the same period of the previous fiscal year. The Company had net income of $122,000 or $.02 per diluted share in the second quarter ended April 30, 2011, compared to a net loss of $73,000 or $.02 per share in the same quarter of fiscal 2010.
As previously released, PASSUR completed a $10M private placement on May 9, 2011, the net proceeds of which were used to partially pay down Company debt.
“PASSUR’s strategy is to help our customers optimize the efficiency of their operations using a single integrated platform which targets specific financial, customer service, and safety goals,” said Jim Barry, PASSUR Aerospace’s President and CEO. “We believe there is a major opportunity to improve the efficiency of the airspace and we’re pleased that PASSUR is a leader in this effort.”
“We continue to invest in our core capabilities — our surveillance network, our predictive analytics and business intelligence — as we believe the need is even greater 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 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), and 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 one covering 98 of the top 100 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 April 30, 2011 Form 10-Q.
Contact: James T. Barry
President & CEO
SOURCE PASSUR Aerospace, Inc.