PASSUR® Aerospace Announces 4% Revenue Increase for Both the Three Month and Six Month Periods Ended April 30, 2019

PR Newswire

STAMFORD, Conn., June 17, 2019 /PRNewswire/ — PASSUR® Aerospace, Inc. (OTC: PSSR), a global leader in digital operational excellence, announced revenues of $3,634,000 for the three months ended April 30, 2019, compared with $3,502,000 for the same period in fiscal year 2018, an increase of $132,000, or 4%. For the six months ended April 30, 2019, revenues totaled $7,290,000, compared with $7,015,000 for the same period in fiscal year 2018, an increase of $275,000, or 4%.

“We are seeing positive results from our recent investments in comprehensive and automated solutions that deliver increased capacity to constrained airports and airspace systems and help meet the growing global demand for air travel,” said Jim Barry, President and CEO. “Our customer network – global airlines, airports, and service providers – needs digital operational solutions that deliver better on-time performance, asset utilization, and resilience to operational disruptions. We deliver these benefits by leveraging our proven suite of cloud-based decision-support solutions and consulting services.”

Total revenues for the three months ended April 30, 2019 increased 4%, as compared to the same period in 2018, primarily due to an increase in subscription revenue of $191,000, which was offset by lower consulting revenue of $59,000. Total revenues for the six months ended April 30, 2019 increased 4%, as compared to the same period in 2018, primarily due to an increase in subscription revenue of $282,000 as compared with the same period in the prior year. The increases in subscription revenue during both the three and six months ended April 30, 2019 were primarily due to (i) a new contract for subscription services closed during fiscal year 2019 and (ii) net incremental revenue recognized during the periods in fiscal year 2019 related to new contracts closed during fiscal year 2018.

The Company recently announced the latest version of its flagship flight trajectory technology – a solution designed to optimize airline and airport systems and processes that depend on accurate trajectories. PASSUR’s trajectory solutions are now deployed in the US, Canada, Mexico, and Western Europe. 

PASSUR’s innovative digital technology provides the capability to increase available global airspace and airport capacity, without expensive infrastructure investments. We provide our customers with a single operating platform, which supports collaboration between airlines, airports, Air Navigation Service Providers, and other stakeholders and enables them to optimize their operations and achieve greater efficiencies through information exchange and shared workflow.

For the three months ended April 30, 2019, the Company incurred a net loss of $1,132,000, or $0.15 loss per diluted share, compared with a net loss of $1,024,000, or $0.13 loss per diluted share, for the same period in fiscal year 2018. For the six months ended April 30, 2019, the Company incurred a net loss of $2,066,000, or $0.27 loss per diluted share, compared with a net loss of $2,191,000 or $0.28 loss per diluted share, for the same period in fiscal year 2018.

About PASSUR® Aerospace, Inc.

PASSUR Aerospace (OTC: PSSR) a global leader in digital operational excellence, provides predictive analytics and decision support technology for the aviation industry, primarily to improve the operational performance and cash flow of airlines and the airports where they operate. PASSUR Aerospace’s information solutions are used at the five largest North American airlines; by major airlines in Europe; by more than 60 airport customers (and used at the top 30 North American airports); by over one hundred business aviation organizations; and by the U.S. government. PASSUR owns and operates the largest commercial passive radar network in the world that provides aircraft position updates every 1 to 4.6 seconds, powering a proprietary database that is accessible in real-time and delivers timely and accurate information and solutions via PASSUR’s industry leading algorithms and business logic included in its products. PASSUR, Airwayz, NextGen2, and NextGen3 are trademarks or registered trademarks of PASSUR Aerospace, Inc. in the U.S. All other companies and product names of those companies contained herein may be trademarks of their respective holders.

Visit PASSUR Aerospace’s website at www.passur.com for updated products, solutions, and news.

Contact:   

Media:                                 

Investor Relations:

Ron Dunsky                                   

Louis J. Petrucelly

SVP Marketing and New Business Development         

SVP & Chief Financial Officer

(203) 989-9197                                    

(203) 622-4086

216495@email4pr.com    

216495@email4pr.com

 

 

PASSUR Aerospace, Inc. and Subsidiary

CONSOLIDATED BALANCE SHEETS

 

 

April 30, 2019

  October 31, 2018

 (unaudited)

Assets

Current assets:

Cash

$              877,714

$              100,856

Accounts receivable, net

990,330

1,186,664

Prepaid expenses and other current assets

421,618

199,173

           Total current assets

2,289,662

1,486,693

PASSUR Network, net

4,425,951

4,800,750

Capitalized software development costs, net

8,371,969

8,141,589

Property and equipment, net

584,899

672,601

Other assets

93,180

112,551

               Total assets

$         15,765,661

$         15,214,184

Liabilities and stockholders’ equity

Current liabilities:

    Accounts payable

$           1,010,109

$              989,958

    Accrued expenses and other current liabilities

1,175,381

1,189,342

Deferred revenue, current portion

4,207,158

2,847,323

          Total current liabilities

6,392,648

5,026,623

Deferred revenue, long term portion

382,517

409,971

Notes payable – related party

Other Liabilities

              6,960,000

                   96,992

              6,050,000

                 113,273

             Total liabilities

13,832,157

11,599,867

        

             Total stockholders’ equity

 

1,933,504

 

3,614,317

         Total liabilities and stockholders’ equity

$         15,765,661

$         15,214,184

 

 

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

Three Months Ended

Six Months Ended

April 30,

April 30,

2019

2018

2019

2018

Revenues

$  3,634,124

$  3,501,842

$  7,290,248

$  7,015,329

Cost of expenses:

Cost of revenues

2,036,347

2,026,121

4,068,766

4,265,421

Research and development expenses

139,318

149,163

283,273

303,829

Selling, general, and administrative expenses

2,422,361

2,276,284

4,668,259

4,497,113

4,598,026

4,451,568

9,020,298

9,066,363

Loss from operations

$   (963,902)

$   (949,726)

$(1,730,050)

$(2,051,034)

Interest expense – related party

167,765

70,088

335,684

135,800

Other Loss

4,506

4,506

Loss before income taxes

(1,131,667)

(1,024,320)

(2,065,734)

(2,191,340)

Provision for income taxes

Net loss

$(1,131,667)

$(1,024,320)

$(2,065,734)

$(2,191,340)

Net loss per common share – basic

$         (0.15)

$         (0.13)

$         (0.27)

$         (0.28)

Net loss per common share – diluted

$         (0.15)

$         (0.13)

$         (0.27)

$         (0.28)

Weighted average number of common shares outstanding – basic

 

7,696,091

 

7,696,091

 

7,696,091

 

7,696,091

Weighted average number of common shares outstanding – diluted

 

7,696,091

 

7,696,091

 

7,696,091

 

7,696,091

 

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SOURCE PASSUR Aerospace