PASSUR® Aerospace Announces 4% Revenue Increase for Both the Three Month and Six Month Periods Ended April 30, 2019
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, NextGen(2), and NextGen(3 )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 6,960,000 6,050,000
Other
Liabilities 96,992 113,273
---
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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