PASSUR(TM) Aerospace Announces Results for the Second Quarter Ended April 30, 2017
STAMFORD, Conn., June 13, 2017 /PRNewswire/ -- PASSUR(TM) Aerospace, Inc. (OTC: PSSR), a business intelligence, predictive analytics, and big data company, announced revenues of $3,424,000 for the three months ended April 30, 2017, compared with $3,809,000 for the same period in fiscal year 2016, a decline of $385,000, or 10%.
For the six months ended April 30, 2017, revenues totaled $7,039,000, compared with $7,245,000 for the same period in fiscal year 2016, a decline of $206,000, or 3%, of which, $155,000 resulted from a decline in non-recurring revenue.
The decline in revenues for the three months and six months ended April 30, 2017, was due in part to the non-renewal of a customer contract, which the Company believes will be offset by revenues from new contracts expected to be acquired during fiscal year 2017, on an annualized run-rate basis, and a decline in non-recurring revenue.
For the three months ended April 30, 2017, the Company incurred a net loss of $38,000, or $0.00 per share, compared with net income of $122,000, or $0.02 per diluted share. For the six months ended April 30, 2017, the Company incurred a net loss of $295,000, or $0.04 per share, compared with a net income of $147,000, or $0.02 per diluted share. Contributing to the Company's net loss for both the three and six months ended April 30, 2017, was the reduction in revenue as well as an increase in operating expenses due to the hiring of additional personnel to pursue near-term revenue opportunities, and the development of its next generation of product offerings.
"We remain focused on our core strategy: to deliver greater predictability to airlines and airports, gate to gate, by mitigating the disruptions and constraints that create an estimated annual cost of $30 billion in system-wide inefficiencies," said Jim Barry, PASSUR President and CEO. "We continue to invest in our Integrated Traffic Management platform to bring together all industry stakeholders onto a common operating platform of best practices and predictive decision support to achieve significant cost savings and expanded system capacity for the industry."
About PASSUR(TM) Aerospace, Inc.
PASSUR(TM) Aerospace is a leading business intelligence company, providing 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 by the largest five North American airlines, used at all the top 30 North American airports, and by more than 200 corporate aviation customers, as well as the U.S. government. Over 125 airlines and over 60 airports worldwide use PASSUR products.
PASSUR Aerospace owns and operates the largest commercial passive radar network in the world which updates flight tracks every 1 to 4.6 seconds, powering a proprietary database that is accessible in real-time and delivers timely, accurate information and solutions via PASSUR's industry-leading algorithms and business logic included in its products.
Visit PASSUR( )Aerospace's website at www.passur.com for updated products, solutions, and news.
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.
This press release contains forward-looking statements. Forward-looking statements are subject to risks, uncertainties and assumptions, and are identified by words such as "will", "expects", "estimates", "projects", "anticipates", "believes", "intends", "plans", "may", "pending", "continues", "should", "could" and other similar words. All statements other than statements of historical fact are considered to be forward-looking statements and such forward-looking statements, including statements of management's expectations and beliefs, are based on preliminary information and assumptions and expectations of future events. The Company cannot and does not guarantee that such information, assumptions, and expectations are accurate or will be realized. These forward-looking statements are not guarantees of future performance or results, and should be evaluated in light of important risk factors, assumptions, and uncertainties that could cause the Company's 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 some of the factors that could affect the Company's results and cause those results to vary materially from those currently anticipated is contained on Forms 10-K - including under the heading entitled "Risk Factors", 10-Q, and other reports filed with the Securities and Exchange Commission. In addition, undue reliance should not be placed on the Company's forward-looking statements. Any forward-looking statement made by the Company in this press release speaks only as of the date on which we made it. Except as required by law, the Company disclaims any obligation to update its risk factors or to publicly announce updates to the forward-looking statements contained in this press release to reflect new information, future events, or other developments.
Contact: Media: Investor Relations:
Ron Dunsky Louis J. Petrucelly
SVP Marketing and New Business Development SVP & Chief Financial Officer
(203) 622-4086 (203) 622-4086
164110@email4pr.com 164110@email4pr.com
PASSUR Aerospace, Inc. and Subsidiary
CONSOLIDATED BALANCE SHEETS
April 30, 2017 October 31, 2016
-------------- ----------------
(unaudited)
Assets
Current assets:
Cash $1,842,105 $1,523,655
Accounts receivable, net 1,291,975 1,073,498
Deferred tax assets, current 418,889 418,889
Prepaid expenses and other current assets 399,719 217,410
------- -------
Total current assets 3,952,688 3,233,452
PASSUR Network, net 5,918,106 5,739,753
Capitalized software development costs, net 8,616,778 8,263,533
Property and equipment, net 1,001,391 1,187,158
Deferred tax assets, non-current 1,358,400 1,250,833
Other assets 192,619 208,755
------- -------
Total assets $21,039,982 $19,883,484
=========== ===========
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $681,019 $356,387
Accrued expenses and other current
liabilities 804,820 936,272
Deferred revenue, current portion 4,049,087 3,140,292
--------- ---------
Total current liabilities 5,534,926 4,432,951
Deferred revenue, long term portion 517,871 423,346
Notes payable - related party 2,700,000 2,700,000
--------- ---------
Total liabilities 8,752,797 7,556,297
--------- ---------
Commitment and contingencies
Total stockholders' equity 12,287,185 12,327,187
---------- ----------
Total liabilities and stockholders' equity $21,039,982 $19,883,484
=========== ===========
PASSUR Aerospace, Inc. and Subsidiary
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
April 30, April 30,
--------- ---------
2017 2016 2017 2016
---- ---- ---- ----
Revenues $3,423,781 $3,809,402 $7,039,337 $7,244,882
Cost and expenses:
Cost of revenues 1,534,126 1,620,138 3,224,135 3,132,625
Research and development
expenses 186,372 226,104 413,852 409,513
Selling, general, and
administrative expenses 1,888,449 1,727,133 3,706,983 3,360,634
3,608,947 3,573,375 7,344,970 6,902,772
--------- --------- --------- ---------
(Loss)/Income from
operations $(185,166) $236,027 $(305,633) $342,110
Interest expense -related
party 40,050 43,900 81,450 97,567
Other Loss (5,221) - (5,221) -
------ --- ------ ---
(Loss)/Income before income
taxes (230,437) 192,127 (392,304) 244,543
(Benefit)/Provision for
income taxes (192,325) 69,992 (97,641) 97,834
-------- ------ ------- ------
Net (loss)/income $(38,112) $122,135 $(294,663) $146,709
======== ======== ========= ========
Net (loss)/income per common
share -basic $(0.00) $0.02 $(0.04) $0.02
====== ===== ====== =====
Net (loss)/income per common
share -diluted $(0.00) $0.02 $(0.04) $0.02
====== ===== ====== =====
Weighted average number of
common shares outstanding -
basic 7,692,913 7,677,755 7,691,534 7,669,078
========= ========= ========= =========
Weighted average number of
common shares outstanding -
diluted 7,692,913 7,718,942 7,691,534 7,711,104
========= ========= ========= =========
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SOURCE PASSUR Aerospace
