PASSUR® Aerospace Announces 4% Revenue Increase and Results for the First Quarter Ended January 31, 2019
STAMFORD, Conn., March 20, 2019 /PRNewswire/ -- PASSUR® Aerospace, Inc. (OTC: PSSR), a global leader in digital aviation operational excellence, announced revenues of $3,656,000 for the three months ended January 31, 2019, compared with $3,513,000 for the same period in fiscal year 2018, an increase of $143,000, or 4%.
"We continue to get global traction for our services and software platform that should drive additional recurring revenue as new solutions are implemented by our existing and newest airline and airport customers," said Jim Barry, President and CEO.
Total revenues for the three months ended January 31, 2019 increased 4%, as compared to the same period in 2018, primarily due to an increase in subscription revenue of $91,000 and consulting revenue of $52,000.
PASSURs innovative digital technology provides the capability to grow global airspace and airport capacity, while minimizing expensive infrastructure investments. We serve global airlines, airports and Air Navigation Service Providers (ANSPs) with solutions that combine expertise with a proven software platform to improve punctuality and traffic throughput, while minimizing the impact of disruptions.
For the three months ended January 31, 2019, the Company incurred a net loss of $934,000, or $0.12 loss per diluted share, compared with a net loss of $1,167,000, or $0.15 loss per diluted share for the same period in fiscal year 2018. The decrease in net loss was primarily due to our increase in revenue of $143,000 and a decrease in operating expenses of $193,000, for the three months ended January 31, 2019, as compared to the same period in 2018.
Below are recent business highlights:
-- Aeroméxico has contracted for implementation of PASSUR's main suite of
traffic management optimization capabilities - part of Aeroméxico's
long-term strategic investments in the growth of its primary hub
operations at Mexico City International Airport. PASSUR is implementing
many of the core elements of its PASSUR Integrated Traffic Management
(PITM) platform, adapted from its original US configuration, for
customers in Canada, Western Europe, and now Latin America.
-- Greater Toronto Airports Authority has contracted for a new, innovative,
and collaborative solution, PASSUR Regional Diversion Manager(TM) (RDM).
RDM allows operational decision makers to use available diversion
capacity better -- helping to prevent any single airport from becoming
over-saturated, and leading to faster return to normal operations.
-- TAP Air Portugal (TAP) contracted with PASSUR to help expand and enhance
the airline's operational capabilities in order to accelerate its
strategic growth plan and vision. Focused on its Lisbon hub, this
engagement was an important step in TAP's program to continuously
improve operational excellence and to provide for anticipated future
growth. It is also an important step to provide the Lisbon airport
infrastructure with solutions to enhance its capacity and performance.
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 more than 60 airport customers and used at the top 30 North American airports, by over one hundred business aviation customers, 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
211306@email4pr.com
211306@email4pr.com
PASSUR Aerospace, Inc. and Subsidiary
CONSOLIDATED BALANCE SHEETS
January 31, 2019 October 31,
2018
---
(unaudited)
Assets
Current assets:
Cash $2,860,717 $100,856
Accounts
receivable,
net 1,025,332 1,186,664
Prepaid
expenses
and
other
current
assets 226,718 199,173
Total
current
assets 4,112,767 1,486,693
PASSUR
Network,
net 4,649,011 4,800,750
Capitalized
software
development
costs,
net 8,317,541 8,141,589
Property
and
equipment,
net 584,354 672,601
Other
assets 102,378 112,551
Total
assets $17,766,051 $15,214,184
===
Liabilities and stockholders' equity
Current liabilities:
Accounts
payable $971,034 $989,958
Accrued
expenses
and
other
current
liabilities 1,120,514 1,189,342
Deferred
revenue,
current
portion 5,346,382 2,847,323
Total
current
liabilities 7,437,930 5,026,623
Deferred
revenue,
long
term
portion 360,892 409,971
Notes
payable
-
related
party 6,960,000 6,050,000
Other
Liabilities 105,202 113,273
---
Total
liabilities 14,864,024 11,599,867
Total
stockholders'
equity 2,902,027 3,614,317
---
Total
liabilities
and
stockholders'
equity $17,766,051 $15,214,184
===
PASSUR Aerospace, Inc. and Subsidiary
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
January 31,
2019 2018
Revenues $3,656,124 $3,513,487
Cost of expenses:
Cost of revenues 2,032,420 2,239,299
Research and development expenses 143,955 154,666
Selling, general, and administrative expenses 2,245,897 2,220,828
4,422,272 4,614,793
Loss from operations $(766,148) $(1,101,306)
Interest expense - related party 167,919 65,713
Loss before income taxes (934,067) (1,167,019)
Provision for income taxes
Net loss $(934,067) $(1,167,019)
Net loss per common share - basic $(0.12) $(0.15)
Net loss per common share - diluted $(0.12) $(0.15)
Weighted average number of common shares outstanding - 7,696,091 7,696,091
basic
Weighted average number of common shares outstanding - 7,696,091 7,696,091
diluted
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SOURCE PASSUR Aerospace
