PASSUR® Aerospace Announces Increased Revenue for Both the Three and Nine Month Periods Ended July 31, 2019

STAMFORD, Conn., Sept. 18, 2019 /PRNewswire/ -- PASSUR® Aerospace, Inc. (OTC: PSSR), a global leader in digital operational excellence, announced revenues of $3,798,000 for the three months ended July 31, 2019, compared with $3,716,000 for the same period in fiscal year 2018, an increase of $82,000, or 2%. For the nine months ended July 31, 2019, revenues totaled $11,088,000, compared with $10,731,000 for the same period in fiscal year 2018, an increase of $357,000, or 3%.

"We are seeing positive results from our recent investments, as demonstrated by strong customer response to the recent launch of our Ariva Platform," said Jim Barry, President and CEO. "The launch of our platform is an important step forward to help PASSUR's customers better predict, prevent, prioritize, and recover from disruptions in the air and on the ground and improve some of their most important operational metrics."

The Company recently announced the launch of its new platform, Ariva(TM), which is a complete redesign and relaunch of the PASSUR platform. Ariva enables customers to predict, prevent, prioritize, and recover from disruptions in the air and on the ground and allows customers to be more proactive as a result of advance intelligence. Ariva provides a unified solution for proactively managing decisions that have a direct impact on key objectives, among others, such as On Time Performance (OTP), customer satisfaction, aircraft/gate utilization and schedule/block performance. As the Company attracts new customers, they will be onboarded to the Ariva platform.

Total revenues for the three months ended July 31, 2019 increased 2%, as compared to the same period in 2018, primarily due to an increase in subscription revenue of $84,000, which was partially offset by lower consulting revenue of $2,000, as compared with the same period in the prior year. Total revenues for the nine months ended July 31, 2019 increased 3%, as compared to the same period in 2018, primarily due to an increase in subscription revenue of $366,000, which was partially offset by lower consulting revenue of $9,000 as compared with the same period in the prior year. The increases in subscription revenue during both the three and nine months ended July 31, 2019 were primarily due to (i) new contracts 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, partially offset by expired contracts during the three and nine months ended July 31, 2019, respectively.

For the three months ended July 31, 2019, the Company incurred a net loss of $1,074,000, or $0.14 loss per diluted share, compared with a net loss of $2,677,000, or $0.35 loss per diluted share, for the same period in fiscal year 2018. For the nine months ended July 31, 2019, the Company incurred a net loss of $3,140,000, or $0.41 loss per diluted share, compared with a net loss of $4,868,000 or $0.63 loss per diluted share, for the same period in fiscal year 2018. Although the Company has reduced its net loss for the three and nine month periods ending July 31, 2019, as compared to the same periods in fiscal year 2018, the Company has instituted a program to return the Company to profitability. This program is being undertaken simultaneously with our investments program aimed at keeping our technology leading edge.

Conference Call Information

The Company will host its quarterly conference call on Monday, September 23, 2019 at 4:30 p.m. EDT. To participate in the conference call, please dial:

Toll Free: 888-254-3590
Conference ID: 7780639

To view the presentation, please copy and paste the following link into your browser and register for this meeting. Once you have registered for the meeting, you will receive an email message confirming your registration.

https://slideassist.webcasts.com/starthere.jsp?ei=1262686

About PASSUR® Aerospace, Inc.

PASSUR Aerospace (OTC: PSSR) provides a complete set of integrated, collaborative tools to allow airlines, airports, and air navigation service providers to better predict, prioritize, prevent, and recover from inevitable unexpected disruptions. These disruptions have long been seen as the cost of doing business in the industry, which PASSUR has proven can be mitigated, in part, through the integrated use of our software.

As such, we provide digital solutions to the global travel industry and help customers improve punctuality, optimize turn times and gate utilization, ensure schedule integrity (e.g., passenger connections), improve block-time performance, and reduce fuel burn/emissions.

PASSUR provides its solutions to the largest airlines and airports in the US. Currently over 60% of all flights in the US are, in some form, managed by the PASSUR software. Additionally, PASSUR provides its proven, established capabilities to the global airline and airport industry, with solutions now implemented in Canada, Europe, and Latin America. The global market presents an opportunity to network more customers in a broader market.

All PASSUR solutions are being consolidated onto PASSUR's Ariva platform, which will provide a single, common operating platform for customers to optimize their operations. Supporting these capabilities is PASSUR's flight, constraint, and capacity prediction technology, which is based on years of data and machine learning. PASSUR brings the most relevant experience to the global aviation industry and combines deep domain expertise with Ariva's digital automation solutions.

Ariva is uniquely positioned to offer solutions to the major issues facing the global industry, including helping to alleviate congestion and lack of airspace/runway capacity. Our mission is to provide digital solutions to help meet the demand for increased global air travel through the busiest airports and airspaces, allowing for sustainable and efficient travel.

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


              
     
              223188@email4pr.com             
     
              223188@email4pr.com

           
              
                PASSUR Aerospace, Inc. and Subsidiary


                
              
                CONSOLIDATED BALANCE SHEETS








                                                                   July 31, 2019 October 31,
                                                                                     2018

                                                                                         ---

                                                                    (unaudited)



     
                Assets



     Current assets:


      Cash                                                                $3,786     $100,856


      Accounts
       receivable,
       net                                                             1,292,723    1,186,664


      Prepaid
       expenses
       and other
       current
       assets                                                            306,908      199,173



                 Total
                  current
                  assets                                               1,603,417    1,486,693




      PASSUR
       Network,
       net                                                             4,191,555    4,800,750


       Capitalized
       software
       development
       costs,
       net                                                             8,375,011    8,141,589


      Property
       and
       equipment,
       net                                                               514,179      672,601


      Other
       assets                                                             84,747      112,551



                     Total
                      assets                                         $14,768,909  $15,214,184

                                                                                         ===



                   Liabilities and stockholders' equity



     Current liabilities:


          Accounts
           payable                                                    $1,189,618     $989,958


          Accrued
           expenses
           and other
           current
           liabilities                                                   916,064    1,189,342


      Deferred
       revenue,
       current
       portion                                                         3,478,241    2,847,323



                Total
                 current
                 liabilities                                           5,583,923    5,026,623




      Deferred
       revenue,
       long term
       portion                                                           386,390      409,971


      Notes
       payable -
       related
       party                                                           7,700,000    6,050,000

      Other
       Liabilities                                                        88,782      113,273

                                                                                         ---

                   Total
                    liabilities                                       13,759,095   11,599,867







                   Total
                    stockholders'
                    equity                                             1,009,814    3,614,317

                                                                                         ---

               Total
                liabilities
                and
                stockholders'
                equity                                               $14,768,909  $15,214,184

                                                                                         ===






                               
              
                PASSUR Aerospace, Inc. and Subsidiary


                               
              
                CONSOLIDATED STATEMENTS OF OPERATIONS


                                            
              
                (Unaudited)






                                                                                      Three Months Ended                         Nine Months Ended


                                                                                      July 31,                          July 31,

                                                                                                              ---

                                                                       2019                        2018            2019                                       2018

                                                                                                                                                            ---



                   Revenues                                      $3,798,149                  $3,715,767     $11,088,397                                $10,731,096





     
                Cost of expenses:


      Cost of revenues                                            2,137,662                   3,908,281       6,206,428                                  8,173,702


      Research and
       development
       expenses                                                     143,102                     151,185         426,376                                    455,014


      Selling, general,
       and administrative
       expenses                                                   2,411,029                   2,254,846       7,079,287                                  6,751,959


                                                                  4,691,793                   6,314,312      13,712,091                                 15,380,675

                                                                                                                                                            ---



                   Loss from
                    operations                                   $(893,644)               $(2,598,545)   $(2,623,694)                              $(4,649,579)




      Interest expense -
       related party                                                180,191                      78,300         515,875                                    214,100


      Other Loss                                                                                                                                          4,506



      Loss before income
       taxes                                                    (1,073,835)                (2,676,845)    (3,139,569)                               (4,868,185)


      Provision for
       income taxes                                                                                                                                           -



                   Net loss                                    $(1,073,835)               $(2,676,845)   $(3,139,569)                              $(4,868,185)

                                                                                                                                                            ===



      Net loss per common
       share - basic                                                $(0.14)                    $(0.35)        $(0.41)                                   $(0.63)



      Net loss per common
       share - diluted                                              $(0.14)                    $(0.35)        $(0.41)                                   $(0.63)





      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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