PASSUR Aerospace Announces Five Consecutive Quarters of Income from Operations, With Income from Operations of $811,000 for the Nine Months Ended July 31, 2021

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Oct 01, 2021, 08:38 ET

STAMFORD, Conn., Oct. 1, 2021 /PRNewswire/ -- PASSUR® Aerospace, Inc., a global leader in digital operational excellence, announced income from operations of $202,000 and $811,000, respectively, for the three and nine months ended July 31, 2021, compared to income from operations of $9,000 and a loss from operations of $1,971,000 respectively, in the same periods in the prior fiscal year (the loss from operations in the prior year for the nine months ended July 31, 2020 was before the one-time impairment charge of $9,874,000 taken in the second quarter of the prior fiscal year).

PASSUR's operating performance has improved despite reporting lower revenues of $1,510,000 and $4,670,000, respectively, for the three and nine months ended July 31,2021, compared with revenues of $2,208,000 and $9,612,000, respectively, for the same periods in the prior fiscal year.

The Company had a net loss of $64,000, or $0.01 per diluted share, and net income of $21,000, or $0.00 per diluted share, respectively, for the three and nine months ended July 31, 2021, compared to net losses of $250,000, or $0.03 per diluted share, and $12,564,000, or $1.63 per diluted share, respectively, for the same periods in the prior fiscal year. The net loss for the nine months ended July 31, 2020 was after the impairment charge of $9,874,000 noted above.

"We continue to see high renewal rates, as well as increasing new business opportunities, despite the ongoing COVID-19 pandemic. This is a testament to the value that the market sees from our ARiVA platform, and the operational efficiencies we can bring to our customers," stated Brian Cook, PASSUR's President and CEO. During this quarter, we also relaunched our website, highlighting our ARiVA^TMplatform capabilities and spotlighting our growing partnerships within the aviation data industry.

Visit our website to view the full 10-Q.

About PASSUR® Aerospace, Inc.

PASSUR Aerospace, Inc. is the operations platform of choice for aviation experts, offering a unique combination of global data, decision support, and subject matter expertise solutions to improve operational efficiencies. Our platform and people help deliver actionable-data and user-friendly tools to corporate and operations leadership. Specifically, PASSUR products identify creative ways to minimize and eliminate bottleneck capacity constraints, react to irregular operations (IROPS), restart operations after an interruption in service, and enhance the efficiency of the daily schedule. Our collaborative framework uniquely enhances data sharing, communications, and decision-making within and between stakeholders in an operations ecosystem. PASSUR provides its solutions to the largest airlines and airports globally including in the United States, Canada, and Latin America.

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

Forward Looking Statements
This press release contains ":forward-looking statements: within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the Company's future plans, objectives, and expected performance. 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, without limitation, those related to customer needs, budgetary constraints, competitive pressures, the success of airline trials, the Company's maintenance of above average quality of its product and services, as well as potential regulatory changes. Additional uncertainties include, without limitation, uncertainties relating to the ability of the Company to sell its existing product and professional service lines, plus new products and professional services, as well as the potential for terrorist attacks, changes in fuel costs, airline bankruptcies and consolidations, and economic conditions, including, without limitation, the severity and duration of the continuing COVID-19 pandemic and its adverse impact on the U.S. and world aviation and travel industries. 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 and reflect management's analysis, judgments, belief, or expectation only as of such date. 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.

PASSUR Aerospace, Inc. and Subsidiary

Consolidated Balance Sheets

	July 31, 2021	October 31, 2020
	(unaudited)
Assets
Current assets:
Cash	$ 3,016,061	$ 2,748,066
Accounts receivable, net	505,708	662,081
Prepaid expenses and other current assets	221,865	162,843
Total current assets	3,743,634	3,572,990


Capitalized software development costs, net	859,050	1,223,399
Property and equipment, net	146,791	257,561
Operating lease right-of-use assets	151,329	232,721
Other assets	52,481	53,031
Total assets	$ 4,953,285	$ 5,339,702

Liabilities and stockholders' deficit
Current liabilities:
Accounts payable	$ 774,389	$ 1,486,808
Accrued liabilities - Stimulus funding	2,149,568	1,933,955
Accrued expenses and other current liabilities	718,231	721,058
Operating lease liabilities, current portion	93,807	168,923
Deferred revenue, current portion	1,319,113	1,173,573
Total current liabilities	5,055,108	5,484,317

Deferred revenue, long term portion	192,606	249,727
Note payable - related party	10,691,625	10,691,625
Operating lease liabilities, non-current	173,134	271,946
Total liabilities	16,112,473	16,697,615

Commitments and contingencies

Stockholders' deficit:
Preferred shares - authorized 5,000,000 shares, par value $0.01 per share;
none issued or outstanding	-	-
Common shares - authorized 20,000,000 shares, respectively,
par value $0.01 per share; issued 8,496,526 at July 31,
2021 and October 31, 2020, respectively	84,964	84,964
Additional paid-in capital	18,626,350	18,448,202
Accumulated deficit	(27,936,824)	(27,957,401)
	(9,225,510)	(9,424,235)
Treasury stock, at cost, 784,435 shares at July 31, 2021 and
October 31, 2020, respectively	(1,933,678)	(1,933,678)
Total stockholders' deficit	(11,159,188)	(11,357,913)
Total liabilities and stockholders' deficit	$ 4,953,285	$ 5,339,702

PASSUR Aerospace, Inc. and Subsidiary

Consolidated Statements of Operations



	Three months ended		Nine months ended
	July 31,		July 31,
	2021	2020	2021	2020


Revenues	$ 1,509,808	$ 2,207,722	$ 4,669,573	$ 9,611,780

Cost of expenses:
Cost of revenues	579,491	860,540	1,714,615	5,567,720
Research and development expenses	55,802	66,042	156,685	281,739
Selling, general, and administrative expenses	672,399	1,272,376	1,987,183	5,733,142
Impairment charges	-	-	-	9,874,281
	1,307,692	2,198,958	3,858,483	21,456,882

Income/(Loss) from operations	$ 202,116	$ 8,764	$ 811,090	$ (11,845,102)

Interest expense - related party	266,400	238,826	790,513	667,741
Other loss	-	19,473	-	19,473
Income/(Loss) before income taxes	(64,284)	(249,535)	20,577	(12,532,316)

Provision for income taxes	-	-	-	31,560
Net Income/(Loss)	$ (64,284)	$ (249,535)	$ 20,577	$ (12,563,876)

Net Income/(Loss) per common share - basic	$ (0.01)	$ (0.03)	$ 0.00	$ (1.63)
Net Income/(Loss) per common share - diluted	$ (0.01)	$ (0.03)	$ 0.00	$ (1.63)

Weighted average number of common shares outstanding - basic	7,712,091	7,712,091	7,712,091	7,710,047
Weighted average number of common shares outstanding - diluted	7,712,091	7,712,091	7,748,451	7,710,047

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