PASSUR™ Aerospace Announces Revenue Increase of 5% for the First Quarter Ended January 31, 2017

News provided by

Mar 13, 2017, 12:01 ET

STAMFORD, Conn., March 13, 2017 /PRNewswire/ -- PASSUR™ Aerospace, Inc. (OTC: PSSR), a business intelligence, predictive analytics, and big data company, announced that revenue increased 5% to $3,616,000 for the three months ended January 31, 2017, compared with $3,435,000 for the same period in fiscal year 2016, due to higher recurring subscription sales from our existing airline and airport customers. Operating costs during the first quarter increased primarily as a result of hiring additional personnel to pursue near-term revenue opportunities, and largely contributed to an operating loss of $120,000, compared with income from operations of $106,000 in the same period in fiscal year 2016. Net loss was $257,000 or $0.03 per diluted share, compared with net income of $25,000 or $0.00 per diluted share, in the same period in fiscal year 2016.

"We are growing our revenue from airlines and airports and are investing in our significant opportunities," said Jim Barry, PASSUR President and CEO. Mr. Barry added, "We continue to strategically invest in people and technology developments to further expand our footprint within our airline and airport customers and deliver greater value to our existing customers."

About PASSUR™ Aerospace, Inc.
PASSUR™ 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 world-wide 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, 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.

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.

PASSUR Aerospace, Inc. and Subsidiary
CONSOLIDATED BALANCE SHEETS

	January 31, 2017	October 31, 2016
	(unaudited)
Assets
Current assets:
Cash	$ 503,228	$ 1,523,655
Accounts receivable, net	2,884,483	1,073,498
Deferred tax assets, current	418,889	418,889
Prepaid expenses and other current assets	189,339	217,410
Total current assets	3,995,939	3,233,452

PASSUR Network, net	5,686,154	5,739,753
Capitalized software development costs, net	8,419,097	8,263,533
Property and equipment, net	1,138,577	1,187,158
Deferred tax assets, non-current	1,165,039	1,250,833
Other assets	202,711	208,755
Total assets	$ 20,607,517	$ 19,883,484

Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$ 654,148	$ 356,387
Accrued expenses and other current liabilities	699,004	936,272
Deferred revenue, current portion	3,925,787	3,140,292
Total current liabilities	5,278,939	4,432,951

Deferred revenue, long term portion	415,982	423,346
Notes payable - related party	2,700,000	2,700,000
Total liabilities	8,394,921	7,556,297

Commitment and contingencies

Total stockholders' equity	12,212,596	12,327,187
Total liabilities and stockholders' equity	$ 20,607,517	$ 19,883,484

PASSUR Aerospace, Inc. and Subsidiary
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

	Three Months Ended
	January 31,
	2017	2016

Revenues	$ 3,615,556	$ 3,435,480

Cost and expenses:
Cost of revenues	1,690,009	1,512,486
Research and development expenses	227,480	183,409
Selling, general, and administrative expenses	1,818,534	1,633,501
	3,736,023	3,329,396

(Loss)/Income from operations	$ (120,467)	$ 106,084

Interest expense - related party	41,400	53,667
(Loss)/Income before income taxes	(161,867)	52,417
Provision for income taxes	94,684	27,842
Net (loss)/income	$ (256,551)	$ 24,575


Net (loss)/income per common share - basic	$ (0.03)	$ 0.00
Net (loss)/income per common share - diluted	$ (0.03)	$ 0.00

Weighted average number of common shares outstanding - basic	7,690,199	7,660,590
Weighted average number of common shares outstanding - diluted	7,690,199	7,736,288

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
	[email protected]	[email protected]