PASSUR® Aerospace Reports 122% Increase in Net Income for First Three Months of FY2015

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Mar 17, 2015, 08:10 ET

STAMFORD, Conn., March 17, 2015 /PRNewswire/ -- PASSUR^® Aerospace, Inc. (OTC: PSSR), an aviation business intelligence, big data, software and solutions company reported a 122% increase in net income and 70% increase in income from operations with a 5% reduction in revenue for the same period in fiscal year 2014. The revenue reduction was largely due to one-time transactions that occurred in the first quarter of fiscal year 2014 which were not continued in the following year. However, based on long term sales contracts closed in the second quarter of fiscal year 2015, we expect that each of the second, third, and fourth quarters of fiscal year 2015 will have an increase in revenue over the corresponding quarters of 2014. Full fiscal year 2015 revenue is also expected to be above that of fiscal year 2014.

For the three months ended January 31, 2015, revenue was $2,764,000, compared to $2,896,000 for the same period in fiscal year 2014. For the three months ended January 31, 2015, income from operations was $285,000 compared to $168,000 in the same period of the previous fiscal year, an increase of 70% over the prior year. For the three months ended January 31, 2015, net income was $141,000 or $.02 per diluted share, compared to $64,000 or $.01 per diluted share in the same period in fiscal year 2014, an increase of 122% over the prior year.

"PASSUR^®'s focus on selling its integrated traffic management software and solutions to its broad commercial aviation markets continues to be a successful strategy," said Jim Barry, President and CEO of PASSUR^® Aerospace. "Our newest product, PASSUR^® Integrated Traffic Management, continues to help address many of our customers' most complex aviation problems through the smart use of big data, predictive analytics, information and data visualization, and also enables collaboration between all relevant aviation players."

"Our strategy is working and includes a focused execution plan that addresses expensive problems which impact our customers' bottom line," said G.S. Beckwith Gilbert, PASSUR^®Aerospace Chairman of the Board.

About PASSUR^® Aerospace

PASSUR^® Aerospace, Inc. is an aviation business intelligence and big data company that provides predictive analytics built on proprietary algorithms and the concurrent integration and simultaneous mining of multiple databases. PASSUR® considers itself to be the industry standard in business intelligence dashboards and predictive analytics for aviation organizations. PASSUR^® serves more than 125 worldwide airlines (including all of the top North American airlines), more than 60 airport customers (including 22 of the top 30 North American airports), and approximately 200 corporate aviation customers, as well as the US government. PASSUR^®'s system provides coast to coast coverage and is driven by proprietary, patented, business intelligence software, which is powered by a unique company-owned North American network of over 180 passive radar systems, with other PASSUR^® systems located worldwide. Supplementary, detailed coverage is also provided at 98 of the top 100 North American airports. Flight tracks are rapidly updated between 1 and 4.6 seconds, thereby making available a system that is user-friendly and useful for decision-making. Visit PASSUR^®'s website at www.passur.com for updated products, solutions, and news.

Contact:
James T. Barry
President & CEO
(203) 622-4086
Email

The forward-looking statements in this press release relating to management's expectations and beliefs are based on preliminary information and management assumptions. Such forward-looking statements are subject to a wide range of risks and uncertainties that could cause 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 factors that could affect the Company's results is contained in the Company's SEC filings, including the October 31, 2014 Form 10-K and January 31, 2015 Form 10-Q.

SOURCE PASSUR Aerospace