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PASSUR® Aerospace Announces 12% Revenue Increase and Results for the Third Quarter Ended July 31, 2018

 

 

PASSUR® Aerospace Announces 12% Revenue Increase and Results for the Third Quarter Ended July 31, 2018
PASSUR® Aerospace Announces 12% Revenue Increase and Results for the Third Quarter Ended July 31, 2018

STAMFORD, Conn., Sept. 21, 2018 /PRNewswire/ -- PASSUR® Aerospace, Inc. (OTC:PSSR), a global leader in digital operational excellence, announced revenues of $3,716,000 for the three months ended July 31, 2018, compared with $3,332,000 for the same period in fiscal year 2017, an increase of $384,000, or 12%. For the nine months ended July 31, 2018, revenues totaled $10,731,000, compared with $10,371,000 for the same period in fiscal year 2017, an increase of $360,000, or 3%.

"We are seeing positive results from our recent investments, which justify their continuance," said Jim Barry, President and CEO. "Global airlines, airports, and service providers need digital operational solutions that help deliver greater value to their customers. PASSUR's objective is to deliver unique comprehensive solutions from our proven suite of cloud-based products and operational consulting."

Our total revenues for the three months ended July 31, 2018 increased, as compared to the same period in 2017, primarily due to an increase in subscription revenue of $267,000 and consulting revenue of $117,000. Our total revenues for the nine months ended July 31, 2018 increased, as compared to the same period in 2017, primarily due to an increase in subscription revenue of $158,000 and consulting revenue of $206,000. The increase in subscription revenue, for the three and nine months ended July 31, 2018, was primarily due to new contracts closed during fiscal year 2018 and net incremental revenue recognized during the periods in fiscal 2018 related to new contracts closed during fiscal year 2017.

We strive to be continuously profitable, but, to provide long term value to our customers and shareholders, we must continue to invest in our future. To optimize our long term objectives, we are working to scale our business to meet anticipated future demand for our offerings. We have already entered into agreements and partnerships with several major companies and are working to implement others. These future partnerships, if successful, could expand our product offerings, increase our potential customer base, particularly in the international market, and provide additional resources to fuel our growth. The cost and timing of our increased investments in operational excellence have enabled the Company to build the capability to more quickly scale to accommodate future global customer demand, but these investments, and others, increased costs of revenue and caused a reduction in gross profit margins.

For the three months ended July 31, 2018, the Company incurred a net loss of $2,677,000, or $0.35 per diluted share, compared with a net loss of $598,000, or $0.08 per diluted share for the same period in fiscal year 2017. For the nine months ended July 31, 2018, the Company incurred a net loss of $4,868,000, or $0.63 per diluted share, compared with a net loss of $720,000, or $0.09 per diluted share for the same period in fiscal year 2017. Contributing to the operating losses for both the three and nine months ended July 31, 2018, were non-cash charges aggregating approximately $1,476,000, associated with an increase in the reserve for slow moving PASSUR Network parts and supplies as well as write-offs certain Network systems, and software.

Below are some business highlights during the quarter:

  • Signed a contract with an additional international airline. A fast-growing overseas airline contracted with PASSUR to help identify and implement the improvements needed to successfully execute the airline's strategic growth plan, leveraging the expertise of PASSUR's Business Intelligence and Solution Architect teams.
  • Signed a contract with DLA Piper LLP, as part of its engagement with the Port Authority of New York & New Jersey, to be its sole industry advisor in connection with an investigation conducted and delivered by former U.S. Department of Transportation Secretary and Senior Policy Advisor at DLA Piper Ray LaHood into the events at JFK Airport during and following the winter storm of Thursday, January 4, 2018.
  • Deployed PASSUR Regional Diversion Manager (PASSUR RDM™), the first product of its kind, with Dallas/Fort Worth International Airport (DFW), 21 surrounding regional airports, and airline stakeholders. RDM utilizes PASSUR's extensive network of airlines, airports, as well as other key aviation stakeholders to minimize the impact of major weather events and resulting diversions.
  • Signed a contract with another major airport to purchase PASSUR RDM in September, 2018.

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.

 

PASSUR Aerospace, Inc. and Subsidiary

CONSOLIDATED BALANCE SHEETS

 

 






July 31, 2018


  October 31, 2017


 (unaudited)



Assets




Current assets:




Cash

$                32,414


$              275,146

Accounts receivable, net

1,977,155


1,359,447

Prepaid expenses and other current assets

262,702


251,689

           Total current assets

2,272,271


1,886,282





PASSUR Network, net

5,020,404


6,004,367

Capitalized software development costs, net

8,235,312


8,893,414

Property and equipment, net

651,745


852,147

Other assets

150,894


169,635

               Total assets

$         16,330,626


$         17,805,845





Liabilities and stockholders' equity




Current liabilities:




    Accounts payable

$              938,437


$              984,369

    Accrued expenses and other current liabilities

1,339,875


1,273,170

Deferred revenue, current portion

3,726,066


2,824,885

          Total current liabilities

6,004,378


5,082,424





Deferred revenue, long term portion

392,549


470,831

Notes payable - related party

5,725,000


3,800,000

Other Liabilities

116,394


-

             Total liabilities

12,238,321


9,353,255





        

             Total stockholders' equity

 

4,092,305


 

8,452,590

         Total liabilities and stockholders' equity

$         16,330,626


$         17,805,845


















 

PASSUR Aerospace, Inc. and Subsidiary

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)










Three Months Ended


Nine Months Ended


July 31,


July 31,


2018


2017


2018


2017









Revenues

$ 3,715,767


$3,331,898


$10,731,096


$10,371,235









Cost of expenses:








Cost of revenues

3,908,281


1,508,510


8,173,702


4,757,598

Research and development expenses

151,185


186,352


455,014


600,205

Selling, general, and administrative expenses

2,254,846


2,107,303


6,751,959


5,814,285


6,314,312


3,802,165


15,380,675


11,172,088









Loss from operations

$(2,598,545)


$  (470,267)


$(4,649,579)


$   (800,853)









Interest expense - related party

78,300


41,400


214,100


122,850

Other Loss

-


-


4,506


5,221

Loss before income taxes

(2,676,845)


(511,667)


(4,868,185)


(928,924)

Provision/(benefit) for income taxes

-


86,500


-


(208,890)

Net loss

$(2,676,845)


$   (598,167)


$(4,868,185)


$   (720,034)









Net loss per common share - basic

$         (0.35)


$        (0.08)


$         (0.63)


$         (0.09)

Net loss per common share - diluted

$         (0.35)


$        (0.08)


$         (0.63)


$         (0.09)









Weighted average number of common shares outstanding - basic

 

7,696,091


 

7,696,091


 

7,696,091


 

7,693,069

Weighted average number of common shares outstanding - diluted

 

7,696,091


 

7,696,091


 

7,696,091


 

7,693,069

 

 

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


202063@email4pr.com

202063@email4pr.com

 

View original content:http://www.prnewswire.com/news-releases/passur-aerospace-announces-12-revenue-increase-and-results-for-the-third-quarter-ended-july-31-2018-300716810.html

SOURCE PASSUR Aerospace

This article was written by cool news network.

 

 

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