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PASSUR® Aerospace Announces 4% Revenue Increase and Results for the First Quarter Ended January 31, 2019


STAMFORD, Conn., March 20, 2019 /PRNewswire/ -- PASSUR® Aerospace, Inc. (OTC: PSSR), a global leader in digital aviation operational excellence, announced revenues of $3,656,000 for the three months ended January 31, 2019, compared with $3,513,000 for the same period in fiscal year 2018, an increase of $143,000, or 4%.

"We continue to get global traction for our services and software platform that should drive additional recurring revenue as new solutions are implemented by our existing and newest airline and airport customers," said Jim Barry, President and CEO.

Total revenues for the three months ended January 31, 2019 increased 4%, as compared to the same period in 2018, primarily due to an increase in subscription revenue of $91,000 and consulting revenue of $52,000.

PASSURs innovative digital technology provides the capability to grow global airspace and airport capacity, while minimizing expensive infrastructure investments. We serve global airlines, airports and Air Navigation Service Providers (ANSPs) with solutions that combine expertise with a proven software platform to improve punctuality and traffic throughput, while minimizing the impact of disruptions.

For the three months ended January 31, 2019, the Company incurred a net loss of $934,000, or $0.12 loss per diluted share, compared with a net loss of $1,167,000, or $0.15 loss per diluted share for the same period in fiscal year 2018. The decrease in net loss was primarily due to our increase in revenue of $143,000 and a decrease in operating expenses of $193,000, for the three months ended January 31, 2019, as compared to the same period in 2018.

Below are recent business highlights:

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.

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


[email protected]

[email protected]

 

PASSUR Aerospace, Inc. and Subsidiary

CONSOLIDATED BALANCE SHEETS

 

 






January 31, 2019


  October 31, 2018


 (unaudited)



Assets




Current assets:




Cash

$           2,860,717


$              100,856

Accounts receivable, net

1,025,332


1,186,664

Prepaid expenses and other current assets

226,718


199,173

           Total current assets

4,112,767


1,486,693





PASSUR Network, net

4,649,011


4,800,750

Capitalized software development costs, net

8,317,541


8,141,589

Property and equipment, net

584,354


672,601

Other assets

102,378


112,551

               Total assets

$         17,766,051


$         15,214,184





Liabilities and stockholders' equity




Current liabilities:




    Accounts payable

$              971,034


$              989,958

    Accrued expenses and other current liabilities

1,120,514


1,189,342

Deferred revenue, current portion

5,346,382


2,847,323

          Total current liabilities

7,437,930


5,026,623





Deferred revenue, long term portion

360,892


409,971

Notes payable - related party

Other Liabilities

              6,960,000

                 105,202


              6,050,000

                 113,273

             Total liabilities

14,864,024


11,599,867





        

             Total stockholders' equity

 

2,902,027


 

3,614,317

         Total liabilities and stockholders' equity

$         17,766,051


$         15,214,184














 

PASSUR Aerospace, Inc. and Subsidiary

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)




Three Months Ended



January 31,



2019


2018







Revenues

$  3,656,124


$  3,513,487







Cost of expenses:





Cost of revenues

2,032,420


2,239,299


Research and development expenses

143,955


154,666


Selling, general, and administrative expenses

2,245,897


2,220,828



4,422,272


4,614,793







Loss from operations

$   (766,148)


$(1,101,306)







Interest expense - related party

167,919


65,713


Loss before income taxes

(934,067)


(1,167,019)


Provision for income taxes

-


-


Net loss

$   (934,067)


$ (1,167,019)







Net loss per common share - basic

$         (0.12)


$         (0.15)


Net loss per common share - diluted

$         (0.12)


$         (0.15)







Weighted average number of common shares outstanding -
basic

7,696,091


7,696,091


Weighted average number of common shares outstanding -
diluted

7,696,091


7,696,091


 

SOURCE PASSUR Aerospace


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