PASSUR® Aerospace Reports 118% Increase in Net Income for First Half of FY2012
STAMFORD, Conn., June 20, 2012 /PRNewswire/ -- PASSUR Aerospace, Inc. (PSSR.PK), a business intelligence software and solutions company, reported that revenues for the first six months of fiscal 2012 increased 2%, to $6,996,000 compared to $6,875,000 in the same period of the previous fiscal year. For the same period, the Company's net income increased 118% to $939,000 or $.12 per diluted share, compared to net income of $432,000 or $.08 per share, significantly as a result of reduced interest costs.
Total revenues for the quarter ended April 30, 2012 increased 5% to $3,532,000, compared to $3,365,000 in the same quarter of the previous fiscal year. The Company had net income of $559,000 or $.07 per diluted share in the second quarter ended April 30, 2012, compared to a net income of $122,000 or $.02 per diluted share in the same quarter of fiscal 2011.
"We're encouraged, but not satisfied with the increase in sales and profitability, and we're particularly pleased with the market acceptance of the PASSUR Integrated Traffic Management platform (PITM)," said Jim Barry, President and CEO of PASSUR Aerospace. "As part of the ongoing investment in PITM, we announced the launch of the Airport Information Network - a new module to PITM where all stakeholders can coordinate information, situational awareness, and actions to manage congestion, diversions, and tarmac delays at the regional and national level. A joint effort between PASSUR, airlines, and airports, AIN is an industry response to the challenge of systemic disruptions which are so costly, financially and environmentally, disruptive to the passenger experience - and which can only be solved on a collaborative basis."
"We continue to make the investments needed to take advantage of what we see as a significant opportunity for long-term, robust growth," said G.S. Beckwith Gilbert, PASSUR Aerospace Chairman of the Board.
About PASSUR Aerospace
PASSUR Aerospace, Inc. is a business intelligence company that provides predictive analytics built on proprietary algorithms and the concurrent integration and simultaneous mining of multiple databases. We believe PASSUR is the industry standard in business intelligence dashboards and predictive analytics for aviation organizations. PASSUR serves dozens of airlines (including six of the top eight North American airlines, and all five of the top hub carriers), approximately 60 airport customers (including 23 of the top 30 North American airports), and approximately 200 corporate aviation customers, as well as the U.S. government, including the Federal Aviation Administration (FAA) and the Transportation Security Administration (TSA). PASSUR's system provides coast-to-coast coverage and is driven by proprietary, patented, business intelligence software, which is powered by a unique North American network of 155 passive radars, company owned. Supplementary, detailed coverage is also provided at 98 of the top 100 North American airports. Other PASSURs are located in Europe and Asia. Flight tracks are updated between 1 and 4.6 seconds, thereby making available a system which is user-friendly and useful for decision-making. Visit PASSUR Aerospace's website at http://www.passur.com for updated news, products, and solutions.
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, 2011 Form 10-K and April 30, 2012 Form 10-Q.
James T. Barry
President & CEO
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