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PASSUR® Aerospace Announces Increased Revenue for Both the Three and Nine Month Periods Ended July 31, 2019
[September 18, 2019]

PASSUR® Aerospace Announces Increased Revenue for Both the Three and Nine Month Periods Ended July 31, 2019


STAMFORD, Conn., Sept. 18, 2019 /PRNewswire/ -- PASSUR® Aerospace, Inc. (OTC: PSSR), a global leader in digital operational excellence, announced revenues of $3,798,000 for the three months ended July 31, 2019, compared with $3,716,000 for the same period in fiscal year 2018, an increase of $82,000, or 2%. For the nine months ended July 31, 2019, revenues totaled $11,088,000, compared with $10,731,000 for the same period in fiscal year 2018, an increase of $357,000, or 3%.

"We are seeing positive results from our recent investments, as demonstrated by strong customer response to the recent launch of our Ariva Platform," said Jim Barry, President and CEO. "The launch of our platform is an important step forward to help PASSUR's customers better predict, prevent, prioritize, and recover from disruptions in the air and on the ground and improve some of their most important operational metrics."

The Company recently announced the launch of its new platform, Ariva™, which  is a complete redesign and relaunch of the PASSUR platform. Ariva enables customers to predict, prevent, prioritize, and recover from disruptions in the air and on the ground and allows customers to be more proactive as a result of advance intelligence. Ariva provides a unified solution for proactively managing decisions that have a direct impact on key objectives, among others, such as On Time Performance (OTP), customer satisfaction, aircraft/gate utilization and schedule/block performance. As the Company attracts new customers, they will be onboarded to the Ariva platform.

Total revenues for the three months ended July 31, 2019 increased 2%, as compared to the same period in 2018, primarily due to an increase in subscription revenue of $84,000, which was partially offset by lower consulting revenue of $2,000, as compared with the same period in the prior year. Total revenues for the nine months ended July 31, 2019 increased 3%, as compared to the same period in 2018, primarily due to an increase in subscription revenue of $366,000, which was partially offset by lower consulting revenue of $9,000 as compared with the same period in the prior year. The increases in subscription revenue during both the three and nine months ended July 31, 2019 were primarily due to (i) new contracts for subscription services closed during fiscal year 2019 and (ii) net incremental revenue recognized during the periods in fiscal year 2019 related to new contracts closed during fiscal year 2018, partially offset by expired contracts during the three and nine months ended July 31, 2019, respectively.

For the three months ended July 31, 2019, the Company incurred a net loss of $1,074,000, or $0.14 loss per diluted share, compared with a net loss of $2,677,000, or $0.35 loss per diluted share, for the same period in fiscal year 2018. For the nine months ended July 31, 2019, the Company incurred a net loss of $3,140,000, or $0.41 loss per diluted share, compared with a net loss of $4,868,000 or $0.63 loss per diluted share, for the same period in fiscal year 2018. Although the Company has reduced its net loss for the three and nine month periods ending July 31, 2019, as compared to the same periods in fiscal year 2018, the Company has instituted a program to return the Company to profitability. This program is being undertaken simultaneously with our investments program aimed at keeping our technology leading edge.

Conference Call Information

The Company will host its quarterly conference call on Monday, September 23, 2019 at 4:30 p.m. EDT. To participate in the conference call, please dial:

Toll Free: 888-254-3590
Conference ID: 7780639

To view the presentation, please copy and paste the following link into your browser and register for this meeting. Once you have registered for the meeting, you will receive an email message confirming your registration.

https://slideassist.webcasts.com/starthere.jsp?ei=1262686

About PASSUR® Aerospace, Inc.

PASSUR Aerospace (OTC: PSSR) provides a complete set of integrated, collaborative tools to allow airlines, airports, and air navigation service providers to better predict, prioritize, prevent, and recover from inevitable unexpected disruptions. These disruptions have long been seen as the cost of doing business in the industry, which PASSUR has proven can be mitigated, in part, through the integrated use of our software.

As such, we provide digital solutions to the global travel industry and help customers improve punctuality, optimize turn times and gate utilization, ensure schedule integrity (e.g., passenger connections), improve block-time performance, and reduce fuel burn/emissions.

PASSUR provides its solutions to the largest airlines and airports in the US. Currently over 60% of all flights in the US are, in some form, managed by the PASSUR software. Additionally, PASSUR provides its proven, established capabilities to the global airline and airport industry, with solutions now implemented in Canada, Europe, and Latin America. The global market presents an opportunity to network more customers in a broader market.

All PASSUR solutions are being consolidated onto PASSUR's Ariva platform, which will provide a single, common operating platform for customers to optimize their operations. Supporting these capabilities is PASSUR's flight, constraint, and capacity prediction technology, which is based on years of data and machine learning. PASSUR brings the most relevant experience to the global aviation industry and combines deep domain expertise with Ariva's digital automation solutions.

Ariva is uniquely positioned to offer solutions to the major issues facing the global industry, including helping to alleviate congestion and lack of airspace/runway capacity. Our mission is to provide digital solutions to help meet the demand for increased global air travel through the busiest airports and airspaces, allowing for sustainable and efficient travel.

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


223188@email4pr.com             

223188@email4pr.com


 

PASSUR Aerospace, Inc. and Subsidiary


CONSOLIDATED BALANCE SHEETS

 

 







July 31, 2019


  October 31, 2018


 (unaudited)



Assets




Current assets:




Cash

$              3,786


$              100,856

Accounts receivable, net

1,292,723


1,186,664

Prepaid expenses and other current assets

306,908


199,173

           Total current assets

1,603,417


1,486,693





PASSUR Network, net

4,191,555


4,800,750

Capitalized software development costs, net

8,375,011


8,141,589

Property and equipment, net

514,179


672,601

Other assets

84,747


112,551

               Total assets

$         14,768,909


$         15,214,184





Liabilities and stockholders' equity




Current liabilities:




    Accounts payable

$           1,189,618


$              989,958

    Accrued expenses and other current liabilities

916,064


1,189,342

Deferred revenue, current portion

3,478,241


2,847,323

          Total current liabilities

5,583,923


5,026,623





Deferred revenue, long term portion

386,390


409,971

Notes payable - related party

Other Liabilities

              7,700,000

                   88,782


              6,050,000

                 113,273

             Total liabilities

13,759,095


11,599,867





        

             Total stockholders' equity

 

1,009,814


 

3,614,317

         Total liabilities and stockholders' equity

$         14,768,909


$         15,214,184














 

 

PASSUR Aerospace, Inc. and Subsidiary

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)




Three Months Ended


Nine Months Ended


July 31,


July 31,


2019


2018


2019


2018









Revenues

$  3,798,149


$  3,715,767


$ 11,088,397


$ 10,731,096









Cost of expenses:








Cost of revenues

2,137,662


3,908,281


6,206,428


8,173,702

Research and development expenses

143,102


151,185


426,376


455,014

Selling, general, and administrative expenses

2,411,029


2,254,846


7,079,287


6,751,959


4,691,793


6,314,312


13,712,091


15,380,675









Loss from operations

$   (893,644)


$(2,598,545)


$(2,623,694)


$(4,649,579)









Interest expense - related party

180,191


78,300


515,875


214,100

Other Loss

-


-


-


4,506

Loss before income taxes

(1,073,835)


(2,676,845)


(3,139,569)


(4,868,185)

Provision for income taxes

-


-


-


-

Net loss

$(1,073,835)


$(2,676,845)


$(3,139,569)


$(4,868,185)









Net loss per common share – basic

$         (0.14)


$         (0.35)


$         (0.41)


$         (0.63)

Net loss per common share – diluted

$         (0.14)


$         (0.35)


$         (0.41)


$         (0.63)









Weighted average number of common shares outstanding – basic

 

7,696,091


 

7,696,091


 

7,696,091


 

7,696,091

Weighted average number of common shares outstanding – diluted

 

7,696,091


 

7,696,091


 

7,696,091


 

7,696,091

 

Cision View original content:http://www.prnewswire.com/news-releases/passur-aerospace-announces-increased-revenue-for-both-the-three-and-nine-month-periods-ended-july-31-2019-300920765.html

SOURCE PASSUR Aerospace


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