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PASSUR Aerospace Reports 65% Increase in Net Income for the First Six Months of 2008 Due to 37% and 34% Increase in Revenues for Both the Second Quarter and Six Months of Fiscal 2008, Respectively
Jun 17, 2008 (08:06 AM EDT)
GREENWICH, Conn., June 17 /PRNewswire-FirstCall/ -- PASSUR Aerospace, Inc. announced a net profit of $127,000 or $.02 per share in the second quarter ended April 30, 2008, compared to a net profit of $115,000 or $.02 per share in the same quarter of fiscal 2007. Total revenues for second quarter 2008 were up approximately 37% to $1,903,000, compared to $1,392,000 in the same quarter of the previous fiscal year. Subscription sales for the second quarter were up approximately 38% to $1,777,000, compared to $1,289,000 in the same quarter of fiscal 2007.
For the six months ending April 30, 2008, the company had a net profit of $279,000 or $.05 per share, 65% higher than the net profit of $169,000 or $.03 per share in the same period of fiscal 2007. Total revenues for first six months of 2008 were up approximately 34% to $3,610,000 compared to $2,694,000 in the same period of the previous fiscal year. Subscription sales for the first six months were up approximately 37% to $3,367,000, compared to $2,457,000 in the same period of fiscal 2007.
"These good revenue results are helping to drive our company's investments in people and technologies," said Jim Barry, PASSUR Aerospace's President and CEO. "These new investments, on top of those we have previously made, allow us to provide additional cost-reduction and revenue-enhancing solutions to aviation organizations at a time of rising costs. For airlines, we help to reduce fuel costs and improve network reliability; for airports and the corporate aviation market, we help generate additional revenue, improve customer service, as well as enhance the operational reliability of their organizations."
"It's another quarter of good revenue results and we appreciate the great job our employees are doing to drive sales and develop products that have a significant positive impact in today's market," said G.S. Beckwith Gilbert, PASSUR Aerospace's Chairman of the Board.
About PASSUR Aerospace
PASSUR Aerospace owns and operates a unique database of flight information with proprietary decision-making software, primarily powered by a growing international network of passive radars (PASSURs) located at more than 85 airports worldwide, including 33 of the top 35 U.S. airports -- from which it provides PASSUR information, analytics, and decision support tools to improve the financial condition and operational efficiency of aviation organizations. PASSUR Aerospace offers unique user friendly information as well as decision algorithms which provide innovative commercial air traffic solutions to more than 50 airports, including 8 of the top 10 U.S. airports; to dozens of airlines, including 7 of the top 10 U.S. airlines; and to more than 190 corporate aviation customers, as well as to the U.S. Government. In addition, the company has created and implemented collaborative web-based software that allows the company's customers to instantly share information to improve individual and joint decision-making, creating additional value for those customers.
Visit PASSUR Aerospace's web site at http://www.passur.com for updated products, solutions and PASSUR news.
The forward-looking statements in this shareholder letter 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, 2007 Form 10-K and April 30, 2008 10-Q.
Contact: James T. Barry President & CEO (203) 622-4086 email@example.com
CONTACT: James T. Barry, President & CEO of PASSUR Aerospace, Inc., firstname.lastname@example.org+1-203-622-4086,
Web site: http://www.passur.com/