PASSUR Aerospace Reports 96% Net Income Increase for First Nine Months of Fiscal 2012

STAMFORD, Conn., Sept. 17, 2012 /PRNewswire/ — PASSUR Aerospace, Inc. (OTC: PSSR) announced total revenues for the first nine months of fiscal 2012 of $9,943,000 compared to $10,208,000 in the same period of the previous fiscal year, a decline of approximately 3%. Operating profits for the first nine months of fiscal 2012 were $1,331,000 compared to $1,400,000 in the same period of the previous fiscal year, a decrease of approximately 5%. For the nine months ended July 31, 2012, net income was up approximately 96% to $1,096,000 or $.14 per diluted share, compared to net income of $559,000 or $.09 per diluted share in the same period of fiscal 2011.

Total revenues for the three months ended July 31, 2012 were $2,947,000, compared to $3,333,000 in the same quarter of the previous fiscal year, a decrease of approximately 12%. Operating profits for the three months ended July 31, 2012 were $240,000 compared to $268,000 in the same period of the previous fiscal year, a decrease of approximately 10%. Net income was up 23% to $156,000 or $.02 per diluted share in the third quarter ended July 31, 2012, compared to net income of $127,000 or $.02 per diluted share in the same quarter of fiscal 2011.

“Our professional services group continues to play an important role in providing complete solutions to our customers and the market has been receptive to our team of experts,” said Jim Barry, President and CEO of PASSUR Aerospace. “However, we also recognize the revenue from professional services engagements will be more variable than our traditional software revenue. As a case in point, the revenue decrease reported this quarter was primarily a result of the completion of professional services engagements. Finally, and as demonstrated by the recent new customer announcements, we remain encouraged by the acceptance of our PASSUR Integrated Traffic Management (PITM) solution suite within our core markets of airport, airlines, and business aviation, as well as the market adoption of PASSUR’s Airport Information Network (AIN). AIN now includes over 90 airports, almost all major air carriers, and approximately 500 individual members. We believe AIN is contributing to the future of collaboration and coordination within the aviation industry.”

“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.