PASSUR Aerospace Announces Five Consecutive Quarters of Income from Operations, With Income from Operations of $811,000 for the Nine Months Ended July 31, 2021

Rhea-AI Summary

PASSUR Aerospace reported significant improvement in its operating performance for the three and nine months ended July 31, 2021, posting income from operations of $202,000 and $811,000, respectively. This contrasts with a loss of $1,971,000 in the previous year. However, revenues decreased to $1,510,000 for three months and $4,670,000 for nine months. The company also achieved high renewal rates and increasing business opportunities despite COVID-19 challenges.

Positive

• Achieved five consecutive quarters of income from operations.
• Operating income for nine months improved to $811,000 versus a loss of $11.8 million in the prior year.
• High renewal rates and increasing new business opportunities reported.

Negative

• Total revenues declined to $1,510,000 for three months and $4,670,000 for nine months.
• Net loss of $64,000 for three months compared to a loss of $250,000 in the prior year.

STAMFORD, Conn., Oct. 1, 2021 /PRNewswire/ -- PASSUR® Aerospace, Inc., a global leader in digital operational excellence, announced income from operations of $202,000 and $811,000, respectively, for the three and nine months ended July 31, 2021, compared to income from operations of $9,000 and a loss from operations of $1,971,000 respectively, in the same periods in the prior fiscal year (the loss from operations in the prior year for the nine months ended July 31, 2020 was before the one-time impairment charge of $9,874,000 taken in the second quarter of the prior fiscal year).  

PASSUR's operating performance has improved despite reporting lower revenues of $1,510,000 and $4,670,000, respectively, for the three and nine months ended July 31,2021, compared with revenues of $2,208,000 and $9,612,000, respectively, for the same periods in the prior fiscal year.

The Company had a net loss of $64,000, or $0.01 per diluted share, and net income of $21,000, or $0.00 per diluted share, respectively, for the three and nine months ended July 31, 2021, compared to net losses of $250,000, or $0.03 per diluted share, and $12,564,000, or $1.63 per diluted share, respectively, for the same periods in the prior fiscal year. The net loss for the nine months ended July 31, 2020 was after the impairment charge of $9,874,000 noted above.

"We continue to see high renewal rates, as well as increasing new business opportunities, despite the ongoing COVID-19 pandemic. This is a testament to the value that the market sees from our ARiVA platform, and the operational efficiencies we can bring to our customers," stated Brian Cook, PASSUR's President and CEO.  During this quarter, we also relaunched our website, highlighting our ARiVA^TM platform capabilities and spotlighting our growing partnerships within the aviation data industry.

Visit our website to view the full 10-Q. 

About PASSUR® Aerospace, Inc.

PASSUR Aerospace, Inc. is the operations platform of choice for aviation experts, offering a unique combination of global data, decision support, and subject matter expertise solutions to improve operational efficiencies. Our platform and people help deliver actionable-data and user-friendly tools to corporate and operations leadership. Specifically, PASSUR products identify creative ways to minimize and eliminate bottleneck capacity constraints, react to irregular operations (IROPS), restart operations after an interruption in service, and enhance the efficiency of the daily schedule. Our collaborative framework uniquely enhances data sharing, communications, and decision-making within and between stakeholders in an operations ecosystem. PASSUR provides its solutions to the largest airlines and airports globally including in the United States, Canada, and Latin America.

Visit PASSUR Aerospace's website at www.passur.com for updated products, solutions, and news. 

Forward Looking Statements
This press release contains ":forward-looking statements: within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the Company's future plans, objectives, and expected performance. Forward-looking statements are subject to risks, uncertainties and assumptions, and are identified by words such as "will", "expects", "estimates", "projects", "anticipates", "believes", "intends", "plans", "may", "pending", "continues", "should", "could" and other similar words. All statements other than statements of historical fact are considered to be forward-looking statements and such forward-looking statements, including statements of management's expectations and beliefs, are based on preliminary information and assumptions and expectations of future events.  The Company cannot and does not guarantee that such information, assumptions, and expectations are accurate or will be realized. These forward-looking statements are not guarantees of future performance or results, and should be evaluated in light of important risk factors, assumptions, and uncertainties that could cause the Company's results to differ in material respects, including, without limitation,  those related to customer needs, budgetary constraints, competitive pressures, the success of airline trials,  the Company's maintenance of above average quality of its product and services, as well as potential regulatory changes. Additional uncertainties include, without limitation, uncertainties relating to the ability of the Company to sell its existing product and professional service lines, plus new products and professional services, as well as the potential for terrorist attacks, changes in fuel costs, airline bankruptcies and consolidations, and economic conditions, including, without limitation, the severity and duration of the continuing COVID-19 pandemic and its adverse impact on the U.S. and world aviation and travel industries.  Further information regarding some of the factors that could affect the Company's results and cause those results to vary materially from those currently anticipated is contained on Forms 10-K - including under the heading entitled "Risk Factors", 10-Q, and other reports filed with the Securities and Exchange Commission. In addition, undue reliance should not be placed on the Company's forward-looking statements.  Any forward-looking statement made by the Company in this press release speaks only as of the date on which we made it and reflect management's analysis, judgments, belief, or expectation only as of such date. Except as required by law, the Company disclaims any obligation to update its risk factors or to publicly announce updates to the forward-looking statements contained in this press release to reflect new information, future events, or other developments.

 

 

PASSUR Aerospace, Inc. and Subsidiary
Consolidated Balance Sheets
	July 31, 2021		October 31, 2020
	(unaudited)
Assets
Current assets:
Cash	$                  3,016,061		$                  2,748,066
Accounts receivable, net	505,708		662,081
Prepaid expenses and other current assets	221,865		162,843
Total current assets	3,743,634		3,572,990
Capitalized software development costs, net	859,050		1,223,399
Property and equipment, net	146,791		257,561
Operating lease right-of-use assets	151,329		232,721
Other assets	52,481		53,031
Total assets	$                  4,953,285		$                  5,339,702
Liabilities and stockholders' deficit
Current liabilities:
Accounts payable	$                     774,389		$                  1,486,808
Accrued liabilities - Stimulus funding	2,149,568		1,933,955
Accrued expenses and other current liabilities	718,231		721,058
Operating lease liabilities, current portion	93,807		168,923
Deferred revenue, current portion	1,319,113		1,173,573
Total current liabilities	5,055,108		5,484,317
Deferred revenue, long term portion	192,606		249,727
Note payable - related party	10,691,625		10,691,625
Operating lease liabilities, non-current	173,134		271,946
Total liabilities	16,112,473		16,697,615
Commitments and contingencies
Stockholders' deficit:
Preferred shares - authorized 5,000,000 shares, par value $0.01 per share;
none issued or outstanding	-		-
Common shares - authorized 20,000,000 shares, respectively,
par value $0.01 per share;  issued 8,496,526 at July 31,
2021 and October 31, 2020, respectively	84,964		84,964
Additional paid-in capital	18,626,350		18,448,202
Accumulated deficit	(27,936,824)		(27,957,401)
	(9,225,510)		(9,424,235)
Treasury stock, at cost, 784,435  shares at July 31, 2021 and
October 31, 2020, respectively	(1,933,678)		(1,933,678)
Total stockholders' deficit	(11,159,188)		(11,357,913)
Total liabilities and stockholders' deficit	$                  4,953,285		$                  5,339,702

 

 

PASSUR Aerospace, Inc. and Subsidiary
Consolidated Statements of Operations
	Three months ended				Nine months ended
	July 31,				July 31,
	2021		2020		2021		2020
Revenues	$     1,509,808		$     2,207,722		$   4,669,573		$      9,611,780
Cost of expenses:
Cost of revenues	579,491		860,540		1,714,615		5,567,720
Research and development expenses	55,802		66,042		156,685		281,739
Selling, general, and administrative expenses	672,399		1,272,376		1,987,183		5,733,142
Impairment charges	-		-		-		9,874,281
	1,307,692		2,198,958		3,858,483		21,456,882
Income/(Loss) from operations	$        202,116		$            8,764		$      811,090		$  (11,845,102)
Interest expense - related party	266,400		238,826		790,513		667,741
Other loss	-		19,473		-		19,473
Income/(Loss) before income taxes	(64,284)		(249,535)		20,577		(12,532,316)
Provision for income taxes	-		-		-		31,560
Net Income/(Loss)	$        (64,284)		$      (249,535)		$        20,577		$  (12,563,876)
Net Income/(Loss) per common share - basic	$            (0.01)		$            (0.03)		$            0.00		$             (1.63)
Net Income/(Loss) per common share - diluted	$            (0.01)		$            (0.03)		$            0.00		$             (1.63)
Weighted average number of common shares outstanding - basic	7,712,091		7,712,091		7,712,091		7,710,047
Weighted average number of common shares outstanding - diluted	7,712,091		7,712,091		7,748,451		7,710,047

 

 

Contact: Media:	Investor Relations:
Evee Burgard	Sean Doherty
VP Marketing	Executive VP Finance and Administration
(310) 995-0313	(226) 338-0969
320193@email4pr.com	320193@email4pr.com

 

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SOURCE PASSUR Aerospace

FAQ

What was PASSUR's income from operations for the nine months ended July 31, 2021?

PASSUR reported an income from operations of $811,000 for the nine months ended July 31, 2021.

How did PASSUR's revenues for the three months ended July 31, 2021, compare to the previous year?

Revenues for the three months ended July 31, 2021, were $1,510,000, down from $2,208,000 in the same period the previous year.

What was the net loss reported by PASSUR for the three months ended July 31, 2021?

PASSUR reported a net loss of $64,000, or $0.01 per diluted share, for the three months ended July 31, 2021.

Did PASSUR experience any improvement in its operating performance despite the decline in revenues?

Yes, PASSUR experienced improved operating performance with income from operations increasing, despite lower revenues.

What challenges did PASSUR face during the reporting period?

PASSUR faced ongoing challenges related to the COVID-19 pandemic but reported resilience through high renewal rates and new business opportunities.