PASSUR Aerospace : Announces Four Consecutive Quarters of Income from Operations, with Income from Operations of $609,000 and $1,126,000 for the Six Months and the Last Twelve Months Ended April 30, 2021
STAMFORD, Conn., June 17, 2021 /PRNewswire/ -- PASSUR® Aerospace, Inc. (OTC: PSSR), a global leader in digital operational excellence, announced income from operations of $207,000 and $609,000, respectively, for the three and six months ended April 30, 2021, compared to losses of $1,638,000 and $1,980,000 respectively, in the same periods in the prior fiscal year (which losses were before the one-time impairment charge of $9,874,000 taken in the second quarter of the prior year).
PASSUR's operating performance has improved despite lower revenues of $1,462,000 and $3,160,000, respectively, for the three and six months ended April 30,2021, compared with revenues of $3,179,000 and $7,404,000, respectively, for the same periods in the prior fiscal year.
The Company had a net loss of $51,000, or $0.01 per diluted share, and net income of $85,000, or $0.01 per diluted share, respectively, for the three and six months ended April 30, 2021, compared to net losses of $11,731,000, or $1.52 per diluted share, and $12,314,000, or $1.60 per diluted share, respectively, for the same periods in the prior fiscal year. The prior period losses were after the impairment charge of $9,874,000 noted above.
For the last twelve months, ended April 30, 2021, the Company's revenues were $7,285,000, and income from operations was $1,126,000, after deducting $1,068,000 in depreciation, amortization, and stock-based compensation. During this time period, the Company did not capitalize any software development or PASSUR Network costs.
In April 2021, PASSUR entered into a Payroll Support Program 3 Agreement (PSP3) with the U.S. Department of the Treasury, for an additional grant of $1,310,000, on conditions similar to those under the previously executed PSP2 Agreement. During the last twelve months, the Company utilized $3,319,000 in PSP grants to offset eligible compensation costs.
"We are proud to announce that the Company achieved a 100% renewal rate for all contracts coming due in the quarter ended April 30, 2021, which is indicative of our collective actions to return the Company to profitability, in the midst of the greatest downturn in aviation history, due to the COVID-19 pandemic," stated Brian Cook, PASSUR's President and CEO.
Visit our website to view the full 10-Q.
About PASSUR® Aerospace, Inc.
PASSUR Aerospace, Inc. (OTC: PSSR) 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
April 30, 2021
October 31, 2020
Accounts receivable, net
Prepaid expenses and other current assets
Total current assets
PASSUR Network, net
Capitalized software development costs, net
Property and equipment, net
Operating lease right-of-use assets
Liabilities and stockholders' deficit
Accued liabilities - Stimulus funding
Accrued expenses and other current liabilities
Operating lease liabilities, current portion
Deferred revenue, current portion
Total current liabilities
Deferred revenue, long term portion
Note payable - related party
Operating lease liabilities, non-current
Commitments and contingencies
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 April 30,
2021 and October 31, 2020, respectively
Additional paid-in capital
Treasury stock, at cost, 784,435 shares at April 30, 2021 and
October 31, 2020, respectively
Total stockholders' deficit
Total liabilities and stockholders' deficit
PASSUR Aerospace, Inc. and Subsidiary
Consolidated Statements of Operations
Three months ended
Six months ended
Cost of expenses:
Cost of revenues
Research and development expenses
Selling, general, and administrative expenses
Income/(Loss) from operations
Interest expense - related party
Income/(Loss) before income taxes
Provision for income taxes
Net income/(loss) per common share - basic
Net income/(loss) per common share - diluted
Weighted average number of common shares outstanding - basic
Weighted average number of common shares outstanding - diluted
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SOURCE PASSUR Aerospace
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