PASSUR Aerospace, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended July 31, 2018
September 21, 2018 at 08:11 am EDT
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PASSUR Aerospace, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended July 31, 2018. It announced revenues of $3,716,000 for the three months ended July 31, 2018, compared with $3,332,000 for the same period in fiscal year 2017, an increase of $384,000, or 12%. Total revenues for the three months ended July 31, 2018 increased, as compared to the same period in 2017, primarily due to an increase in subscription revenue of $267,000 and consulting revenue of $117,000. Loss from operations was $2,598,545 against $470,267 a year ago. Loss before income taxes was $2,676,845 against $511,667 a year ago. Basic and diluted net loss per share was $0.35 against $0.08 a yea ago.
For the nine months ended July 31, 2018, revenues totaled $10,731,000, compared with $10,371,000 for the same period in fiscal year 2017, an increase of $360,000, or 3%. Total revenues for the nine months ended July 31, 2018 increased, as compared to the same period in 2017, primarily due to an increase in subscription revenue of $158,000 and consulting revenue of $206,000. The increase in subscription revenue, for the three and nine months ended July 31, 2018, was primarily due to new contracts closed during fiscal year 2018 and net incremental revenue recognized during the periods in fiscal 2018 related to new contracts closed during fiscal year 2017. For the nine months ended July 31, 2018, the Company incurred a net loss of $4,868,000, or $0.63 per diluted share, compared with a net loss of $720,000, or $0.09 per diluted share for the same period in fiscal year 2017. Loss from operations was $4,649,579 against $800,853 a year ago. Loss before income taxes was $4,868,185 against $928,924 a year ago.
PASSUR Aerospace, Inc. is a business intelligence company. The Company provides predictive analytics and decision support technology for the aviation industry primarily to improve the operational performance and cash flow of airlines, airports, fixed based operators (FBOs) and air navigation service providers (ANSPs). It also provides a cloud-based platform, ARiVA, that manages and optimizes operations for customers. The Company delivers digital solutions that are essential to global aviation operations, meeting the needs of global air travel. Its suite of ARiVA products includes ARiVA PLATFORM, ARiVA DATA, and ARiVA LFM. ARiVA PLATFORM includes TEMPO, AWARE and WORKFLOW. ARiVA TEMPO is a Web-hosted flight tracking solution. ARiVA AWARE continuously forecasts and alerts to achieve the execution of the daily operation. ARiVA WORKFLOW provides a collaborative environment that integrates operational data and workflows to support common operating scenarios on a single, real-time platform.