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Passur Releases FY 2013 Financial Results

February 5, 2014

Passur Aerospace, Inc. , an aviation business intelligence, Big Data, software and solutions company, announced revenues for its fiscal year ended Oct. 31, 2013 , of $11,035,000 , income before taxes of $637,000 , and earnings per share of $0.04 . In a release on Jan. 29 , Passur said total revenue decreased $1,472,000 , or 12 percent, from $12,507,000 in the prior fiscal year, as a result of the completion of a government contract and a professional services engagement during fiscal year 2012. The decline of $2,062,000 in revenues from these contracts was partially offset by a revenue increase of $590,000 from the Company's North American airline and airport customers. The profit impact of this revenue decline was offset in part by cost reductions, resulting in an overall decline in income from operations of $453,000 to a level of $925,000 in fiscal year 2013, from $1,378,000 in the prior year. The diluted earnings per share in fiscal year 2013 was $0.04 which was after a tax provision of $356,000 or $.05 per diluted share. In fiscal year 2012, an income tax benefit of $1,776,000 or $0.22 per diluted share was included in diluted earnings per share of $0.36 . Passur serves all the top eight North American airlines and more than 60 airport customers (including 22 of the top 30 North American airports), with at least one of its products, and more than 125 worldwide airlines, approximately 150 corporate aviation customers, as well as the U.S. government. "We're very pleased with our sales to airlines and airports with record setting sales in 2013," said Jim Barry , president and CEO of Passur. "We continue to be encouraged with sales of Passur Integrated Traffic Management (PITM) to airlines and airports, and are especially pleased with the rapid and widespread adoption of our Global Collaborative Decision Making platform, to include Airport Information Network ( AIN ), which is now connected to the International Air Transport Association's (IATA) Tactical Operations Portal (ITOP) linking more than 100 North American Airports with about 100 worldwide airlines on integrated Passur platforms. We believe AIN and ITOP are contributing to the future of collaboration and coordination within the aviation industry across regional, national, and global constituencies." "We continue to believe in our growth playbook, with a very focused execution plan addressing expensive problems that have a direct and major impact on the customers' bottom line," said G.S. Beckwith Gilbert , Passur Aerospace Chairman of the Board. More information: www.passur.com ((Comments on this story may be sent to newsdesk@closeupmedia.com ))


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Source: Manufacturing Close - Up


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