GREENWICH, Conn., Jan. 29 /PRNewswire-FirstCall/ -- Megadata Corporation (BULLETIN BOARD: MDTA) announced net income of $454,582 or $.11/share for the year ended October 31, 2007, compared to net income of $102,915 or $.03/share in FY2006. Total revenues for FY2007 were up approximately 32% to $5,698,236, compared to $4,314,222 in FY2006. Subscription sales for FY2007 were up approximately 37% to $5,246,468, compared to $3,842,156 in FY2006.
"We're seeing strong increases in all key areas, most importantly in sales and profits," said Jim Barry, Megadata's President and CEO. "Additionally, to take advantage of continued increases in national and international demand for our products, our company-owned installed PASSUR Network grew to 71 PASSUR Systems. We plan to build another 30 PASSUR Systems in fiscal 2008. We believe these results and the increased demand for our customer-oriented systems and solutions presents significant opportunities for Megadata in the airport, airline, and corporate markets. Finally, we continue to make the necessary investments in our cost structure to build the team and the underlying infrastructure to take full advantage of these opportunities. It's an exciting time for our customers and for our company."
"We're again pleased with these financial results, we like our strategy, we're optimistic about achieving our objectives, and as Jim stated, we're excited about making these investments which we expect will drive profitable growth," said G.S. Beckwith Gilbert, Megadata's Chairman of the Board.
About Megadata
Megadata owns and operates a unique database of flight information with proprietary decision-making software, primarily powered by a growing international network of passive radars (PASSURs) located at more than 85 airports worldwide, including 33 of the top 35 U.S. airports -- from which it provides PASSUR information, analytics, and decision support tools to improve the financial condition and operational efficiency of aviation organizations. Megadata offers unique user-friendly information as well as decision algorithms which provide innovative commercial air traffic solutions to more than 50 airports, including 8 of the top 10 U.S. airports; to dozens of airlines, including 7 of the top 10 U.S. airlines; and to more than 150 corporate aviation customers, as well as to the U.S. Government. In addition, the company has created and implemented collaborative web-based software that allows the company's customers to instantly share information to improve individual and joint decision-making, creating additional value for those customers.
Visit Megadata's web site at http://www.passur.com/ for updated products, solutions and PASSUR news.
The forward-looking statements in this news release relating to management's expectations and beliefs are based on preliminary information and management assumptions. Such forward-looking statements are subject to a wide range of risks and uncertainties that could cause results to differ in material respects, including those related to customer needs, budgetary constraints, competitive pressures, the success of airline trials, the profitable use of the Company's owned PASSURs located at major airports, the Company's maintenance of above average quality of its product and services, as well as potential regulatory changes. Further information regarding factors that could affect the Company's results is contained in the Company's SEC filings, including the October 31, 2007 Form 10K.
Contact:
James T. Barry
President & CEO
(203) 622-4086
