GREENWICH, Conn., Jan. 29 /PRNewswire-FirstCall/ -- PASSUR Aerospace, Inc. (BULLETIN BOARD: PSSR) announced a total revenue increase of 33% to $7,572,000 for the year ended October 31, 2008, compared to $5,698,000 in FY2007. Net profit was $495,000 or $.09 per diluted share compared to $455,000 or $.08 per diluted share in FY2007. Subscription sales for FY2008 were up approximately 35% to $7,078,000 compared to $5,246,000 in FY2007.
"Notwithstanding the challenging environment, companies in our industry are still eager to acquire capabilities and solutions from our suite of products that improve their sales and profits," said Jim Barry, PASSUR Aerospace's President and CEO. "Our infrastructure additions and new products resulting from investments made in recent years are continuing to pay off for the company. Clearly this is a challenging sales environment, our industry has been impacted, as have almost all industries, but because of our capabilities and our team, we remain optimistic about our continued growth."
"We're again pleased with the strong sales growth, we like our strategy, and we're optimistic about our prospects - even in this challenging environment," said G.S. Beckwith Gilbert, PASSUR Aerospace's Chairman of the Board.
About PASSUR Aerospace
PASSUR Aerospace 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 100 airports worldwide, including all 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. PASSUR Aerospace offers unique user friendly information, as well as decision algorithms, which provide innovative commercial air traffic solutions to more than 50 airports, including customers at 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 200 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 PASSUR Aerospace's website at http://www.passur.com/ for updated products, solutions and PASSUR news.
The forward-looking statements in this shareholder letter 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, 2008 Form 10-K.
Contact:
James T. Barry
President & CEO
(203) 622-4086
