PASSURÂ® Aerospace, Inc. (OTC: PSSR), a business intelligence, predictive analytics, and big data company, announced revenues of USD 3,332,000 for the three months ended July 31, 2017, compared with USD 3,827,000 for the same period in fiscal year 2016, a decline of USD 495,000, or 13%, the company said.
For the nine months ended July 31, 2017, revenues totaled USD 10,371,000, compared with USD 11,072,000 for the same period in fiscal year 2016, a decline of USD 701,000, or 6%, of which, USD 283,000 resulted from a decline in non-recurring revenue.
The decline in revenues for the three months and nine months ended July 31, 2017, was due in part to the non-renewal of a customer contract, which the company believes will be offset by revenues from new contracts expected to be acquired during fiscal year 2017, on an annualized run-rate basis, and a decline in non-recurring revenue.
For the three months ended July 31, 2017, the company incurred a net loss of USD 579,000, or USD 0.08 per diluted share, compared with net income of USD 181,000, or USD 0.02 per diluted share for the same period in fiscal year 2016. For the nine months ended July 31, 2017, the company incurred a net loss of USD 874,000, or USD 0.11 per diluted share, compared with a net income of USD 328,000, or USD 0.04 per diluted share for the same period in fiscal year 2016.
Contributing to the company´s net loss for both the three and nine months ended July 31, 2017, was a reduction in revenue, as well as an increase in operating expenses due to the continued investments in development, sales and marketing, and management professionals to pursue revenue opportunities in the market, and to build and implement solutions sought by the customers.
PASSUR Aerospace is a business intelligence company, providing predictive analytics and decision support technology for the aviation industry, primarily to improve the operational performance and cash flow of airlines and the airports where they operate. PASSUR Aerospace´s information solutions are used by the largest five North American airlines, used at all the top 30 North American airports, and by more than 200 corporate aviation customers, as well as the US government. Over 125 airlines and over 60 airports world-wide use PASSUR products.