PASSUR Aerospace, Inc. (OTC: PSSR) said it reported total revenue for the quarter ended July 31, 2015 increased 13 percent to USD3,244,000, compared to USD2,865,000 for the same period in fiscal year 2014, primarily as a result of two major multi-year contracts signed during the year.
For the three months ended July 31, 2015, income from operations was USD91,000 compared to USD224,000 in the same period of the previous fiscal year, a decrease of 59 percent from the prior year.
Starting in April, in anticipation of new revenue opportunities, the company has made further investments in infrastructure by hiring a Chief Technology Officer, a Chief Financial Officer, as well as additional software developers, which resulted in over USD400,000 of higher expenses for the quarter. For the three months ended July 31, 2015, net income was USD22,000, or USD0.00 per diluted share, compared to USD129,000, or USD0.02 per diluted share, in the same period in fiscal year 2014.
PASSURÂ® Aerospace is an aviation business intelligence and big data company that provides predictive analytics built on proprietary algorithms and the concurrent integration and simultaneous mining of multiple databases.