Passur Aerospace Q2 revenues off 10% YoY

Passurâ„¢ Aerospace, Inc. (OTC: PSSR), a business intelligence, predictive analytics, and big data company, recorded revenues of USD 3,424,000 for the three months ended April 30, 2017, compared with USD 3,809,000 for the same period in fiscal year 2016, a decline of USD 385,000, or 10%, the company said.

For the six months ended April 30, 2017, revenues totaled USD 7,039,000, compared with USD 7,245,000 for the same period in fiscal year 2016, a decline of USD 206,000, or 3%, of which, USD 155,000 resulted from a decline in non-recurring revenue.

The decline in revenues for the three months and six months ended April 30, 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 April 30, 2017, the company incurred a net loss of USD 38,000, or USD 0.00 per share, compared with net income of USD 122,000, or USD 0.02 per diluted share.

For the six months ended April 30, 2017, the company incurred a net loss of USD 295,000, or USD 0.04 per share, compared with a net income of USD 147,000, or USD 0.02 per diluted share. Contributing to the company´s net loss for both the three and six months ended April 30, 2017, was the reduction in revenue as well as an increase in operating expenses due to the hiring of additional personnel to pursue near-term revenue opportunities, and the development of its next generation of product offerings.

Passurâ„¢ Aerospace is a lbusiness 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.