PASSUR AEROSPACE, IN

PSSR
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PASSUR AEROSPACE : ANNOUNCES NET INCOME OF $135,000 AND THIRD CONSECUTIVE QUARTER OF OPERATING PROFIT FOR THE FIRST QUARTER ENDED JANUARY 31, 2021

03/17/2021 | 09:26am

Stamford, CT- PASSUR Aerospace, Inc. (OTC: PSSR), a global leader in digital operational excellence, announced revenues of $1,698,000 for the three months ended January 31, 2021, compared with $4,225,000, for the same period in fiscal year 2020, a decrease of $2,527,000 or 60%.

The Company had a net income of $135,000, or $0.02 per diluted share, for the three months ended January 31, 2021, as compared to a net loss for the same period in fiscal 2020 of $583,000, or $0.08 per diluted share.

'We are proud to announce the Company's net income of $135,000 for the first quarter of fiscal year 2021, ended January 31, 2021,' stated Brian Cook, PASSUR's President and CEO. 'Operating profit was also positive for the third consecutive quarter. We continue to position the company as a profitable enterprise, in spite of a depressed market due to COVID-19.'

In February 2021, PASSUR received a top-off grant of $875,000 from the CARES Act Payroll Support Program for Air Carriers and Contractors (PSP-1), which is being used for the continuation of payment of employee wages, salaries, and benefits for certain eligible employees. In addition, in March 2021, the Company entered into a Payroll Support Extension Agreement (PSP-2) for an additional grant of $1,310,000, under similar conditions. Visit our website to view the full 10-Q.

Major Achievements

Despite the market challenges presented by the ongoing COVID-19 pandemic, PASSUR was able to obtain contract signatures for 21 customers. The Company also continues to see commercial opportunities within a resurgent Business Aviation market.

The Company successfully helped to enable the launch of the IATA Tactical Operating Portal ('ITOP Global') in concert with the International Air Transport Association ('IATA'), which will provide valuable real-time data to the global aviation community amidst COVID-19 challenges.

About PASSUR Aerospace, Inc.

PASSUR Aerospace, Inc. (OTC: PSSR), a New York corporation founded in 1967, is the operations platform of choice for aviation experts, offering a unique combination of global data, decision support, and subject matter expertise solutions to improve operational efficiencies. Our platform and people help deliver actionable-data and user-friendly tools to corporate and operations leadership looking for creative ways to minimize and eliminate bottleneck capacity constraints, react to irregular operations (IROPS), restart operations after an interruption in service, and enhance the efficiency of the daily schedule. Our collaborative framework uniquely enhances data sharing, communications, and decision-making within and between stakeholders in an operations ecosystem. PASSUR provides its solutions to the largest airlines and airports globally including the United States, Canada, and Latin America.

Visit PASSUR Aerospace's website at www.passur.com for updated products, solutions, and news.

(C) 2021 Electronic News Publishing, source ENP Newswire

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