EXHIBIT 99.1

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PASSUR® AEROSPACE ANNOUNCES 12% REVENUE INCREASE AND RESULTS FOR THE THIRD QUARTER ENDED JULY 31, 2018

Stamford, CT, September 21, 2018 — PASSUR® Aerospace, Inc. (OTC: PSSR), a global leader in digital operational excellence, announced revenues of $3,716,000 for the three months ended July 31, 2018, compared with $3,332,000 for the same period in fiscal year 2017, an increase of $384,000, or 12%. For the nine months ended July 31, 2018, revenues totaled $10,731,000, compared with $10,371,000 for the same period in fiscal year 2017, an increase of $360,000, or 3%.

"We are seeing positive results from our recent investments, which justify their continuance," said Jim Barry, President and CEO. "Global airlines, airports, and service providers need digital operational solutions that help deliver greater value to their customers. PASSUR's objective is to deliver unique comprehensive solutions from our proven suite of cloud-based products and operational consulting."

Our total revenues for the three months ended July 31, 2018 increased, as compared to the same period in 2017, primarily due to an increase in subscription revenue of $267,000 and consulting revenue of $117,000. Our total revenues for the nine months ended July 31, 2018 increased, as compared to the same period in 2017, primarily due to an increase in subscription revenue of $158,000 and consulting revenue of $206,000. The increase in subscription revenue, for the three and nine months ended July 31, 2018, was primarily due to new contracts closed during fiscal year 2018 and net incremental revenue recognized during the periods in fiscal 2018 related to new contracts closed during fiscal year 2017.

We strive to be continuously profitable, but, to provide long term value to our customers and shareholders, we must continue to invest in our future. To optimize our long term objectives, we are working to scale our business to meet anticipated future demand for our offerings. We have already entered into agreements and partnerships with several major companies and are working to implement others. These future partnerships, if successful, could expand our product offerings, increase our potential customer base, particularly in the international market, and provide additional resources to fuel our growth. The cost and timing of our increased investments in operational excellence have enabled the Company to build the capability to more quickly scale to accommodate future global customer demand, but these investments, and others, increased costs of revenue and caused a reduction in gross profit margins.

For the three months ended July 31, 2018, the Company incurred a net loss of $2,677,000, or $0.35 per diluted share, compared with a net loss of $598,000, or $0.08 per diluted share for the same period in fiscal year 2017. For the nine months ended July 31, 2018, the Company incurred a net loss of $4,868,000, or $0.63 per diluted share, compared with a net loss of $720,000, or $0.09 per diluted share for the same period in fiscal year 2017. Contributing to the operating losses for both the three and nine months ended July 31, 2018, were non-cash charges aggregating approximately $1,476,000, associated with an increase in the reserve for slow moving PASSUR Network parts and supplies as well as write-offs certain Network systems, and software.

PASSUR Aerospace (OTC: PSSR) a global leader in digital operational excellence, provides 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 at the five largest North American airlines, by more than 60 airport customers and used at the top 30 North American airports, by over one hundred business aviation customers, and by the U.S. government. PASSUR owns and operates the largest commercial passive radar network in the world that provides aircraft position updates every 1 to 4.6 seconds, powering a proprietary database that is accessible in real-time and delivers timely and accurate information and solutions via PASSUR's industry leading algorithms and business logic included in its products. PASSUR, Airwayz, NextGen2 and NextGen3 are trademarks or registered trademarks of PASSUR Aerospace, Inc. in the U.S. All other companies and product names of those companies contained herein may be trademarks of their respective holders.

 

PASSUR Aerospace, Inc. and Subsidiary
CONSOLIDATED BALANCE SHEETS
		July 31, 2018				October 31, 2017
		(unaudited)
Assets
Current assets:
Cash		$	32,414			$	275,146
Accounts receivable, net			1,977,155				1,359,447
Prepaid expenses and other current assets			262,702				251,689
Total current assets			2,272,271				1,886,282
PASSUR Network, net			5,020,404				6,004,367
Capitalized software development costs, net			8,235,312				8,893,414
Property and equipment, net			651,745				852,147
Other assets			150,894				169,635
Total assets		$	16,330,626			$	17,805,845
Liabilities and stockholders' equity
Current liabilities:
Accounts payable		$	938,437			$	984,369
Accrued expenses and other current liabilities			1,339,875				1,273,170
Deferred revenue, current portion			3,726,066				2,824,885
Total current liabilities			6,004,378				5,082,424
Deferred revenue, long term portion			392,549				470,831
Notes payable - related party			5,725,000				3,800,000
Other Liabilities			116,394				-
Total liabilities			12,238,321				9,353,255
Commitment and contingencies
Total stockholders' equity			4,092,305				8,452,590
Total liabilities and stockholders' equity		$	16,330,626			$	17,805,845

 

PASSUR Aerospace, Inc. and Subsidiary

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

		Three Months Ended								Nine Months Ended
		July 31,								July 31,
		2018				2017				2018				2017
Revenues		$	3,715,767			$	3,331,898			$	10,731,096			$	10,371,235
Cost of expenses:
Cost of revenues			3,908,281				1,508,510				8,173,702				4,757,598
Research and development expenses			151,185				186,352				455,014				600,205
Selling, general, and administrative expenses			2,254,846				2,107,303				6,751,959				5,814,285
			6,314,312				3,802,165				15,380,675				11,172,088
Loss from operations		$	(2,598,545	)		$	(470,267	)		$	(4,649,579	)		$	(800,853	)
Interest expense - related party			78,300				41,400				214,100				122,850
Other Loss			-				-				4,506				5,221
Loss before income taxes			(2,676,845	)			(511,667	)			(4,868,185	)			(928,924	)
Provision/(benefit) for income taxes			-				86,500				-				(208,890	)
Net loss		$	(2,676,845	)		$	(598,167	)		$	(4,868,185	)		$	(720,034	)
Net loss per common share - basic		$	(0.35	)		$	(0.08	)		$	(0.63	)		$	(0.09	)
Net loss per common share - diluted		$	(0.35	)		$	(0.08	)		$	(0.63	)		$	(0.09	)
Weighted average number of common shares outstanding - basic			7,696,091				7,696,091				7,696,091				7,693,069
Weighted average number of common shares outstanding - diluted			7,696,091				7,696,091				7,696,091				7,693,069

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