|
|
Waterloo, Ontario, Canada, September 13, 2004:
Navtech, Inc. (OTCBB: NAVH), a leading international provider of aviation services and software solutions, announced its results for its third quarter ended July 31, 2004.
Financial Highlights
| |
Three Months Ended July 31, |
Nine Months Ended July 31, |
| 2004 |
2003 |
2004 |
2003(1) |
|
Revenue |
$2,012,000 |
$1,842,000 |
$5,885,000 |
$5,100,000 |
Operating expenses |
$1,897,000 |
$1,802,000 |
$5,678,000 |
$4,760,000 |
Income from operations |
$115,000 |
$40,000 |
$207,000 |
$339,000 |
Net earnings |
$140,000 |
$53,000 |
$234,000 |
$344,000 |
EPS - Basic |
$0.03 |
$0.01 |
$0.06 |
$0.08 |
|
End of period stock price |
|
|
$1.10 |
$0.36 |
|
(1) Operating expenses, income from operations, net income and basic EPS for the nine months ended July 31, 2003 include the recovery of a bad debt from a related party in the amount of $159,000.
Total revenue for the nine months ended July 31, 2004 was $5.9 million, an increase of 15% the same period last year. Subscription-based recurring revenues accounted for 89% of total revenues in the first nine months of the fiscal year.
"Our continued revenue growth and eleven consecutive quarters of profitability have been a direct result of the efforts of our committed staff," said David Strucke, Navtech's President and Chief Executive Officer. "We have been successful in establishing a presence in the Asia Pacific region and have continued our penetration into the European and North American markets for our dispatch product line. In addition, we have established ourselves as market leaders with our more recent crew management products. "
Net earnings for the quarter increased to $140,000, compared to $53,000 in same quarter of the prior year.
Third Quarter Operational Achievements:
- With the signing of Qantas subsidiary Jetstar (Australia), Navtech has established a launch customer for its flagship DispatchProTM product in the Asia-Pacific region
- Islandflug (Iceland) initiated production use of DispatchProTM
- Specialty charter operator Falcon Air Express (Florida) and start-up Focus Air (Florida) have chosen Navtech�s DispatchProTM product for flight dispatch automation
- Frontier Airlines (Colorado) has chosen Navtech's CLASSTM and CLASSBidTM to automate their flight attendant crew planning
- North American regional airline Chautauqua Airlines began production use of Navtech's CLASSTM preferential bidding system
About Navtech
Navtech creates and supports superior flight operations software for airlines. Navtech's software provides a competitive edge to airlines by facilitating significant costs savings in fuel consumption and crew planning, two areas that represent a majority of an airline's variable operating expenditures. With over 100 customers spanning more than 25 countries, Navtech's software directly supports millions of flights around the globe each year. Navtech and its employees understand the importance of creating solid partnerships between the company and its customers. Navtech has approximately 100 employees with offices in the United States, Canada, Singapore and the United Kingdom.
FORWARD-LOOKING STATEMENTS
This release may include forward-looking statements concerning the Company's intent, belief or current expectations with respect to, among other things, trends affecting its financial condition or results of operations and its business and growth strategies. Such forward-looking statements are based upon assumptions that may not be correct, are not guarantees of future performance and involve risks and uncertainties that may cause actual results to differ materially from those projected, expressed or implied. The Company does not undertake any obligation to update or revise any forward-looking statements. All forward-looking statements are subject to the risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission, including those set forth under "Other Considerations" in the "Management's Discussion and Analysis or Plan of Operation" section of the Company's Annual Report on Form 10-KSB for the year ended October 31, 2004.
For further information please contact:
Navtech, Inc.
Gordon Heard
Chief Financial Officer
Tel: +1 519 747 1170 x288
Fax: +1 519 747 5282
gheard@navtechinc.com
www.navtechinc.com
|