Message #3 From:
NewsBot Date: March 29, 2005 09:42:27 AM
NAVH Navtech, Inc. Reports 31% Revenue Growth For First Quarter Ended January 31st, 2005
Navtech, Inc. Reports 31% Revenue Growth For First Quarter Ended January 31st, 2005
WATERLOO, Ontario
Navtech, Inc.
Gordon Heard
Chief Financial Officer
+1 519 747-1170 Ext. 288
Fax: +1 519 747-5282
gheard@navtechinc.com
www.navtechinc.com
Navtech, Inc. (OTCBB:NAVH), a leading international provider of aviation software solutions, announced its results for the three months ended January 31st, 2005.
Financial Highlights
Three Months Ended January 31,
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2005 2004
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Revenue $2,423,000 $1,853,000
Operating expenses 2,358,000 1,813,000
Income from operations 65,000 41,000
Net earnings 59,000 46,000
EPS - Basic and diluted 0.01 0.01
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End of period stock price $1.70 $0.75
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Total revenue increased by 31% to $2.4 million in the first quarter of fiscal 2005 from $1.9 million in the same quarter last year. Subscription-based recurring revenues accounted for 82% of revenues in the quarter.
"Record revenue levels this quarter are a direct result of our strategic investments in sales and marketing and increased product development activities", said David Strucke, Navtech's President and Chief Executive Officer.
"This has been an outstanding quarter for our crew management products, culminating with the previously announced contract with Air Canada," added Mr. Strucke "We also continue to be very pleased with market acceptance of our Dispatch products in Europe and AsiaPac."
The quarter represented Navtech's 13th consecutive quarter of profitability, reporting net earnings of $59,000 for the quarter compared to $46,000 in the same quarter last year.
First Quarter Operational Highlights:
- Contract established with Air Canada and Air Canada Jazz for crew management software. CLASS(TM), Navtech's preferential bidding system, will be used to schedule 8,000 flight attendants.
- Further growth achieved in Europe with Sterling European (Denmark) and Swefly (Sweden) selecting Navtech's signature dispatch product, DisptachPro(TM).
- Air Atlanta (Iceland) and TNT Airways (Belgium) initiated production use of Navtech's Aircraft Performance Service.
- Existing Navtech customers Cielos del Peru (Peru) and Kalitta Air (Detroit) upgraded their dispatch software to DisptachPro(TM).
- Navtech completed the integration of its Aircraft Performance database with DisptachPro(TM) for Express.Net Airlines (Florida).
- Falcon Air Express (Florida) initiated production use of DisptachPro(TM)
About Navtech:
Navtech provides integrated software solutions for the planning and control of an airline's critical flight operations. Navtech's product suite includes market leading dispatch and crew planning systems. 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.
