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Megadata Reports 32% Revenue Increase Over First Half of FY 06 and Net Income of $169,000 for the First Six Month of FY 07
Greenwich, CT, June 20, 2007 — Megadata Corporation (OTC: MDTA.OB) announced net income of $169,000 for the first half of FY 2007 or $.04/share (basic) compared to a net loss of $254,000 or $.06/share (basic) for the first half of the previous year. Total revenues for the first half of FY 2007 were up approximately 32% to $2,694,000 compared to the first half of the previous fiscal year. Subscription sales were up approximately 36% to $2,457,000 for the first half of FY 2007 from $1,811,000 for the first half of the previous year.
“This is a good first half for both sales and profits and we’re encouraged with our steady progress,” said Jim Barry, Megadata’s President and CEO. “Key to our strategy and to our continued growth is providing additional product solutions that generate a positive economic impact to our established large customer base – as well as bringing in new customers who can now be served by new PASSUR locations which have been added to our growing PASSUR Network. We’re proud of our team and thank our customers for their continued confidence in our company.”
“We’re again pleased with the financial results and with our continued profitable operations,” said G.S. Beckwith Gilbert, Megadata’s Chairman of the Board.
About Megadata
Megadata owns and operates PASSUR, a national network of multiple, live flight information sources feeding a single, integrated database known for independent, complete, timely, and accurate information and solutions for the aviation industry. This database is derived from a unique network of PASSUR radar installations in the US, Canada, Europe, and Asia.
The Company now provides services to over 45 airports, including 8 of the top 10, to dozens of airlines, including 7 of the top 10, and to a wide audience of FBO’s as well as corporate flight departments, including some of the largest in the world. We have a national and international database primarily powered by a network of company-owned passive radars.
Our PASSUR radar network covers 43 of the top 50 U.S. airports and over 110 airports throughout the world. The company’s principal business is the delivery of data, application software, and web-delivered collaborative decision tools to the aviation industry and organizations that serve, or are served, by the aviation industry. Megadata sells its products through a direct sales force, and through premier aviation decision-support technology firms.
The forward-looking statements in this news release relating to management’s expectations and beliefs are based on preliminary information and management assumptions. Such forward-looking statements are subject to a wide range of risks and uncertainties that could cause results to differ in material respects, including those related to customer needs, budgetary constraints, competitive pressures, the success of airline trials, the profitable use of the Company’s owned PASSURs located at major airports, the Company’s maintenance of above average quality of its product and services, as well as potential regulatory changes. Further information regarding factors that could affect the Company’s results is contained in the Company’s SEC filings, including the October 31, 2006 Form 10K and the April 30, 2007 Form 10Q.
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