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Megadata Reports Strong Increase in Sales and Profits
Greenwich, CT, September 19, 2007 — Megadata Corporation (OTC: MDTA.OB) announced a net profit of $142,000 or $.03/share for the third quarter ended July 31, 2007, compared to a net profit of $22,000 or $.01/share in the third quarter of the previous fiscal year. For the nine months ended July 31, 2007, the company earned $311,000 or $.06/share, compared to a net loss of $231,000 or $.06/share in the same period in the previous fiscal year.
Total revenues for the third quarter of fiscal 2007 were up approximately 37% to $1,467,000, compared to the same quarter in the previous fiscal year. Year to date revenues in FY 2007 of $4,160,000 were 34% above those in the same period in the previous year. Subscription sales for the quarter were up approximately 42% to $1,365,000, compared to the third quarter of the previous fiscal year. Year to date subscription sales of $3,822,000 were 38% higher than the same period in the previous fiscal year.
“We’re making steady progress in both sales and profits – our team is executing well and as always, we thank our customers for their continued support,” said Jim Barry, Megadata’s President and CEO.
“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 a unique database of flight information with proprietary decision-making software, primarily powered by a growing national and international network of passive radars (PASSURs) located at more than 70 airports world-wide, including 33 of the top 35 U.S. airports – from which it provides PASSUR information, analytics, and decision support tools to improve the financial condition and operational efficiency of aviation organizations. Megadata offers unique user friendly information as well as decision algorithms which provide innovative commercial air traffic solutions to over 50 airports, including 8 of the top 10 U.S. airports; dozens of airlines, including 7 of the top 10 U.S. airlines; and over 150 corporate aviation customers, as well to the U.S. Government. In addition, the Company has created and implemented collaborative web-based software that allows the Company’s customers to instantly share information to improve individual and joint decision making, creating additional value for those customers.
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 July 31, 2007 Form 10Q.
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