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Waterloo, Ontario, Canada, June 9, 2005: Navtech, Inc. (OTCBB: NAVH), a leading international provider of aviation services and software solutions, announced its results for its second quarter ended April 30, 2005
Total revenue increased by 35% to $2.7 million in the second quarter of fiscal 2005 from $2.0 million in the same quarter last year. Revenue for the six months ended April 30th, 2005 was $5.1 million, an increase of 33% from the same period last year. Subscription-based recurring revenues accounted for 79% of revenues in the first half of the fiscal year.
"The results from this quarter represent record revenue levels and our 14th consecutive quarter of profitability", said David Strucke, Navtech's President and Chief Executive Officer, "We are obviously very pleased with our results to date this year."
"Our success is the direct result of a continued commitment to product development and targeted geographic expansion,' added Mr. Strucke "Our signature dispatch software continues to make strong gains in Europe and Asia Pac, and our long-term contracts with Delta Air Lines and Air Canada further validate our position as market leaders in crew planning software.'
Net earnings increased to $108,000 for the second fiscal quarter of fiscal 2005, compared to $48,000 in the same quarter last year. Net earnings for the six months ended April 30th, 2005 increased to $167,000 from $94,000 for the same period last year.
Second Quarter Operational Highlights:
- Development was completed on a substantial upgrade to Navtech's C.G.ProTM Weight and Balance software. Navtech now leads the industry in fully automating the load planning process, and integrates with an airline's reservations, departure control and flight planning systems.
- Contract established with Delta Airlines for crew management software. CLASSTM, Navtech's preferential bidding system, will be used to schedule Delta Air Lines' 7,000 pilots.
- Hawaiian Airlines selected Navtech's CLASSTM software for all its pilots and flight attendants. The Hawaiian Airlines implementation will include enhanced functionality for duty trades and vacation bidding.
- Low-cost carrier Frontier Airlines (Colorado) initiated production use of CLASSTM for all its flight attendants.
- Specialty operator Orient Thai (Bangkok) began production use of Navtech's V1PlusTM aircraft performance product.
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