PASSUR Aerospace Reports 24% Increase in Revenue and $2.6 Million in Profit for Fiscal Year 2011
STAMFORD, Conn., Jan. 17, 2012 /PRNewswire/ -- PASSUR® Aerospace, Inc. (OTC Bulletin Board: PSSR), a business intelligence software and solutions company, announced a revenue increase of 24% to $13,609,000 for the fiscal year ended October 31, 2011, compared to $10,958,000 in FY2010. Operating profit for FY2011 was up approximately 37% to $1,974,000, compared to $1,443,000 in FY2010. Net income was $2,634,000 or $.39 per diluted share for FY2011, compared to $21,000 or $.00 per diluted share in FY2010. In FY2011, the Company reversed $1,590,000 of its valuation allowance related to deferred tax assets which contributed to its net income of $2,634,000. Highlights of fiscal year 2011 included:
- Renewed a major contract with the Federal Aviation Administration (FAA) for a program to provide access to PASSUR's aviation security-related products in support of the FAA's joint role with the Transportation Security Administration.
- Launched PASSUR Integrated Traffic Management (PITM) - a suite of integrated decision-support capabilities that target expensive, disruptive constraints in the National Air Space (NAS) through data, predictive analytics, common operating/collaborative platforms, and detailed performance analysis. PITM is designed to allow airlines and airports to increase the efficiency, predictability, safety, and cost effectiveness of their surface operations.
- Developed and launched the Company's Surface Management Program, which is an independent, worldwide, gate-to-gate network of flight tracking and airspace information. This solution is used to address congestion on the ground and in the air and to reduce fuel burn and delays.
- Announced a teaming agreement with ARINC to develop and deliver predictive analytics and decision support solutions directly to the flight deck. This solution is designed to provide greater efficiency, communication, and collaboration with the flight crew, while increasing the critical role of Dispatch.
- Entered into a teaming agreement with Mosaic ATM to bring to market additional products, solutions, and services for departure metering, networked surface management, and integrated traffic management.
- Collaborated with the Massachusetts Institute of Technology on a groundbreaking study of surface departure metering at JFK International Airport showing the following significant benefits (annualized from seven months of data studied): approximately $10,000,000 to $15,000,000 in reduced fuel costs, approximately 48,000 fewer metric tons of carbon released into the atmosphere, approximately 14,800 fewer hours of taxi time, and approximately 5,000,000 gallons of fuel saved.
- Expanded the PASSUR National Airport Network of Field Condition Reporting by over 40%. The program consolidates field condition reporting for all participating airports onto a single screen, adds new levels of automation, and is available to, and accessed by, airline system operation centers in the U.S. and internationally.
- Launched the National Airport Information Network, addressing the industry's needs for more effective, coordinated, and collaborative response to diversions and tarmac delays by consolidating PASSUR's tarmac delay, diversion management, and field condition capabilities onto a single, national industry platform.
- Expanded the reach and deployment of the PASSUR Landing Fee Management program, the industry's leading platform for the collaborative management of landing fees among airports and airlines, using independent, standardized, and automated processes.
- Increased the Company's intellectual property portfolio. The Company was awarded five new patents from November 1, 2010 to January 4, 2012. During that same period, the Company filed for an additional seven patents, all relating to improved business intelligence or predictive analytics. The Company currently owns 12 issued patents, and has an additional 20 patents which are pending with the United States Patent Office.
"It's been another good year - our sales and profits have dramatically increased, our balance sheet is much improved with significant debt reduction, we continue to build a first-class team, and market acceptance of our solutions is strong," said Jim Barry, PASSUR Aerospace's President & CEO. "Our markets have responded enthusiastically to PASSUR's investments in analytics and business intelligence technology that result from the mining of our huge database, and which are focused on solving expensive, complex customer challenges."
"We've proven that helping the transportation business become more efficient - by lowering fuel costs, reducing emissions, improving airspace security, and making the travel experience easier for passengers - can be a winning proposition for a commercial enterprise," said G.S. Beckwith Gilbert, PASSUR Aerospace Chairman of the Board. "Our business model continues to perform, even in these challenging economic times."
About PASSUR Aerospace, Inc.
PASSUR Aerospace, Inc. is a business intelligence company that provides predictive analytics built on proprietary algorithms and the concurrent integration and simultaneous mining of multiple databases. We believe we provide the industry standard in business intelligence dashboards and predictive analytics for aviation organizations. PASSUR serves dozens of airlines (including six of the top eight North American airlines, and all five of the top hub carriers), approximately 60 airport customers (including 23 of the top 30 North American airports), and approximately 200 corporate aviation customers, as well as the U.S. government, including the Federal Aviation Administration and the Transportation Security Administration. PASSUR's system is driven by proprietary, patented, business intelligence software, which is powered by a unique North American network of 155 passive radars, company owned, and covers 98 of the top 100 North American airports. Other PASSURs are located in Europe and Asia. Flight tracks are updated between 1 and 4.6 seconds, thereby providing a system which is user-friendly and useful for decision making.
Visit PASSUR Aerospace's website at http://www.passur.com for updated news, products, and solutions.
The information provided in this press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the Company's future plans, objectives, and expected performance. The words "believe," "may," "will," "could," "should," "would," "anticipate," "estimate," "expect," "project," "intend," "objective," "seek," "strive," "might," "likely result," "build," "grow," "plan," "goal," "expand," "position," or similar words, or the negatives of these words, or similar terminology, identify forward-looking statements. These statements are based on assumptions that the Company believes are reasonable, but are subject to a wide range of risks and uncertainties, and a number of factors could cause the Company's actual results to differ materially from those expressed in the forward-looking statements referred to above. These factors include, without limitation: the ability of the Company to sell data subscriptions from its PASSUR Proprietary Surveillance Network and to make new sales of its PASSUR and other product lines (due to potential competitive pressure from other companies or other products); the current uncertainty in the aviation industry due to terrorist events, the continued war on terrorism, changes in fuel costs, airline bankruptcies and consolidations; economic conditions; future changes in governmental regulation and the impact that such changes in regulation will have on the Company's business; the Company's ability to attract and maintain the personnel necessary to sell, manufacture, and service its products; the Company's ability to adequately protect its intellectual property; the Company's ability to secure future financing; the Company's ability to maintain the continued support of its significant shareholder and the risks and uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K. Readers are cautioned not to place undue reliance on these forward-looking statements, which relate only to events as of the date on which the statements are made and which reflect management's analysis, judgments, belief, or expectation only as of such date. The Company undertakes no obligation to publicly update any forward-looking statements for any reason, even if new information becomes available or other events occur in the future. Readers are advised, however, to consult any further disclosures we make on related subjects in our Forms 10-K, 10-Q, and 8-K.
James T. Barry
President & CEO
SOURCE PASSUR Aerospace, Inc.