STAMFORD, Conn., Jan. 22, 2016 /PRNewswire/ -- PASSUR® Aerospace, Inc. (OTC: PSSR), a business intelligence, predictive analytics, and big data company, announced that revenue for the fiscal year ended October 31, 2015 increased 9% to $12,538,000, compared to $11,490,000 for the prior fiscal year. Net income was $279,000, or $0.04 per diluted share, in fiscal year 2015, compared to $348,000, or $0.04 per diluted share, in the prior fiscal year. The company also increased its number of employees by 19%.
In 2015, the company was awarded four major airline contracts. In addition, PASSUR was selected to provide the first industry dashboard for reporting on and analyzing air transportation system performance improvements attributable to the deployment of key Next Generation Air Transportation System (NextGen) capabilities by the RTCA, an organization that develops technical guidance for use by government regulatory authorities and the aviation industry.
The airline contracts included the sale of PASSUR Integrated Traffic Management (PITM) to a major U.S. airline, system-wide. This deployment includes modules for diversion management, traffic flow management, and surface management.
In addition, PASSUR launched and deployed its newest Extended Estimated Time of Arrival (XETA) for one of North America's largest airlines for its entire North American system. PASSUR XETA provides precise arrival times to enable better turn times, decisions about connections, gate allocations, schedule adjustments, crew allocations, and many other arrival time-dependent decisions.
Other 2015 airline contracts include the sale of PASSUR's new surface management technology (PASSUR Surface Multilateration, SMLAT) to a major airline at two large airports. In addition, another surface system sold in 2014 was deployed in 2015. These deployments support more efficient and cost effective operations of aircraft on the airport surface, by:
- De-conflicting congested taxiways and ramps to enable aircraft to depart or arrive in the correct sequence and on time;
- Reducing the problem of arriving aircraft waiting for a gate; and
- Making it easier for passengers to make their flight connections.
This new technology is an effective way to introduce surface surveillance at an airport, either to extend coverage to areas that are not currently within an existing surface surveillance system's capture range, or to provide new surface surveillance capabilities to an airport. The extended, gate-to-gate surveillance creates total flight tracking that manages and optimizes constraints across the entire flight, including some of the most complex, expensive, and disruptive operations such as tarmac delays, gate holds, taxi queues, turn times, return-to-gate, diversions, and deicing.
Also, during fiscal year 2015 PASSUR was awarded two major airport contracts after competitive bids. The first was to provide a surface management solution for deicing operations – optimizing airport-wide flow of departures during complex, constrained winter operations at a Canadian airport. The second was to provide a collaborative decision-making system at a U.S. airport to streamline and optimize the management of the airfield by linking all key stakeholders on the PASSUR connectivity and collaboration network.
In 2015, the company was awarded four new patents, introduced two new products, and enhanced several others. The total number of patents awarded to the company is now twenty-three, with eleven additional patents pending. The company considers itself to be a leader in the following areas, among others, in which patents were awarded:
- Predicted airport arrival and departure rates (now a total of three patents in this area);
- Departure metering/slot allocation (now a total of four patents in this area); and
- Surface management (now a total of six patents in this area).
"We made progress in growing revenue and market share in 2015, as well as executing on our strategic objectives, the most important of which is increasing airline cash flow and operational performance," said Jim Barry, President and CEO of PASSUR® Aerospace. He added, "We are excited about the contracts we signed in fiscal year 2015, several of which are to be delivered in fiscal year 2016. Our team, together with our customers, continues to lead, innovate, and deliver value to our industry as one of their most trusted solution partners."
"We continue to make investments in people and technology, and these investments are paying off – we are winning major competitive bids, growing our footprint at the largest airlines and airports, and partnering with big organizations to enhance the value we offer our industry," said G.S. Beckwith Gilbert, Chairman of PASSUR® Aerospace.
About PASSUR® Aerospace, Inc.
PASSUR® Aerospace is a leading business intelligence company, providing predictive analytics and decision support technology for the aviation industry primarily to improve the operational performance and cash flow of airlines and the airports where they operate. PASSUR® Aerospace's information solutions are used by the five largest North American airlines, over 60 airport customers (including 22 of the top 30 North American airports), more than 200 corporate aviation customers, and the U.S. government. PASSUR® Aerospace owns and operates the largest commercial passive radar network in the world that updates flight tracks every 1 to 4.6 seconds, powering a proprietary database that is accessible in real-time and delivers timely and accurate information and solutions via PASSUR® Aerospace's industry-leading algorithms and business logic included in its products. Visit PASSUR® Aerospace's website at www.passur.com for updated products, solutions, and news.
The information provided in this press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 regarding PASSUR® Aerospace'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 that 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 risks and uncertainties discussed under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's Form 10-K for the fiscal year ended October 31, 2015; the uncertainties related to the ability of the company to sell its existing product and professional service lines, as well as in new products and professional services (due to potential competitive pressure from other companies or other products); and the potential for terrorist attacks, changes in fuel costs, airline bankruptcies and consolidations, economic conditions, and other risks detailed in the company's periodic reports filed with the Securities and Exchange Commission. Other uncertainties which could impact the company include, without limitation, uncertainties with respect to future changes in governmental regulation and the impact that such changes in regulation will have on the company's business. Additional uncertainties include, without limitation, uncertainties relating to: (1) the company's ability to find and maintain the personnel necessary to sell, manufacture, and service its products; (2) its ability to adequately protect its intellectual property; and (3) its ability to secure future financing. 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, beliefs, or expectations only as of such date. PASSUR® Aerospace 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 PASSUR® Aerospace makes on related subjects in its Forms 10-K, 10-Q, and 8-K.
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SOURCE PASSUR Aerospace