PASSUR® Aerospace Reports Increase in Net Income Of 23%, an Increase in Income Before Income Taxes Of 35%, and a 4% Total Company Revenue Increase for FY2014

STAMFORD, Conn., Jan. 29, 2015 /PRNewswire/ -- PASSUR^® Aerospace, Inc. (OTC: PSSR), a business intelligence, predictive analytics, and big data company, announced that net income increased 23% to $348,000 or $.04 per diluted share for the fiscal year ended October 31, 2014, compared to $282,000 or $.04 per diluted share in the fiscal year ended October 31, 2013. Income before income taxes increased 35% to $863,000 for the fiscal year ended October 31, 2014, compared to $637,000 in the fiscal year ended October 31, 2013. Total Company revenue increased 4% to $11,490,000 for the fiscal year ended October 31, 2014, compared to $11,035,000 for the fiscal year ended October 31, 2013.

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PASSUR^®'s major achievements and developments during fiscal year 2014 are summarized below. The Company: 

1. Announced the deployment of the PASSUR^® surface management solution for Southwest Airlines, system-wide. The PASSUR^® surface management solution is a module of PASSUR^® Integrated Traffic Management ("PITM"), a web-based integrated business intelligence platform that targets key constraints throughout the lifecycle of a flight to minimize fuel costs and emissions and to improve schedule integrity and the passenger experience.
2. Launched PITM at an additional major US airline. This airline purchased modules for surface management and diversion management, system-wide.
3. Was awarded two major airport contracts after public competitions from the Metropolitan Washington Airports Authority and the Minneapolis-St. Paul Metropolitan Airport Commission.
4. Launched PASSUR^® Surface Multilateration ("SMLAT") within PITM – a new ground-based sensor system to extend PASSUR^® coverage to runways and taxiways as well as ramps, alleyways, and throats. SMLAT data is integrated with other existing PASSUR^® data and other surface surveillance systems to expand the capabilities for surface management of PITM.
5. Launched a major enhancement to PASSUR^®'s Estimated Time of Arrival ("PASSUR^®'s ETA") predictive solution – now expanding the predictive reach of PASSUR^®'s ETA from "wheels up departure" all the way to gate arrival. Multiple, independent airline studies have shown the PASSUR^® ETA to be the most accurate in the industry. This extended predictive accuracy window further enhances the value of PASSUR^®'s ETA for airlines, allowing airlines to optimize gate resources and turn times at highly constrained, tightly scheduled airports, and more effectively manage the risks of "crew timeouts" that are part of new, more stringent FAA rest regulations.
6. Expanded the integration of PASSUR^®'s collaborative information sharing platform, further integrating our local, regional, national, and international airline, airport, and other industry stakeholders into a single resource for collaboration, communication, and coordination of major events in real time.
7. Worked with the International Air Transportation Association ("IATA"), a PASSUR partner, to expand the footprint of the IATA Tactical Operations Portal ("ITOP") from the US to Brazil where, in collaboration with IATA, the solution was used for the 2014 FIFA World Cup Brazil. As a result of the successful deployment during the World Cup, participating airlines decided to continue the use of ITOP Brazil. ITOP is a PASSUR^® designed and hosted web platform that provides airlines with the ability to minimize same-day constraints worldwide by providing access to critical information about airspace and airport operations, expert traffic management support, and real time alerts and updates – all on a single, live, collaborative portal.
8. Announced a collaboration with Raytheon Company ("Raytheon") to collaborate on solutions to improve the predictability of air travel, increase efficiencies for airlines, and create a safer, more hassle-free travel experience for passengers. The cooperative agreement includes the integration of PASSUR^®'s business analysis and predictive analytics decision support software with Raytheon's air traffic management systems.
9. Announced an agreement with INFORM GmbH to develop enhanced turn-management solutions for airlines and airports. The companies began to connect their software and data for a launch project with a mutual airline customer, one of the largest in the world. The combined solution will deliver greater predictability, reliability, and schedule integrity, with fewer delays and disruptions for airlines and airports.
10. Was awarded one additional patent, related to airport efficiency, bringing the total number of PASSUR^® patents to nineteen, with thirteen filed and pending.

"We made progress in 2014 and continued to build market share, we sold more services from our suite of solutions to our large customer base, and we signed agreements with premier companies to provide more complete solutions to our commercial and government customers," said Jim Barry, President and CEO of PASSUR^® Aerospace. He also added, "We believe the progress and investments we made in our platform in 2014 will accelerate the fulfillment of our mission to connect aviation professionals onto one platform to improve global air traffic efficiencies."

"We continue to make the investments needed to take advantage of what we see as a significant opportunity for long term, robust growth," said G.S. Beckwith Gilbert, PASSUR^®'s Chairman of the Board of Directors. 

About PASSUR^® Aerospace, Inc.

PASSUR^® Aerospace, Inc. is an aviation business intelligence and big data company that provides predictive analytics built on proprietary algorithms and the concurrent integration and simultaneous mining of multiple databases. PASSUR^® considers itself to be the industry standard in business intelligence dashboards and predictive analytics for aviation organizations. PASSUR^® serves more than 125 worldwide airlines (including all of the top North American airlines), more than 60 airport customers (including 22 of the top 30 North American airports), and approximately 200 corporate aviation customers, as well as the US government. PASSUR^®'s system provides coast to coast coverage and is driven by proprietary, patented, business intelligence software, which is powered by a unique company owned North American network of over 180 passive radar systems, with other PASSUR systems located worldwide. Supplementary, detailed coverage is also provided at 98 of the top 100 North American airports. Flight tracks are rapidly updated between 1 and 4.6 seconds, thereby making available a system that is user-friendly and useful for decision-making. Visit PASSUR^®'s website at www.passur.com for updated products, solutions, and news. 

Contact:           James T. Barry
                        President & CEO
                        (203) 622-4086
                        Email

The forward-looking statements in this press 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, 2014 Form 10-K.

SOURCE PASSUR Aerospace

Related Links

http://www.passur.com