PASSUR Aerospace Reports an Increase in Net Income of 9% to $2.9 Million for
Fiscal Year 2012
STAMFORD, Conn., Jan. 30, 2013
STAMFORD, Conn., Jan. 30, 2013 /PRNewswire/ --PASSUR^® Aerospace, Inc (OTC:
PSSR), a business intelligence software and solutions company, announced that
net income increased 9% to $2,861,000 or $.36 per diluted share for the fiscal
year ended October 31, 2012, compared to $2,634,000 or $.39 per diluted share
in the fiscal year ended October 31, 2011. Included in net income for fiscal
years 2012 and 2011 was an income tax benefit of $1,776,000, and $1,572,000,
Total Company revenue decreased 8% to $12,507,000 for the fiscal year ended
October 31, 2012, compared to $13,609,000 in the fiscal year ended October 31,
2011, despite all-time record revenue of slightly over $10 million from the
Company's North American airline, airport, and business aviation sector.
Fiscal year 2012 revenue from this sector was about 7% above fiscal year
2011's level of approximately $9,500,000. For the first time, PASSUR customers
include all eight of the top eight North American airlines.
Revenue from PASSUR's international, professional services, and government
sector dropped approximately 43%, to about $2.4 million, compared to
approximately $4.3 million in fiscal year 2011, as a result of the completion
of a government contract and of a professional service engagement.
Operating profit for fiscal year 2012 decreased approximately 30% to
$1,378,000, compared to $1,974,000 in fiscal year 2011. Income before taxes
increased $23,000, or 2%, to $1,085,000 in fiscal year 2012, compared to
$1,062,000 in the prior year.
PASSUR's major achievements and developments during fiscal year 2012 are
summarized below. The Company:
onow sells to all eight of the largest North American airlines.
oannounced a significant contract with a major airline for a system-wide
implementation of all the major modules of PASSUR^® Integrated Traffic
Management (PITM). PITM is a web hosted integrated business intelligence
platform that targets key constraints through the entire lifecycle of the
flight, to optimize fuel costs and emissions, schedule integrity, and the
osignificantly expanded contracts for PASSUR^® Integrated Traffic
Management (PITM) with deployments at three major airlines and a major
osignificantly expanded the Company's Collaborative Decision-Making (CDM)
program into business social media and industrial social networking, to
leverage new social media technologies, and new protocols in
collaboration, communication, and information sharing, including:
olaunched and significantly expanded the Airport Information Network
(AIN), which addresses the industry's need for more effective,
coordinated, and collaborative responses to diversions and tarmac
delays by consolidating PASSUR^®'s Tarmac Delay, Diversion
Management, and field condition capabilities onto a single, national
aviation industry platform. At the close of fiscal year 2012, AIN had
more than 100 participating airports, 8 major airlines, and more than
500 individual aviation professional users. AIN is directly tied to
the new international CDM program launched with our partner, the
International Air Transport Association (IATA).
oexpanded the PASSUR^® National Airport Network of Field Condition
Reporting to more than 20 airports. 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
oexpanded 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.
oincreased the Company's intellectual property portfolio. PASSUR was
awarded five new patents from November 1, 2011 to October 31, 2012. During
the same period, the Company filed an additional four patent applications,
all relating to improved business intelligence or predictive analytics.
The Company currently owns sixteen issued patents, and has an additional
seventeen patent applications pending with the United States Patent
olaunched an international collaborative traffic management program with
IATA, the IATA Tactical Operations Portal (ITOP). This new platform will
provide airlines worldwide the ability to minimize same-day air traffic
constraints in the U.S., access critical information about U.S.
operations, and receive expert traffic management support and updates on
the U.S. National Airspace (NAS) – all on a single, live, collaborative
portal.ITOP is linked live to AIN, providing member access to the North
American airline and airport community in real time. The link to AIN on
ITOP, along with providing visibility to U.S. operations for international
carriers on PITM, is part of the initial phase of the Company's broader
olaunched its Platform Strategy, which creates the technical and business
structure to incorporate solutions and products from partner companies
into PASSUR^®'s Traffic Management Solutions, and provides domestic and
international sales opportunities.
ocompleted a major professional service engagement, which helped launch new
solutions for PASSUR^® Surface Management. The new surface management
program, which was first sold in fiscal year 2011, will be marketed in the
future, both internationally and as an additional product for its North
American airline, airport, and business aviation sector. The Company filed
several patents for this new product.
ointroduced the integration and display of Automatic Dependent Surveillance
– Broadcast (ADS-B) into its PASSUR^® PITM solution. ADS-B is a
cornerstone technology of NextGen, the FAA's plan for a complete
modernization of the air traffic control system, and is an important
enhancement to PASSUR^®'s international expansion program. The use of
ADS-B in PASSUR^® supplements an extensive, existing array of surveillance
technologies processed and integrated in the PASSUR^® suite of solutions,
which are "fused" to provide a seamless flight and airspace visualization
capability, as part of PASSUR^®'s Independent Surveillance Network.
"We continue to experience growth in our core commercial markets," said Jim
Barry, PASSUR Aerospace's President & CEO. "We are proud that revenue from our
North American airline, airport, and business aviation sector reached a record
level last year. We are also particularly pleased to announce that, for the
first time, all eight of North America's top airlines are contracting with
PASSUR. This is a major achievement for the company and testimony to the value
of our new PASSUR Integrated Traffic Management platform and, we believe, its
positive impact on our customers' overall system reliability as well as cash
flow. Finally, our continued investment in collaborative industrial social
networks introduces the PASSUR platform to a worldwide community of aviation
professionals – the next generation of PASSUR customers."
"We believe our customers can, using PASSUR's unique product suite, address
costs and problems previously thought unsolvable, by leveraging Big Data,
collaborative platforms, industrial social networks, and smart decision
support technology," said G.S. Beckwith Gilbert, PASSUR Aerospace Chairman of
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 PASSUR
is the industry standard in business intelligence dashboards and predictive
analytics for aviation organizations. PASSUR serves dozens of airlines
(including the top eight North American airlines), approximately 60 airport
customers (including 22 of the top 30 North American airports), and
approximately 200 corporate aviation customers, as well as the U.S.
government. PASSUR's system provides coast-to-coast coverage and is driven by
proprietary, patented, business intelligence software, which is powered by a
unique North American network of 155 passive radars, company owned.
Supplementary, detailed coverage is also provided at 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 making available a system,
which is user-friendly and useful for decision-making. Visit PASSUR
Aerospace's website at www.passur.com for updated products, solutions, and
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.
Contact: James T. Barry
President & CEO
SOURCE PASSUR Aerospace, Inc.
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