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:
- 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.
- Launched PITM at an additional major US airline. This airline
purchased modules for surface management and diversion management,
system-wide.
- Was awarded two major airport contracts after public
competitions from the Metropolitan Washington Airports Authority
and the Minneapolis-St. Paul Metropolitan Airport Commission.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
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SOURCE PASSUR Aerospace