STAMFORD, Conn. - PASSUR™ Aerospace, Inc. (OTC: PSSR), a business intelligence, predictive analytics, and big data company, announced total revenue for Fiscal Year (“FY”) 2016, ending October 31, 2016, was $14.9 million, an increase of 19%, compared with $12.5 million in FY 2015, as a result of significant new business from our largest airline customers. Income from operations for FY 2016 was $1.2 million, an increase of 34% compared with $0.9 million for FY 2015. Net income for FY 2016 was $435,000, or $0.06 per diluted share, an increase of 56%, compared with $279,000, or $0.04 per diluted share, for the prior fiscal year.
Financial and Business Highlights:
Total revenue for the fourth quarter of FY 2016 was $3.8 million, an increase of 15%, compared with $3.3 million in the same period in FY 2015. Income from operations for the fourth quarter of FY 2016 was $0.5 million, compared with $0.1 million for the same period in FY 2015. Net income was $107,000, or $0.01 per diluted share, for the fourth quarter of FY 2016, compared with a net loss of $36,000, or $0.00 per diluted share, for the same period in FY 2015.
Since the start of FY 2016, the Company has received contracts from two of the largest U.S. airlines to install PASSUR’s new Surface Management System, including PASSUR Surface Surveillance Technology, at seven airports. Three installations were completed in FY 2016. The remaining four installations will be completed during FY 2017.
In January 2016, the Company won a competitive bid from RTCA (Radio Technical Commission for Aeronautics) to provide to the FAA-Industry Joint Analysis Team (“JAT”) of the NextGen Advisory Committee the aviation industry’s first dashboard for reporting on and analyzing air transportation system performance improvements attributable to the deployment of key NextGen capabilities.
In September 2016, the Company announced a partnership with AirMap, the leading drone airspace management platform. The partnership will make real-time data about manned aircraft flights from PASSUR’s commercial passive radar and ground-based flight surveillance network available to the hundreds of drone innovators and app developers who use AirMap’s developer platform.
During FY 2016, the Company expanded its airport-airline collaborative network by including six new airports. This real-time platform provides close coordination and information sharing between airlines and airports, used to manage complex or disrupted operations and to reduce costs and passenger inconvenience.
During FY 2016, the Company launched several new products as well as enhancements to existing products:
PASSUR Intelligent Query (P-IQ), which supports airlines and airports in determining their most important operational objectives for efficiency gains, revenue optimization, and cost savings on a daily basis, then automatically provides alerts, which identify real time actions to help achieve the customer’s goals.
A new release of ATC Portal, with enhanced automatic updating of arrival and departure demand at an airport, enables airlines and airports to proactively anticipate disruptions and make adjustments to minimize costs and passenger disruptions.
A new release of PASSUR’s flagship flight, airport, and airspace visualization solution, Web Tracker, provides greater flexibility and speed to customers and enables them to customize their screens to reflect specific operating environments, workflow requirements, and key operational and business metrics.
Releases of new versions of PASSUR Departure Metering and Sequencing at multiple airports enable airlines to prioritize high-value flights, reduce the number of aircraft waiting to take off, and sequence arrivals and departures to most efficiently use gates consistent with their most critical business and operational priorities.
During FY 2016, the Company was awarded two new patents. The Company now has twenty-three patents, with sixteen additional patents pending.
Jim Barry, PASSUR President and CEO, said, “We’re pleased with these results. Our team has done a great job during fiscal year 2016. In the coming year we will continue to seek out and capitalize on opportunities to further improve our performance. We continue to develop new ways to provide our customers with even more value, thereby further validating PASSUR’s role as an important, trusted, and innovative solutions provider to our customers and to our industry.”