PASSUR Aerospace, Inc. (OTC: PSSR) reported total revenue for fiscal year (FY) 2016, ending October 31, 2016, was USD14.9 million, an increase of 19%, compared with USD12.5 million in FY 2015, as a result of significant new business from its largest airline customers, the company said.
Income from operations for FY 2016 was USD1.2 million, an increase of 34% compared with USD0.9 million for FY 2015. Net income for FY 2016 was USD435,000, or USD0.06 per diluted share, an increase of 56%, compared with USD279,000, or USD0.04 per diluted share, for the prior fiscal year.
Since the start of FY 2016, the company has received contracts from 2 US airlines to install PASSUR´s new surface management system, including PASSUR surface surveillance technology, at seven airports. Three installations were completed in FY 2016.
Also in FY 2016, it won a competitive bid from Radio Technical Commission for Aeronautics to provide the aviation industry´s first dashboard for reporting on and analyzing air transportation system performance improvements attributable to the deployment of key NextGen capabilities. Additionally, the company announced a partnership with AirMap, the leading drone airspace management platform.
The company expanded its airport-airline collaborative network by including six new airports during FY 2016, and launched several new products as well as enhancements to existing products.
PASSUR Aerospace is a 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. Over 125 airlines and over 60 airports world-wide use PASSUR products.
PASSUR Aerospace owns and operates a global commercial passive radar network that updates flight tracks every 1 to 4.6 seconds, powering a proprietary database that is accessible in real-time.