PASSUR Aerospace (OTC:PSSR) announced a revenue increase of 22% to $10,958,000 for the year ended October 31, 2010, compared to $8,960,000 in FY2009. Operating profit for FY2010 was up approximately 14% to $1,443,000, compared to $1,271,000 in FY2009. Net Income was $21,000 or $0.00 per diluted share, compared to $154,000 or $0.03 per diluted share in FY2009. PASSUR has a share price of $2.90 per share and trades on very light volume.
"2010 was an important milestone year for PASSUR - all of our key company metrics improved and the sales growth we realized in all areas of our business represents strong customer demand for our business intelligence and predictive analytics programs and could not have been possible without the investments we've made in the past several years - with over $1 million invested in new product development in 2010," said Jim Barry, PASSUR Aerospace's President & CEO.
"We really like the way our business model is working. PASSUR has spent more than ten years building what we believe is the largest private radar network in the world with over 150 locations. We have coupled the network with unique software designed to solve problems, save money, and, most importantly, enhance the level of customer service in the $20 billion-plus U.S. market for airline delays and cancellations," said G.S. Beckwith Gilbert, PASSUR Aerospace's Chairman of the Board.
PASSUR Aerospace is a business intelligence company that provides predictive analytics built on proprietary algorithms and the concurrent integration and simultaneous mining of multiple databases. PASSUR serves dozens of airlines (including 6 of the top 7 North American airlines), all 5 of the top hub carriers, more than 50 airport customers (including 10 of the top 15 North American airports), and approximately 200 corporate aviation customers, as well as the U.S. http://www.worldmarketmedia.com/779/section.aspx/2940/post/passur-aerospace-otcpssr-reports-11m-2010-revenue
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