‘Press Release’ Category

Tempe, Arizona (May 15, 2015) — VirTra Systems (OTC Pink: VTSI), a leading provider of use-of-force and firearms simulators to military, law enforcement agencies and other organizations, today announced its results for the first quarter ended March 31, 2015. The financial statements are available on VirTra’s website and here.

First Quarter 2015 Financial Summary:

* Net sales were $2.6 million for the quarter ending March 31, 2015, up 30% compared to $2.0 million in the first quarter of 2014.

* Gross margin for the quarter was 59% of net sales, compared to 62% in the prior year’s quarter. The decline was primarily due to higher personnel expenses recorded in cost of products sold and certain client driven customization projects that generate lower margins than what the Company typically experiences on products sold.

* SG&A expenses were $1.5 million, an increase from $1.0 million in the same period last year. The increase was primarily due to a 34% increase in our workforce in order to support Modern Round requirements while continuing to invest in our products for military and law enforcement markets. The Company also increased its participation in both U.S. and international industry trade shows.

* Net income was $0.2 million for both first quarter periods. Included in net income for the first quarter of 2015 is other income of $0.1 million, representing a gain due to the Company’s new equity position in Modern Round. As part of the agreement VirTra was provided a 5% ownership stake in Modern Round, LLC and the $0.1 million recorded gain values Modern Round at approximately the same valuation used in the initial investment made by Modern Round’s founders.

* Stockholders’ equity increased to $2.9 million, compared with $2.7 million at December 31, 2014. The Company had no outstanding debt as of March 31, 2015.

* Cash and cash equivalents were $1.3 million at March 31, 2015, down from $1.9 million at December 31, 2014.

Other Significant Events:

* Entered into a co-venture with Modern Round, LLC in which VirTra will design and provide the simulators for shooting lounges being developed by Modern Round. Modern Round is a private firm co-founded by Smith & Wesson Chairman Barry Monheit.

* Successfully defended two of the Company’s simulation patents, its US Patent No. 8,267,691 entitled THREAT FIRE SIMULATION AND TRAINING SYSTEM and US Patent No. 8,016,594 entitled METHOD OF TRAINING UTILIZING A THREAT FIRE SIMULATION SYSTEM. In the settlement, FAAC and VirTra agreed to an undisclosed settlement amount and FAAC agreed not to infringe the VirTra patents.

* In September 2014 the Department of Homeland Security selected VirTra for an approximate $6.0 million award. As of the end of the first quarter of 2015 approximately $0.8 million of revenue has been recognized under this contract. The Company expects to complete the remainder of the contract, but the exact timing is dependent on when the remaining customer locations are ready to receive the equipment.

Bob Ferris, Chairman and Chief Executive Officer of VirTra, commented: “We started the year off with continued operating momentum as we execute on our plans for increased market penetration. We are excited about supplying more customers with effective simulation solutions in the law enforcement, military and commercial marketplaces. One of our key strategic objectives is to leverage our proprietary technology and unmatched experience in simulation into additional markets to further monetize the investments we’ve already made. The Modern Round venture represents one of our first opportunities to pursue this strategic objective while we continue to invest in and grow our law enforcement and military markets.”

Mark Skidmore, Vice President and Chief Accounting Officer for VirTra, said: “We continue to invest in our future, ending the quarter with 51 employees, a 34% increase over the first quarter of 2014. As we move forward in 2015, we believe that we are on track to make 2015 a year of improved revenue and profits as compared with 2014.”

About VirTra Systems

VirTra is a global leading provider of the world’s most realistic and effective shooting simulators. VirTra is the higher standard in firearms training simulators, offering a variety of simulator platforms, powerful gas-powered recoil kits and the patented Threat-Fire™ simulated hostile return fire system. VirTra’s products provide the very best simulation training available for personnel that are entrusted with lethal force and critical missions. The Company’s common stock is not registered under the Securities Exchange Act of 1934 and the Company does not currently file periodic or other reports with the Securities and Exchange Commission.

www.VirTra.com

Forward-looking Statements

This news release includes certain information that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “proposed,” “planned,” “potential” and similar expressions, or are those, which, by their nature, refer to future events. All statements, other than statements of historical fact, included herein, including statements about VirTra’s beliefs and expectations, are forward-looking statements. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Although VirTra believes that such statements are reasonable, it can give no assurance that such forward-looking information will prove to be accurate. VirTra cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors. Accordingly, due to the risks, uncertainties and assumptions inherent in forward-looking information, readers and prospective investors in the Company’s securities should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof, is based upon the opinions and estimates of management and information available to management as at the date hereof and is subject to change. The Company assumes no obligation to revise or update forward-looking information to reflect new circumstances, whether as a result of new information, future events or otherwise, except as required by law.

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Tempe, Arizona (March 31, 2015)VirTra Systems (OTC Pink: VTSI), a leading provider of firearms simulators to military, law enforcement agencies and other organizations, today announced the release of its year end 2014 audited financial statements.  Included with the corporate financial statements for the year ended December 31, 2014, VirTra has released the report of its independent registered public accounting firm, Semple Marchal & Cooper, LLP.  The audited financial statements are available on VirTra’s website and here.

Financial Summary:

  • Net sales were a record $9.9 million for the year ending December 31, 2014, compared to the previous year’s sales of $9.8 million.
  • Gross margin for 2014 was 56% of net sales, compared to 66% last year. The primary drivers for the decrease were client-paid customization projects, with some personnel expenses recorded in cost of products sold versus selling, general and administrative expenses (SG&A).
  • SG&A expenses of $4.2 million in 2014 decreased 13%, from $4.9 million in 2013. As a percent of revenue, SG&A was 43% for 2014 compared to 50% in the prior year.  The change is due to the recording of certain customization project personnel expenses in cost of products sold.
  • Income from operations was $1.3 million for the year ending December 31, 2014. Net income for the current year is 13% of net sales.
  • Stockholders’ equity increased to $2.7 million at December 31, 2014, compared to $1.4 million at December 31, 2013. The company had no debt as of December 31, 2014.
  • Throughout 2014, the company used $0.3 million in cash from operating activities. Cash and cash equivalents were $1.9 million at the end of 2014, down from $2.4 million at December 31, 2013.

Other Significant Events:

  • During the second half of 2014, the company signed two new high-profile clients: the Los Angeles County Sheriff’s Department, on October 17, 2014, and the U.S. Department of Homeland Security on September 22, 2014.
  • During third quarter 2014, VirTra received a record $10.7 million in purchase orders.

Read more…

PR Newswire

TEMPE, Ariz., Feb. 11, 2015 /PRNewswire/ — VirTra (OTC: VTSI), a leading provider of use of force training and shooting simulators to military, law enforcement agencies and other organizations, is exhibiting at IDEX 2015, an international exhibition and conference showcasing the latest technology from leading international companies.

Held biannually at the Abu Dhabi National Exhibition Centre in the capital of United Arab Emirates, IDEX will be held Feb. 22-26 featuring more than 590,000 square feet of technological innovation and is billed as the largest defense exhibition in the Middle East. More than 1,100 international and regional companies from 59 countries will exhibit at the show which attracts global decision-makers, government officials and military personnel.

At IDEX, VirTra will be showcasing its leading training simulators including the V-300™, a 300-degree virtual training system for use of force preparedness for police and military officials and V-Range™, one of VirTra’s virtual shooting range products. The V-300™ is currently being used in various applications with an extensive clientele base that includes police and military agencies in several countries around the world. In the U.S. alone, nearly 200 police agencies use VirTra technology.

In addition, VirTra is partnering with the International Golden Group (IGG), a leading supplier of integrated defense systems in the Middle East furthering VirTra’s international clientele reach. At IDEX, VirTra will be exhibiting at the IGG booth.

“It’s a great honor for VirTra to be selected by International Golden Group as a partner,” said VirTra General Manager Jason Mulcahy. “IGG provides VirTra instant recognition in both the civil and military markets.”

In the United States alone, more than 200 police and military agencies use VirTra technology for use of force preparation. Recent additions to VirTra’s client base include the Los Angeles Sheriff’s Department, one of the largest police agencies in the U.S., and the U.S. Department of Homeland Security which employs virtual training with U.S. Custom and Border Protection with multiple simulators. VirTra also counts many international clients who utilize its technology.

Bob Ferris, VirTra’s Chief Executive Officer, added, “While VirTra continues to enjoy much success is the U.S., we see great opportunities in our expansion efforts internationally. We look forward to showcasing our expertise at IDEX.”

About VirTra
VirTra is a global leading provider of the world’s most realistic and effective use of force and firearms shooting simulators. VirTra is the higher standard in firearms training simulators, offering a variety of simulator platforms, powerful gas-powered recoil kits and the patented Threat-Fire™ simulated hostile return fire system.  VirTra’s products provide the very best simulation training available for personnel that are entrusted with lethal force and critical missions.  The Company’s common stock is not registered under the Securities Exchange Act of 1934 and the Company does not currently file periodic or other reports with the Securities and Exchange Commission. www.VirTra.com

Forward-looking Statements
This news release includes certain information that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements are typically identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “proposed,” “planned,” “potential” and similar expressions, or are those, which, by their nature, refer to future events.  All statements, other than statements of historical fact, included herein, including statements about VirTra’s beliefs and expectations, are forward-looking statements.  Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information.  Although VirTra believes that such statements are reasonable, it can give no assurance that such forward-looking information will prove to be accurate.  VirTra cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors.  Accordingly, due to the risks, uncertainties and assumptions inherent in forward-looking information, readers and prospective investors in the Company’s securities should not place undue reliance on forward-looking information.  All forward-looking information contained in this press release is given as of the date hereof, is based upon the opinions and estimates of management and information available to management as at the date hereof and is subject to change.  The Company assumes no obligation to revise or update forward-looking information to reflect new circumstances, whether as a result of new information, future events or otherwise, except as required by law.

Contacts:

VirTra Media Contacts:

VirTra Investor Contacts:

Greg Sexton, (480) 648-7555

David J. Bigelow, (310) 622-8236

Diego Romero, (480) 648-7562

Lisa Mueller, (310) 622-8231

LAVIDGE

Financial Profiles, Inc.

virtra@lavidge.com

vtsi@finprofiles.com

 

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SOURCE VirTra

Copyright © 2015 PR Newswire. All Rights Reserved

TEMPE, Ariz., Jan. 21, 2015 (GLOBE NEWSWIRE)VirTra Systems (OTC:VTSI), a leading provider of use of force training and shooting simulators to military, law enforcement agencies and other organizations, today announced the Company has signed a Co-Venture Agreement with Modern Round, a privately-held company, to develop the world’s first simulator-based shooting lounge, where customers will enjoy a fun, safe and highly-engaging experience along with world-class amenities. The facility will not permit live firearm shooting.

Patrons will be treated to exceptional food and drinks brought right to their personal shooting bay. Each welcoming location will be climate-controlled, have no loud gunshot noise, and through the use of 100 percent simulated weapons, ensure maximum safety. The facility and amenities are thoughtfully designed to cater to women, men, families and for corporate events. In many ways, this first of its kind experience will be similar to the growing number of simulated golf ranges, with one key difference being that Modern Round does not require as large of a facility or as much land.

“We are dedicated to creating the most enjoyable, non-threatening, and safe shooting and entertainment experience available anywhere in the world,” said Barry Monheit, Chief Executive Officer and Co-Founder of Modern Round, who has been Chairman of Smith & Wesson (Nasdaq:SWHC) since 2005.

“One exciting element is the potential to train both women and men in learning to shoot and the safe handling of simulated firearms, prior to using a real firearm. Also, we think the combination of a welcoming, friendly, safe and uniquely fun shooting lounge with exceptional food and drink in an entertainment environment will be a winning combination throughout the U.S. We have aggressive goals and high expectations for this concept and VirTra’s expertise is invaluable in this endeavor. We are pleased to have them as a partner. We have concluded Modern Round is the right business concept, at the right time and for the right reasons. We anticipate strong customer demand, and if our assumptions are correct, we have the capability and interest in establishing Modern Round locations throughout the United States and beyond in the years to come,” Monheit added.

The Co-Venture Agreement includes the development of a series of new shooting experiences exclusively for Modern Round facilities. VirTra’s role is focused on the shooting simulator portion both at store opening and with ongoing, regular updates and maintenance. VirTra received today a 5 percent ownership stake in Modern Round and VirTra will have the right to purchase up to an additional 5 percent of Modern Round stock, if certain conditions are met in 2016 or later, for a potential total ownership of 10 percent. Modern Round affiliates will have the right to purchase up to a 10 percent ownership interest in VirTra if certain conditions are met in 2016 or later. As part of the agreement, VirTra will receive ongoing royalty payments from each Modern Round location. The exact location and date of the first facility opening is still being finalized.

Bob Ferris, VirTra’s Chief Executive Officer, commented, “We are excited to be a key part of this promising enterprise that can both safely educate and highly entertain through a very innovative model. Barry and his partners have deep commercial experience and a remarkable track record of launching financially successful ventures. We are honored to be selected as the shooting simulator provider. This venture represents an opportunity for us to leverage our proprietary training technology and develop new technology for the commercial market.”

About VirTra Systems

VirTra is a global leading provider of the world’s most realistic and effective use of force and firearms shooting simulators. VirTra is the higher standard in firearms training simulators, offering a variety of simulator platforms, powerful gas-powered recoil kits and the patented Threat-Fire™ simulated hostile return fire system. VirTra’s products provide the very best simulation training available for personnel that are entrusted with lethal force and critical missions. The Company’s common stock is not registered under the Securities Exchange Act of 1934 and the Company does not currently file periodic or other reports with the Securities and Exchange Commission.

www.VirTra.com

Forward-looking Statements

This news release includes certain information that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “proposed,” “planned,” “potential” and similar expressions, or are those, which, by their nature, refer to future events. All statements, other than statements of historical fact, included herein, including statements about VirTra’s beliefs and expectations, are forward-looking statements. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Although VirTra believes that such statements are reasonable, it can give no assurance that such forward-looking information will prove to be accurate. VirTra cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors. Accordingly, due to the risks, uncertainties and assumptions inherent in forward-looking information, readers and prospective investors in the Company’s securities should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof, is based upon the opinions and estimates of management and information available to management as at the date hereof and is subject to change. The Company assumes no obligation to revise or update forward-looking information to reflect new circumstances, whether as a result of new information, future events or otherwise, except as required by law.

CONTACT:

VirTra Media Contact:
Greg Sexton, (480) 648-7555
Lavidge
gsexton@lavidge.com

VirTra Investor Contacts:
David J. Bigelow, (310) 622-8236
Lisa Mueller, (310) 622-8231
Financial Profiles, Inc.
vtsi@finprofiles.com

Modern Round Contact:
Barry Monheit
Chief Executive Officer
bmonheit@aol.com

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Tempe, Arizona (November 14, 2014)VirTra Systems (OTC Pink: VTSI), a leading provider of firearms simulators to military, law enforcement agencies and other organizations, today announced the release of its 2014 third quarter financial statements.  The financial statements are available on VirTra’s website and here.

Mark Skidmore, VirTra’s Vice President & Chief Accounting Officer, said, “The profitable third quarter demonstrates the variability in recognized revenue from quarter to quarter and is the historical nature of VirTra Systems’ business to date.  However, the Company’s nearly $11 million in record sales/purchase orders booked in the third quarter positions the Company’s revenue to be strong over the next two to three quarters.”

Third Quarter 2014 Financial Summary:

  • Net Sales for the quarter decreased 20% to $2.2 million compared to $2.7 million in the third quarter of 2013. The main reason for this difference is large multi-year projects with milestones in the first three quarters of 2013, but fewer milestones for 2014.  These variations are reduced when reviewing a one year period versus a quarterly period.
  • Gross margin for the quarter was 49% of Net Sales, compared to 68% last year. The drivers for the decrease, similar to second quarter 2014, are primarily due to client paid customization projects which means some salaries were recorded in Cost of Products Sold, instead of in Sales, General and Administrative (SG&A). In addition, the lower Net Sales for the quarter contributed to this difference.
  • SG&A expenses of $1.0 million are level with third quarter 2013. As a percent of revenue, SG&A was 47% compared to 37% in third quarter 2013.  The percentage increase is mainly the result of comparing SG&A to lower Net Sales.  In addition, a portion of SG&A resources were assigned to client paid customization projects.
  • Income from operations decreased $0.8 million to $0.1 million, compared to income of $0.8 million in third quarter 2013. This decrease was largely due to higher Net Sales in 2013 as compared to 2014.
  • Through September 30, 2014, the Company used $0.8 million in cash from operating activities to fulfill orders secured by deposits. Cash and cash equivalents were $1.5 million, down from $1.8 million at third quarter 2013.
  • The Company has no outstanding balance due on its line of credit as of September 30, 2014.

Bob Ferris, Chief Executive Officer of VirTra, commented, “One of VirTra’s key objectives for 2014 was to increase market penetration by expansion of our national footprint with military and law enforcement agencies in the United States, in addition to investing in development of the Company’s international presence.  I am incredibly proud of our talented employees’ work and steadfast dedication to our stakeholders that enabled us to meet those goals through the first nine months of operations.  The Company’s recent one quarter performance of nearly $11 million of purchase orders is validation of VirTra’s ability to expand our position in the marketplace and we look forward to delivering on those orders in the coming quarters.”

About VirTra Systems

VirTra is a global leading provider of the world’s most realistic and effective shooting simulators. VirTra is the higher standard in firearms training simulators, offering a variety of simulator platforms, powerful gas-powered recoil kits and the patented Threat-Fire™ simulated hostile return fire system.  VirTra’s products provide the very best simulation training available for personnel that are entrusted with lethal force and critical missions.  The Company’s common stock is not registered under the Securities Exchange Act of 1934 and the Company does not currently file periodic or other reports with the Securities and Exchange Commission.

www.VirTra.com

Forward-looking Statements

This news release includes certain information that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements are typically identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “proposed,” “planned,” “potential” and similar expressions, or are those, which, by their nature, refer to future events.  All statements, other than statements of historical fact, included herein, including statements about VirTra’s beliefs and expectations, are forward-looking statements.  Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information.  Although VirTra believes that such statements are reasonable, it can give no assurance that such forward-looking information will prove to be accurate.  VirTra cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors.  Accordingly, due to the risks, uncertainties and assumptions inherent in forward-looking information, readers and prospective investors in the Company’s securities should not place undue reliance on forward-looking information.  All forward-looking information contained in this press release is given as of the date hereof, is based upon the opinions and estimates of management and information available to management as at the date hereof and is subject to change.  The Company assumes no obligation to revise or update forward-looking information to reflect new circumstances, whether as a result of new information, future events or otherwise, except as required by law.

– – – -FINANCIALS FOLLOWING- – – –

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