Tempe, Arizona (May 15, 2013) — VirTra Systems (OTC Pink: VTSI), a leading provider of firearms training simulation systems to military, law enforcement agencies and other organizations, today reported unaudited financial results for its first quarter of 2013, ended March 31. The unaudited financial statements are available on VirTra’s website and here.
The Company posted first quarter revenue of $2.49 million along with a net income of $0.53 million. Last year’s first quarter revenue was $2.61 million and net income for that period totaled $0.25 million. Revenue is down slightly for the first quarter of this year by about 5 percent, due in part to timing of deliveries, while net income increased 115 percent.
VirTra’s cost of goods sold for the quarter was $0.75 million representing a 70 percent gross profit margin compared to 68 percent for the same quarter last year. VirTra’s profit margin does fluctuate from quarter-to-quarter and is influenced by a number of factors such as: revenue recognition, volume, vendor pricing, improved production methods and composition of customer orders. Read more…
TEMPE, AZ, Apr 30, 2013 (Marketwired via COMTEX) — VirTra (pinksheets:VTSI), a leading provider of firearms training simulators to military, law enforcement agencies and other organizations, today announced the award of a contract valued at a minimum value of USD $2+ million for firearms simulators, simulated recoil weapons and accessories. The project is for an undisclosed and new international customer and destination for use by both police and military forces.
The project includes specially designed and highly advanced tetherless simulated recoil systems compatible with both VirTra’s V-100(TM) marksmanship simulator as well as VirTra’s V-180(TM) / V-300(TM) multi-screen ultra-realistic and effective training simulators. The systems will also include a next generation scenario debrief capability. A long list of other accessories and state-of-the-art capabilities are planned for the simulation training center.
The engineering, production and delivery are to occur in approximately 18 months or less.
Bob Ferris, Chief Executive Officer of VirTra, stated, “After more than two years of extensive demos and detailed industry research by the customer, VirTra is honored to be selected for this prestigious international project. This project represents the highest standard in marksmanship, use-of-force, and tactical simulation capabilities in the world. Once installed, this extensive training center will be an ideal location for full demonstrations of VirTra’s product capabilities to other agencies throughout the country.” Read more…
Tempe, Arizona (March 28, 2013) — VirTra (OTC Pink: VTSI), a leading provider of firearms training simulators to military, law enforcement agencies and other organizations, today announced the release of its year end 2012 audited financial statements. The audited financial statements are available on VirTra’s website.
VirTra has released the report of its independent registered public accounting firm, BDO Seidman Alliance member Semple, Marchal & Cooper, LLP, on the corporate financial statements for the fiscal year ended December 31, 2012. The company reported record high annual gross revenue of $8.8 million a 12% increase over 2011 gross revenue. This gain was due to increased market acceptance of VirTra as the new standard in use of force training simulators and sales department improvements implemented before and during 2012.
Also, VirTra’s gross margin improved by 22%, moving from 52% of sales in 2011, up to 63% of sales during 2012. This increase was partially attributed to the increase in VirTra’s pricing. Also, in 2011 operations implemented a new production and inventory management system designed to improve material, labor, installation, and overhead costs of goods sold.
To increase opportunities for future expansion, VirTra did expand its overall spending on research and development during 2012. VirTra’s General and Administration expense remained constant as a percentage of sales during 2012. As a result of these efforts, VirTra made a profit during 2012 of $.1 million as compared with a loss of $.7 million in 2011.
During 2012 and continuing into 2013, VirTra is pursuing aggressive growth strategies, to include sustained investment into its business to lay the foundation for expected expansion. As part of this process, VirTra is working alongside world class companies on several large domestic and international expansion opportunities. In addition, the Company continues to build on its best-in-class product and service reputation with military, law enforcement and commercial customers throughout the world.
Bob Ferris, Chief Executive Officer of VirTra, stated, “VirTra not only reached a record high in 2012 revenue and produced a profit, it did so while investing money and time into major growth opportunities in North America and selected world-wide markets. The management team is committed to building the Company’s business, which is fundamental to long-term shareholder value. In addition, the Board of Directors is examining the implications of becoming a Securities and Exchange Commission (SEC) reporting company as well as reviewing a potential stock reversal and possible exchange listing.”
Investor Relations Counsel
Rudy R. Miller, Chairman, President & CEO
The Miller Group
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Tempe, Arizona (March 20, 2013) — VirTra (OTC Pink: VTSI), a leading provider of firearms training simulators to military, law enforcement agencies and other organizations, today announced that it will hold its 2013 Annual Shareholders’ Meeting on Tuesday, April 30 in Tempe, Arizona. VirTra has determined the close of business on March 22, 2013 as the record date for determining the shareholders entitled to vote at the Annual Shareholders’ Meeting. Notice of the meeting, full details and related materials will be mailed by or before the second week of April. Read more…
Tempe, Arizona (February 19, 2013) — VirTra Systems (OTC Pink: VTSI), a leading provider of firearms training simulators to military, law enforcement agencies and other organizations, today announced the sale of a V-300™, a V-180™ and a V-100™ to the Artemis Defense Institute in Lake Forest, California. The new center will provide training to a wide range of clients, including civilians who want to improve their firearms skills using the world’s latest simulation equipment. Read more…