TEMPE, AZ – April 16, 2009 – Not every company is suffering in the current economy, in fact, one niche public company is making record profits. Bob Ferris, VirTra Systems’ CEO and president (OTC:VTSI.PK), today announced not only VirTra’s record setting 2008 financials, but also the company’s recent sales.
For the fourth quarter 2008, VirTra posted $712,617 in total revenue as compared with $417,572 for the same quarter in 2007. The company had a net profit from operations of $224,730 in fourth quarter 2008 as compared with a loss of $134,590 in fourth quarter 2007.
For the year, the results were equally impressive. VirTra’s annual gross revenue grew by 29.5%. VirTra’s net profit from operations was $513,377 for 2008 as compared with a loss of $595,434 a year earlier.
VirTra’s corporate liabilities were radically reduced by over 50% from $4.61 million to $2.13 million in 2008, while increasing assets from $624k to $7.5 million for the year ending 2008 (includes intellectual property asset of $6.6 million). VirTra now has positive shareholder equity of $5.36 million.
The link for the full 2008 annual report is:http://www.pinksheets.com/otciq/ajax/showFinancialReportById.pdf?id=20231.
Beyond the exceptional financial news, VirTra also announced the sale of three more of their best-in-classfirearms training systems this week.
Internationally, an IVR-300™ HD was sold to law enforcement officials in Cancun, Mexico, while two simulators were sold stateside; an IVR-180™ HD was sold to a police department in New York and an IVR-100™ HD was sold in Indiana.
Bob Ferris, CEO and president of VirTra, said, “The employees of VirTra produced awe-inspiring results, which clearly show up in the financial report. The fact that we are announcing three more simulator sales on top of extraordinary financial results speaks volumes about this company and our future, even in the current economy.”