TEMPE, AZ – March 11, 2011 – Bob Ferris, VirTra Systems’ CEO and Chairman (VTSI.PK), today announced record setting results for 4th quarter 2010 as well as for the 2010 year end results.
General and administration costs increased by just over $1 million for the year as the company accelerated hiring personnel, advertising expansion, additional facilities and other costs to accommodate the commencement of the largest project in our history, the Gander Academy rollout. In spite of these costs, net income from operations still increased from $1,472,458 in 2009 to $1,514,972 in 2010. Net income for the company in 2010 exceeded $1 million.
Overall, VirTra has made consistent and substantial improvements in financial performance since new management took control in 2008. VirTra is currently a debt free company.
VirTra shareholder’s equity increased nearly $1.5 million to $8.80 million at 4th quarter 2010, up from $7.30 million as of December 31, 2009.
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Bob Ferris, CEO and president of VirTra, said, “Our products and team continue to attract new business at a record pace. Much of our work in 2010 was focused on setting the stage for 2011 and beyond.”