TEMPE, AZ – August 17, 2009 – Bob Ferris, VirTra Systems’ CEO and president (OTC:VTSI.PK), today announced VirTra’s 5th consecutive profitable and record-breaking quarter. VirTra is known for setting the highest simulation training standard in the industry by developing the world’s most effective and realistic firearm training systems for both law enforcement and military organizations throughout the world. With today’s announcement, VirTra has now posted five consecutive profitable quarters since new management took control in 2008.
For the quarter ending June 30, 2009, gross revenue grew 23.7% from $783,261 to a record $968,814, due to successful sales efforts, specifically with the growing list of international customers.
General and administration costs are higher from $140,374 for the second quarter 2008 up to $369,602 for second quarter 2009. The primary differences are: a $114,795 amortization expense, hiring additional sales staff, increased tradeshow expenses, and increased sales related travel.
Net income from operations increased from $272,274 for the 2nd quarter 2008 to $328,587 (adding back Amortization Expense of $114,795) for the 2nd quarter 2009. This is an increase in operating profit of 20.7%.
Net gain per share for the second quarter of 2009 was $.0021, compared to $.0082 per share in 2008. However, second quarter 2008 had $824,975 of non-operational income that is non-recurring and is directly due to forgiveness of debt income, gain on litigation settlements and gain on derivative liability.
Overall, VirTra has made consistent improvements in financial performance since the second quarter of 2008. For the quarter ending June 30, 2009, net income is $279,602 as compared to $123,864 during second quarter 2008. Net income improved by $61,327 in the second quarter of 2009 as compared with the first quarter of 2009. This was a 28.1% increase over the first quarter this year.
VirTra’s cash on hand improved to $284,377 as of June 30, 2009 as compared to $66,033 from June 30, 2008. Also, Shareholder’s equity increased over $500,000 to $5.89 million at the end of second quarter as compared to $5.36 million from the end of 2008.
To access the full financial report: Here
Bob Ferris, CEO and president of VirTra, said, “What a true pleasure it is to announce our fifth consecutive record-breaking quarter. It is wonderful that our financial performance clearly reflects the significant and steady improvements made at VirTra. We are very blessed to be one of the few companies to grow revenues and post considerable profits during the current economic condition.”