TEMPE, AZ – November 15, 2010 – Don Andrus, VirTra Systems’ COO and President (VTSI.PK), today announced a record quarter for the fast growing firearms training simulator
company based in Tempe, Arizona. VirTra Systems’ revenue in the third quarter of 2010 was the highest in the company’s history. Sales for the quarter was $2,020,553 – a 65% increase over the prior year, which is an improvement of $796,963 for the quarter.
During the quarter, VirTra also finished moving into a state-of-the-art 38,000 sq. foot headquarters in Tempe, Arizona. The space will serve as VirTra’s world headquarters and can accommodate significant growth. The company’s ultra-realistic judgmental use of force and marksmanship firearms training systems are preferred by elite forces the world over. New products are in development, one of which will be revealed for the first time at the I/ITSEC military simulation tradeshow in Orlando, Florida.
VirTra’s expense rate was up slightly to 36.7% compared to 32.2% from 3rd quarter 2009. Net income grew from $456,303 to $470,674 for a 3.2% increase from last quarter as VirTra continues to invest back into the company for future growth. Net gain per share for the third quarter of 2010 was $.0025 compared to $.0027 per share in 3rd quarter 2009.
VirTra’s cash was $72,764 as of September 30, 2010 compared to $259,780 as of September 30, 2009. Also, Shareholder equity increased to $8.29 million at the end of September 30, 2010 up nearly 2 million from $6.54 million as of September 30, 2009.
Don Andrus, COO and President of VirTra, said, “VirTra Systems will continue to execute their strategic imperatives while maintaining a tactically sound day-to-day operation. The continued hiring, training, and retention of the best talent available are ongoing priorities for our growing organization. VirTra Systems will also accept nothing less than 100% customer satisfaction in all segments of the business.”