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
tel: 602.225.0505 email: firstname.lastname@example.org