TEMPE, Ariz., Nov. 13, 2015 (GLOBE NEWSWIRE) — VirTra Systems, Inc. (OTC Pink:VTSI), a leading provider of simulators for judgmentaluse of force and marksmanship training, today announced record financial results for the third quarter of 2015. The financial statements are available on VirTra’s website and here.
Third Quarter 2015 Financial Highlights:
- Net sales were a record $3.9 million
- Gross profit margin of 62%
- Net Income of $1.0 million
- Stockholders’ equity of $4.2 million as of September 30, 2015
- Cash and cash equivalents of $2.5 million as of September 30, 2015
“I am pleased to report the strongest quarterly financial results in the history of our company,” said Bob Ferris, Chairman and Chief Executive Officer of VirTra. “This outstanding performance, achieved by the entire VirTra team, is the result of meeting or exceeding our customers’ expectations for effective simulation products. I’m encouraged that our up-front investments to grow our business are succeeding and that we have a strong balance sheet to fund future growth.”
Additional Information on Financial Results:
- Net sales were $3.9 million for the quarter ending September 30, 2015, up 82%, compared to $2.2 million in the quarter ending September 30, 2014.
- Gross margin for the quarter ending September 30, 2015 was 62%, compared to 49% for the same period last year. The year-over-year increase in gross margin was primarily due to scale efficiencies resulting from the higher revenue.
- SG&A expenses were $1.5 million for the quarter ending September 30, 2015, an increase of $0.5 million, from $1.0 million in the same period last year. The higher expenses were primarily due to an increase in workforce to support the increase in business.
- Net income was $1.0 million for the quarter ending September 30, 2015, compared to $0.1 million for the third quarter 2014. The increase was due to the higher net sales generated during the third quarter of 2015.
- Stockholders’ equity increased to $4.2 million as of September 30, 2015, up $1.5 million from $2.7 million at December 31, 2014.
- The Company had no outstanding debt as of September 30, 2015.
- Cash and cash equivalents were $2.5 million at September 30, 2015, compared to $1.9 million at December 31, 2014.
VirTra is a global leading provider of the world’s most realistic and effective judgmental use of force simulators. VirTra is the higher standard in firearms training simulators, offering a variety of simulator platforms, powerful gas-powered recoil kits and the patented Threat-Fire™ simulated hostile return fire system. VirTra’s products provide the very best simulation training available for personnel that are entrusted with lethal force and critical missions. The Company’s common stock is not registered under the Securities Exchange Act of 1934 and the Company does not currently file periodic or other reports with the Securities and Exchange Commission.
This news release includes certain information that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “proposed,” “planned,” “potential” and similar expressions, or are those, which, by their nature, refer to future events. All statements, other than statements of historical fact, included herein, including statements about VirTra’s beliefs and expectations, are forward-looking statements. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Although VirTra believes that such statements are reasonable, it can give no assurance that such forward-looking information will prove to be accurate. VirTra cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors. Accordingly, due to the risks, uncertainties and assumptions inherent in forward-looking information, readers and prospective investors in the Company’s securities should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof, is based upon the opinions and estimates of management and information available to management as at the date hereof and is subject to change. The Company assumes no obligation to revise or update forward-looking information to reflect new circumstances, whether as a result of new information, future events or otherwise, except as required by law.