TEMPE, AZ – Nov 15, 2011 – VirTra Systems (VTSI.PK), a leading provider of firearms training systems to military and law enforcement agencies, today reported financial results for the third quarter of 2011.
During this period, the company realized a net gain of $0.39 million or $0.0024 per share compared to a net gain of $0.38 million or $0.0025 per share for the three-month period ended September 30, 2010. For the nine months ended September 30, 2011 the company experienced net income of $1.14 million or $0.0072 per share compared to net income of $0.78 million or $0.0052 per share during the prior year period, an increase of 47%.
Total revenue generated during the third quarter was $2.04 million up from $2.02 million in third quarter 2010. Revenue was $6.73 million for the most recent nine-month period compared to $4.26 million during the same period in 2010, a boost of $2.47 million or 58%. In addition to growth in the company’s sales of new simulation systems, a key contributor to this success has been significant gains in other revenue related to warranties, upgrades and accessory sales.
Cost of sales for the nine months ended September 30, 2011 were $2.37 million, or 35% as a percentage of revenue, compared to $1.53 million the prior year, or 36% as a percentage of revenue. General and administrative expenses during the last nine months were $3.23 million, or 48% as a fraction of revenue, compared to $1.82 million in 2010, or 43% as a fraction of revenue.
The company has also enhanced its balance sheet. Total shareholders’ equity stood at $9.94 million on September 30, 2011 compared to $8.80 million the previous year.
Bob Ferris, President and Chief Executive Officer stated, “VirTra’s inspiring financial results underscore management’s commitment to profitable growth. In addition, recent sales of training simulators to military and law enforcement organizations indicate the market’s growing acceptance of our products.” Mr. Ferris added, “We look forward to capitalizing on the recent patent VirTra was awarded for the Threat-Fire(TM) training device, making VirTra the only company in the country to offer a device that simulates hostile return fire by using electronic impulses during simulation training.”
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