TEMPE, AZ – August 10, 2011 – Bob Ferris, VirTra Systems’ CEO (VTSI.PK), today reported results for 2nd quarter 2011 along with multiple corporate changes.
Sales for the 2nd quarter increased $979 thousand to a record setting $2.50 million for the three months ended June 30, 2011, up 64.4% from $1.52 million for the same period last year. Sales for the six months ended June 30, 2011 increased 2.45 million to $4.69 million, up 109% from $2.24 million for the same period last year. The table below illustrates the trend of VirTra’s expanding gross revenue for the past year.
Quarter Gross Revenue Revenue Growth
3rd Quarter 2010 $2.0M +65%
4th Quarter 2010 $2.3M +56%
1st Quarter 2011 $2.2M +206%
2nd Quarter 2011 $2.5M +64%
For the six months ended June 30, 2011 the expense rate was 47.4% compared to 48.0% for the same period last year.
Net income from operations for the six months ended June 30, 2011 grew 73% to $760 thousand from $440 thousand for the same period last year.
Earnings per share for the second quarter of 2011 were $0.0027 compared to $0.0025 per share in Q2 2010. Earnings per share for the six months ended June 30, 2011, were $0.0048 compared to $0.0023 for the same period last year.
VirTra’s cash on hand was $469 thousand as of June 30, 2011 compared to $536 thousand as of December 31, 2010. For the six months ending June 30, 2011, shareholder’s equity increased $757 thousand to $9.56 million – an increase of 8.6% over the year ended December 31, 2010.
For the full report click here.
Due to matters of a personal nature, Don Andrus will no longer be involved with VirTra, effective immediately. Until further notice, Bob Ferris will step in as acting President and Matt Burlend will take over the COO role. Jeff Brown will fill Mr. Andrus’ Board of Directors’ seat.
Mr. Brown worked for Ernst & Young from June 1990 to November 1994, during which he audited Loma Linda University Medical Center and The University of Arizona. He was also the controller/CFO for Gold Canyon Candles during which the company grew from $8 million in gross sales to $55 million in three years. Mr. Brown’s accounting firm previously prepared financial reports for VirTra until second quarter 2011.
In addition, VirTra has hired Mr. Aaron DeCorte as the new Vice President of Sales. Previously, Mr. DeCorte has delivered over $100 million in sales and has managed a sales team of 22 representatives, which grew no less than 20% year-over-year for the past 6.5 years.