TEMPE, AZ – May 10, 2011 – Bob Ferris, VirTra Systems’ (VTSI.PK) CEO, today announced record setting financial results for the first quarter of 2011.
The first quarter of 2011 recorded the highest revenue for a first quarter in the history of the company. $2,193,790 in sales for the quarter is a 206% improvement over last year’s first quarter results (a $1,477,119 increase).
Costs were kept inline while building the infrastructure to handle continued gross revenue growth. The company is also investing in the development of new scenarios and marksmanship drills, enhanced software, and other new product advancements.
Listed below is a summary of the last four quarters compared to the same quarter of the previous year:
Quarter Gross Revenue Revenue Growth
2nd Quarter 2010 $1.5 m + 57%
3rd Quarter 2010 $2.0 m + 65%
4th Quarter 2010 $2.3 m + 56%
1st Quarter 2011 $2.2 m + 206%
Net income from operations for the quarter grew from a small loss of $32,620 in 2010 to a profit of $337,092 for the first quarter 2011 (a $369,712 increase).
Net gain per share for the first quarter of 2011 was $.0021 compared to $.0002 per share in first quarter 2010.
VirTra’s cash position improved to $1,034,590 as of March 31, 2011 – compared to $292,329 as of March 31, 2010, and shareholder’s equity jumped over $1.7 million to $9.13 million at first quarter 2011, up from $7.40 million as of March 31, 2010.
For the full report click here.