VirTra Reports Strong Financial Results for First Quarter 2013
15 May 2013 - 9:05PM
Marketwired
VirTra Systems (PINKSHEETS: VTSI), a leading
provider of firearms training simulation systems to military, law
enforcement agencies and other organizations, today reported
unaudited financial results for its first quarter of 2013, ended
March 31. The unaudited financial statements are available on
VirTra's website and here.
The Company posted first quarter revenue of $2.49 million along
with a net income of $0.53 million. Last year's first quarter
revenue was $2.61 million and net income for that period totaled
$0.25 million. Revenue is down slightly for the first quarter of
this year by about 5 percent, due in part to timing of deliveries,
while net income increased 115 percent.
VirTra's cost of goods sold for the quarter was $0.75 million
representing a 70 percent gross profit margin compared to 68
percent for the same quarter last year. VirTra's profit margin does
fluctuate from quarter-to-quarter and is influenced by a number of
factors such as: revenue recognition, volume, vendor pricing,
improved production methods and composition of customer orders.
The Company's general and administrative expenses during the
first quarter of 2013 were $1.20 million compared to $1.53 million
for the first quarter, 2012. VirTra has continued to control
spending while investing in the development of multiple new
products and sales initiatives in order to promote long-term growth
along with support and new scenario development for current
customers.
Mark Skidmore, Vice President - Chief Accounting Officer of the
Company, stated, "VirTra's management team, and all of the
Company's employees, has worked extremely hard at improving
financial and operational efficiencies. This ongoing, committed
effort by our team had a direct financial impact on the net
operating results for the first quarter."
Bob Ferris, Chief Executive Officer of VirTra, commented, "The
Company's first quarter 2013 financial performance demonstrates
strong gains in profitability. VirTra remains focused on growing
its annual revenue and bottom line results through an expanding
worldwide customer base."
About VirTra Systems
VirTra is a global leading provider of the world's most
realistic and effective shooting 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.
www.VirTra.com
Forward-looking Statements
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.
Investor Relations Counsel Rudy R. Miller Chairman, President
& CEO The Miller Group www.themillergroup.net tel: 602.225.0505
email: virtra@themillergroup.net
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