TEMPE, AZ
VirTra Systems, Inc. Bob Ferris, VirTra Systems' CEO and president (OTC:VTSI.PK), today announced VirTra’s 6th consecutive profitable and record-breaking quarter. VirTra is known for setting the highest simulation training standard in the industry by developing the world’s most effective and realistic firearms training systems for both law enforcement and military organizations throughout the world. With today’s announcement, VirTra has now posted six consecutive profitable quarters since new management took control in 2008.
For the quarter ended September 30, 2009 and 2008, gross revenue grew 40.7% from $869,818 to a record $1,223,590, due to successful marketing and sales efforts and further market penetration of our brand.
Net income from operations increased from $307,716 for 3rd quarter 2008 to $456,303 (not adding back Amortization Expense of $118,263) for 3rd quarter 2009. This is an increase in operating profit of 48.3%.
Overall, VirTra has made consistent and substantial improvements in financial performance since the second quarter 2008. For the quarter ending September 30, 2009, net income is $364,485 compared to $189,453 during Q3 2008. Net income improved by $175,032 in third quarter 2009 as compared with third quarter 2008, which amounts to a 92.4% increase.
VirTra’s cash on hand improved to $259,780 as of September 30, 2009 compared to $116,456 as of September 30, 2008. Also, Shareholder’s equity increased over $1,170,000 to $6.54 million at Q3 ended from $5.37 million as of December 31, 2008.
A detailed report can be found at:
http://www.pinksheets.com/otciq/ajax/showFinancialReportById.pdf?id=25829
“We are both thrilled and humbled to be part of a company that meets or exceeds the expectations of our customers and shareholders time and time again. In addition to making the world’s finest simulators, strong and consistent financial performance is one of our hallmarks as well,” said Bob Ferris, CEO of VirTra.
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About VirTra Systems
The company produces the best-in-class firearm simulators for both law enforcement and military customers throughout the world. VirTra is the higher standard in simulation: from exceptional customer service to unparalleled technology like 360 degree HD training platforms and the Threat-Fire™ safe return fire system (patent pending). When training realism matters, military and law enforcement professionals consistently select VirTra’s simulators to help save lives.
www.virtra.com.
One of our most important responsibilities is to communicate with shareholders in an open and direct manner. Comments are based on current management expectations, and are considered "forward-looking statements," generally preceded by words such as "plans," "expects," "believes," "anticipates," or "intends." We cannot promise future returns. Our statements reflect our best judgment at the time they are issued, and we disclaim any obligation to update or alter forward-looking statements as the result of new information or future events. VirTra Systems urges investors to review the risks and uncertainties contained within its filings with the Securities and Exchange Commission.
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