VirTra Systems Announces First Quarter ResultsMay 26, 2006HOUSTON, TX - May 26, 2006 - VirTra Systems, Inc. (OTCBB: VTSI) today announced unaudited results for the first quarter of its fiscal year ended March 31, 2006.
Total revenue reported for the first quarter was $558,652, up 237% compared to $166,005 for the same period one year ago. Net loss for the quarter was ($265,471), or ($0.01) per share, down from net loss of ($800,506), or ($0.01) per share, for the first quarter of fiscal 2005.
Bob Ferris, VirTra Systems' interim chief executive officer, commented, "The quarter's revenues were significantly improved compared to last year. While this revenue improvement is encouraging news for the first quarter, there remains considerable work ahead to achieve sustained revenue growth.
"Corporate progress continued during the first quarter with execution of our definitive agreement to acquire Altatron EMS and Dynalyst Manufacturing.
"The first quarter also saw VirTra Systems' firearm training simulator sales and marketing activities expanded into Asia, and simulators were installed or delivered to the U.S. Air Force, Army Research Laboratory, Duluth Police Department, and Mexico.
"We also commenced development and construction of a specially-modified version of our highly-regarded IVR simulation platform for non-military/firearms training use. Our first customer of this hybrid system was Case Western Reserve University in Cleveland, Ohio. Case is using the system as an immersive, interactive simulator for speech therapy and student training. VirTra Systems is also working with Case to develop additional applications for this new simulator.
"Also this quarter, David Rogers was appointed VirTra Systems' chief financial officer. Mr. Rogers' possesses nearly 30-years of financial expertise, and has already been of immense value to the company. Finally, we welcomed Jack Nickel as our company's training officer. Recently retired from the 1st Combat Camera Corps in the Air Force, Mr. Nickel's 22-years of firearms training, combat, and filming experience was an important addition to our development team.
"We look forward to further announcements as we institute specific initiatives of our recently announced five-point strategy, and remain committed to corporate progress during 2006," Ferris concluded.
About VirTra Systems
Utilizing patented technology, VirTra Systems sells situational awareness firearms training systems to military agencies such as the U.S. Air Force, Army, and Department of Defense, and to national and international law enforcement agencies. The company also produces multisensory promotional virtual reality systems and 3-D theaters for clients such as General Motors, Pennzoil, Red Baron™ Pizza, and the U.S. Army. For more information, visit 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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