VirTra Systems' Third Quarter Revenues Up 164%November 19, 2007HOUSTON, Nov. 19 -- VirTra Systems, Inc. (OTC Bulletin Board: VTSI) today announced unaudited results for the third quarter of its fiscal year ended September 30, 2007.
Total revenue reported for the third quarter was $1,222,325, up 164% compared to $462,921 for the same period one year ago, chiefly due to the increase in business volume from strong product demand. Net loss for the quarter was ($318,388), or $0.00 per share, and reflects a one time accounting charge for the 2007 Employee Stock Option Plan of $413,455; without this one-time charge, the Company's third quarter would have shown a net gain.
The Company's gross margins of $746,289 remain fairly constant at 62% of net sales versus the same period in 2006.
Major General Perry V. Dalby (USA-Retired), VirTra Systems' chief executive officer, commented, "This quarter's best-ever performance is significant and reflects continued quarter-over-quarter growth.
"During the third quarter, VirTra Systems' sold, upgraded, or installed its IVR(R) immersive small arms simulators for the United States Air Force, the Department of Defense, the United States Navy, the United States Marine Corps, United Sates Marshals Service, the Kansas City Police Department, as well as other police departments and training academies.
"We are pleased that demand for our immersive small arms training simulators continues, and also look forward to soon delivering the first of 24 systems to the Transportation Safety Administration in the Department of Homeland Security.
"VirTra Systems continues in its efforts to further stimulate sales and building shareholder value," Major General Dalby concluded.
About VirTra Systems
Utilizing patented technology, VirTra Systems sells situational awareness firearms training systems to military agencies such as the U.S. Army, Navy, Air Force, Marines, 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(TM) Pizza, and the U.S. Army. For more information, visit http://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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