VirTra Systems Announces Second Quarter ResultsAugust 17, 2006HOUSTON, TX - August 17, 2006 - VirTra Systems, Inc. (OTCBB: VTSI) today announced unaudited results for the second quarter of its fiscal year ended June 30, 2006.
Total revenue reported for the second quarter was $234,254, down 8% compared to $255,079 for the same period one year ago. Net loss for the quarter was ($321,942), or $0.00 per share, up from a net loss of ($285,248), or $0.00 per share, for the second quarter of fiscal 2005.
Major General Perry V. Dalby (USA-retired), VirTra Systems' chief executive officer, commented, "In spite of the second quarter's slight decrease in revenue, our six-months ending June 30th revenue figures reflect an 88% increase in revenue as compared to last year. The quarter's results also reflected a 71% decrease in cost of sales and services.
"The second quarter saw a new IVR® small arms training simulator installed at the Army Research Laboratory, where its is being utilized for important brain function studies in soldiers, and Buckley Air Force Base significantly upgraded its IVR small arms training simulator.
"In addition, we successfully installed Case Western Reserve University Department of Communication Sciences' specially modified version of our highly versatile IVR simulation platform to both train speech therapy clinicians and deliver real-world immersive treatment scenarios to patients with communication disorders.
"The advertising/promotion department finalized the sale of an eight-system Immersa-Dome® mobile recruiting installation for the military as well as continuation of a tradeshow project for a Fortune 500 pharmaceutical company.
"Currently, we have several other projects in the final phases of contracting. We are also encouraged by current sales forecast data indicating significant opportunities remain this year," Dalby 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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