VirTra Systems Announces First Quarter ResultsMay 15, 2007HOUSTON, TX - May 15, 2007 - VirTra Systems, Inc. (OTCBB: VTSI) today announced unaudited results for the first quarter of its fiscal year ended March 31, 2007.
Total revenue reported for the first quarter was $239,386, down 57% compared to $558,652 for the same period one year ago. Net loss for the quarter was ($294,618), or ($0.00) per share, up from a net loss of ($265,471), or ($0.00) per share, for the first quarter of fiscal 2006.
Major General Perry V. Dalby (USA-Retired), VirTra Systems' chief executive officer, commented, "It is important to recognize first quarter results reflect the annual cyclic reality of the training simulator market, and as we approach the market's 'high season' in the fall, we expect to end 2007 even stronger than 2006.
"Just as these results look into the past, anticipated revenues from our marked increase in sales orders over the past 9-months reflect strong growth looking forward this year signifying an extremely encouraging outlook.
"Currently VirTra Systems has approximately 1.5 million dollars in yet-to-be recognized small arms training simulator orders, most of which were received during the first quarter, including orders from Southwest Georgia Technical College, Indian River Community College, the United States Marine Corps, and the United States Air Force. Most recently, Kansas City Police Department also placed a large simulator order.
"The Company also executed a number of IVR® small arms simulator installations and deliveries to new customers during the first quarter such as the United States Marshals Service, Mexico, and ten of VirTra Systems' newly designed full-featured single-screen systems to Ti Training Corp.
"Promotional projects during the first quarter, although less publicly apparent due to the requirements of certain Fortune 500 clients, have also seen a healthy increase with projects for one of the world's largest computer chip manufactures, new Fortune 500 clients, and the recent completion a large promotional project valued at approximately one-quarter-of-a-million dollars.
"The marked increase in sales orders since last fall, and our 93% increase in revenues reported in the Company's 2006 10-K, have given us a much needed boost in cash flow.
"When one considers that we already have 1.5 million dollars in firm purchase orders yet to be booked, six-plus million dollars in active bids, potential large multi-million dollar project awards from our partnerships with certain prime defense contractors, and several prospective international clients with imminent large orders, all in advance of the fall 'high-season,' I remain confident 2007 will experience unprecedented growth," 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™ 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.
............................................................................................................................................... |
