VirTra Reports Record $5.33 Million in Purchase Orders and Financial Results for Second Quarter 2013
August 15 2013 - 7:05AM
Marketwired
VirTra Systems (PINKSHEETS: VTSI), a leading
provider of firearms simulators to military, law enforcement
agencies and other organizations, today reported unaudited
financial results for its second quarter of 2013, ended June 30.
The unaudited financial statements are available on VirTra's
website and here.
During the second quarter 2013, VirTra received a record amount
of purchase orders totaling $5.33 million. Some of these sales
orders require customization and reaching milestones over the
course of many months. VirTra expects to recognize the majority of
the revenue from these projects in the future.
The Company posted second quarter revenue of $1.57 million along
with a net loss of $0.13 million. For the first two quarters of
2013, revenue was $4.06 million and net income was $ 0.40 million.
The lower second quarter revenue is due largely to the fact the
Company commenced some large projects during the quarter, but the
dollars are not yet recognized as revenue.
VirTra's cost of goods sold for the quarter was $0.51 million
representing a 68 percent gross profit margin compared to 69
percent for the same quarter last year. Year to date gross profit
margin is 69 percent compared to 68 percent for the same time last
year. VirTra's profit margin may fluctuate from quarter-to-quarter
and is influenced by a number of factors such as: revenue
recognition, volume, vendor pricing, improved production methods
and composition of customer orders.
The Company's general and administrative expenses during the
second quarter of 2013 were $1.19 million compared to $1.40 million
for the second quarter, 2012. VirTra has continued to control
spending while investing in the development of multiple new
products and sales initiatives in order to promote long-term growth
along with world class customer support and new scenario
development for current customers.
Mark Skidmore, Vice President - Chief Accounting Officer of the
Company, stated, "The fluctuation in revenue from quarter to
quarter is due to the nature of our business and our standard
procedures of recognizing revenue. I am encouraged by how well we
are managing our expenses and our cash." Mr. Skidmore continued,
"The Company has achieved positive shareholder equity of $0.12
million, an increase of $0.45 million as compared with one year
ago. In addition, we had no draws on our line of credit, compared
to draws of $0.61 million during the second quarter 2012."
Bob Ferris, Chief Executive Officer of VirTra, commented, "The
Company's record sales orders during second quarter is encouraging
news and attributable to persistent efforts over a long period of
time. VirTra's goals continue to be expanding our product
offerings, gaining new customers, and building the overall value of
the firm."
About VirTra Systems
VirTra is a global leading provider of the world's most
realistic and effective shooting simulators. VirTra is the higher
standard in firearms training simulators, offering a variety of
simulator platforms, powerful gas-powered recoil kits and the
patented Threat-Fire™ simulated hostile return fire system.
VirTra's products provide the very best simulation training
available for personnel that are entrusted with lethal force and
critical missions. The Company's common stock is not registered
under the Securities Exchange Act of 1934 and the Company does not
currently file periodic or other reports with the Securities and
Exchange Commission.
www.VirTra.com
Forward-looking Statements
This news release includes certain information that may
constitute forward-looking statements made pursuant to the safe
harbor provision of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are typically identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates," "proposed," "planned,"
"potential" and similar expressions, or are those, which, by their
nature, refer to future events. All statements, other than
statements of historical fact, included herein, including
statements about VirTra's beliefs and expectations, are
forward-looking statements. Forward-looking information is
necessarily based upon a number of assumptions that, while
considered reasonable, are subject to known and unknown risks,
uncertainties and other factors which may cause the actual results
and future events to differ materially from those expressed or
implied by such forward-looking information. Although VirTra
believes that such statements are reasonable, it can give no
assurance that such forward-looking information will prove to be
accurate. VirTra cautions investors that any forward-looking
statements by the Company are not guarantees of future results or
performance, and that actual results may differ materially from
those in forward-looking statements as a result of various factors.
Accordingly, due to the risks, uncertainties and assumptions
inherent in forward-looking information, readers and prospective
investors in the Company's securities should not place undue
reliance on forward-looking information. All forward-looking
information contained in this press release is given as of the date
hereof, is based upon the opinions and estimates of management and
information available to management as at the date hereof and is
subject to change. The Company assumes no obligation to revise or
update forward-looking information to reflect new circumstances,
whether as a result of new information, future events or otherwise,
except as required by law.
Investor Relations Counsel Rudy R. Miller Chairman,
President & CEO The Miller Group www.themillergroup.net tel:
602.225.0505 email: virtra@themillergroup.net
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