VirTra Reports Strong Financial Results for Third Quarter 2013
November 15 2013 - 7:05AM
Marketwired
VirTra Reports Strong Financial Results for Third Quarter 2013
TEMPE, AZ--(Marketwired - Nov 15, 2013) - 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 third quarter of 2013,
ended September 30. The unaudited financial statements are
available on VirTra's website and here.
Financial Summary:
- Net sales were $2.71 million in the quarter, an increase of
$1.3 million, or 91%, compared to third quarter 2012 sales of $1.4
million. Fluctuation in recognized revenue from quarter to
quarter is the nature of VirTra Systems' business. An increase
in international sales is the main reason for the current quarter's
increase over third quarter 2012.
- Gross margin in the third quarter of 2013 was 68%, compared to
47% in the same period last year. The drivers for the improvement
are primarily due to the increase in sales and corresponding
leverage of overhead.
- Sales, general and administrative (SG&A) expenses of $1.0
million in the third quarter of 2013 decreased 23% from $1.3
million in the third quarter of 2012. As a percent of revenue,
SG&A was 37% in the third quarter 2013 compared to 91% in the
prior year. The change is largely due to the 91% increase in
sales.
- Income from operations increased $1.5 million to $0.8 million
in the third quarter of 2013 compared to the third quarter of
2012.
- Through three quarters of 2013, the Company generated $1.7
million in cash from operating activities. The Company's cash
and cash equivalents were $1.8 million at the end of the third
quarter of 2013, up from $0.4 million at December 31, 2012. No
stock options were exercised.
- The Company has no significant debt outstanding.
Mark Skidmore, Vice President - Chief Accounting Officer of the
Company, stated, "VirTra achieved shareholder equity of
approximately $1 million, an increase of nearly $1.3 million as
compared with the same period in 2012. The good quarter
performance is a result of delivering products to customers on time
through exceptional teamwork."
Bob Ferris, Chief Executive Officer of VirTra, commented,
"Management has invested substantial time and capital over the past
18 months, developing an international market position. Our
3rd quarter results represent a healthy combination of increased
revenue from international business and carefully managed
expenses. We also continued to invest in developing our
product capabilities and in pursuing opportunities for future
revenue growth."
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.
http://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
of 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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