TEMPE, Ariz., Aug 09, 2010 (BUSINESS WIRE) — Don Andrus, VirTra Systems’ COO and President (Pink Sheets:VTSI), today announced a record setting quarter for growth and profits. VirTra reported another set of record revenues with over 50% growth as compared to the same quarter in 2009.
The second quarter of 2010 was the highest revenue-generating quarter in the history of the company. Three of the last four quarters have generated an excess of $1.2 million each and VirTra is on track to achieve the highest revenue levels in the history of the company.
With six new and exceptional salespeople to concentrate on selling the highest quality firearm training simulation products in the industry, our quarterly sales of $1,520,211 is a 57% improvement over last year ($551,397 increase).
VirTra’s gross margins remain strong, which is critical for the infrastructure investments necessary to accommodate our continued growth. VirTra is moving into new headquarters to accommodate our growth, while continuing to deliver the highest quality products in the industry. By making efficient expenditures, VirTra’s quarterly gross margins improved from 60.2% to 69.4% from last quarter.
VirTra’s modest expense rate remains constant as the size of the company expands to support this continued growth. VirTra now has 29 full time, qualified, caring, and highly motivated associates working to ensure the company’s success. VirTra will continue to closely monitor overhead and remain within long range growth plans. For the quarter, the expense rate was 38.4% from 38.2% last quarter. Costs were kept well under control, while continuing to allow accelerated growth on the top line.
Ordinary income grew from $213,792 to $472,583 for a 121% increase from last quarter and net gain per share for the second quarter of 2010 was $.0024 compared to $.0021 per share in Q2 2009.
VirTra’s cash was $814,690 as of June 30, 2010 compared to $284,377 as of June 30, 2009. Also, Shareholder’s equity increased over $1,980,000 to $7.87 million at the end of Q2 2010 from $5.89 million as of June 30, 2009.
Don Andrus, COO and President of VirTra, said, “While becoming part of a company that continues to grow and dominate with each passing day is exciting, we are only motivated to work harder and get better. Our supporters and shareholders deserve the best and that means that our team must constantly improve.”
About VirTra Systems
The company produces the best-in-class firearm simulators for both law enforcement and military customers throughout the world. VirTra is the higher standard in simulation: from exceptional customer service to unparalleled technology like 360 degree HD training platforms and the Threat-Fire(TM) safe return fire system (patent pending). When training realism matters, military and law enforcement professionals consistently select VirTra’s simulators to help save lives.
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.
