VirTra Inc (VTSI)

[LeGoose]

From 11/15/2013:

VirTra Reports Strong Financial Results for Third Quarter 2013

http://finance.yahoo.com/news/virtra-reports-strong-financial-results-120500735.html

Tempe, Arizona (November 15, 2013) -- VirTra Systems (OTC Pink: 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.