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I enjoyed the CC and thought Bob did a good job discussing the goals for the year.
Virtra has approx 70 employees which is an increase of about 15 from the prior year.
Expanding product pipeline and refining current products.
New engineering facility is running at full capacity with 4 employees
Hired two new firms and one employee to focus on marketing products to key decision makers. Not sure who or what these firms specialties are but I'm hoping these are Lobbying firms to help with business, law, and public policy specializing in training the public service sector.
It sounds to me like they have no plans at this time.
Bob also said, if it feels there are substantial near term business growth opportunities they would decline buying shares and deploy the capital back into the business.
VirTra Reports Earnings for the First Quarter of 2017
TEMPE, Ariz., May 15, 2017 (GLOBE NEWSWIRE) -- VirTra, Inc. (VTSI), (the “Company”), a leading provider of judgmental use of force simulators and firearms training simulators, today announced its financial results for the first quarter ended March 31, 2017. The financial statements are available on VirTra’s website and here.
First Quarter 2017 Financial Highlights:
Total revenue of $4.2 million
Gross profit of $2.4 million
Gross profit margin of 58%
Net income of $0.4 million, or $0.03 and $0.02 per basic and diluted share, respectively
Adjusted EBITDA of $0.6 million
“We are pleased with the start of our fiscal year, where we delivered revenue of $4.2 million and net income of $0.4 million, while at the same time booking new orders of $4.9 million, a record for any first quarter in our history,” said Bob Ferris, Chairman and Chief Executive Officer of VirTra. “While our first quarter revenues did not exceed last year’s record amount, they increased sequentially by approximately $1.2 million from the fourth quarter of 2016. We are encouraged by our record level of new orders received during the first quarter of 2017 and the traction that we continue to receive in both the domestic and international markets based on our ongoing investment in sales and marketing. As a result, year-to-date in 2017, we have secured more new business from the top 50 law enforcement agencies in the United States than at any other time in our past.”
Financial Results for the Three Months Ended March 31, 2017
Total revenue was $4.2 million for the first quarter of 2017, compared to $6.2 million for the record first quarter of 2016. The year-over-year decline primarily resulted from recognizing $2.7 million in revenue on a single international contract during the first quarter of 2016, which was not repeated in this year’s first quarter.
Gross profit was $2.4 million for the first quarter of 2017, compared to $4.1 million for the first quarter of 2016.
Gross profit margin for the first quarter of 2017 was 58%, compared to 66% for the first quarter of 2016. The year-over-year decrease in gross profit margin was primarily due to product and service mix and the lower amount of system sales.
Operating expenses were $2.0 million for the first quarter of 2017, compared to $1.7 million in the first quarter of 2016. The higher expenses were primarily due to increases in employee costs, higher professional fees and expenses, and increased spending in research and development and sales and marketing, as compared to the prior year’s first quarter.
Operating income for the first quarter of 2017 was $0.5 million, compared to operating income of $2.4 million in the first quarter of 2016. The decline in operating income was primarily due to the lower revenue and gross profit margin, combined with the higher operating expenses.
Net income was $0.4 million for the first quarter of 2017, or $0.02 per diluted share, compared to net income of $2.4 million, or $0.14 per diluted share for the prior year’s first quarter.
Adjusted EBITDA was $0.6 million for the first quarter of 2017, compared to adjusted EBITDA of $2.5 million for the first quarter of 2016.
Stockholders’ equity increased to $6.9 million at March 31, 2017, compared to $6.4 million at December 31, 2016.
Cash and cash equivalents were $4.6 million at March 31, 2017, compared to $3.7 million at December 31, 2016.
The Company had essentially no outstanding debt at March 31, 2017.
Webcast
The Company will host a live webcast later today at 12:30 p.m. Eastern time/9:30 a.m. local time, to discuss these results. As part of the webcast, management will be answering questions received in advance by email. Individuals interested in listening to the webcast live via the Internet may do so by visiting the Company’s website at www.VirTra.com. A webcast replay will be available for 60 days.
Otcmarkets.com
we have a buyer
Modern Round news coverage FOX10...I think it would be cool to add Virtra's heavy weapon sims like the M2 to the simulators and would be a big draw in Vegas. Sim Bay requirements would need to increase add in a 180 sim and heavy artillary and they would have a truly unique experience.
https://www.facebook.com/ModernRound/videos/1300317366710826/
Patent application filed on the Simulated firearms entertainment system
US 20160059136
https://www.google.com/patents/US20160059136?dq=ininventor:%22Bob+Ferris%22&hl=en&sa=X&ved=0ahUKEwjqmKzenJPTAhXKx4MKHXMqAqkQ6AEIHDAA
Hey Joe,
The call has been recorded, archived and is accessible for the next 60 days
http://services.choruscall.com/links/vtsi170331.html
The minimum listing application requirement for NASDAQ is $4
Agree with you.....this was a great web call and very informative.
$VTSI growing over the last 8 years at an avg 19% YOY clip...what really caught my attention was when Bob said they are on the cusp of significant growth....
What's significant growth? 30%? %50? 70% YOY? it's definitely higher than 20%
Growth will able then to move to a national exchange...share price must be above $4+
Strong buy
True
Link to webcast 12:30 EST
http://services.choruscall.com/links/vtsi170331.html
VirTra Reports Record 2016 Revenue and Net Income, Up 17% and 33% from 2015
TEMPE, Ariz., March 31, 2017 (GLOBE NEWSWIRE) -- VirTra, Inc. (OTCQX:VTSI), (the “Company”), a leading provider of judgmental use of force simulators and firearms training simulators, today announced its financial results for the fourth quarter and year ended December 31, 2016. The financial statements are available on VirTra’s website and here.
Fourth Quarter 2016 Financial Highlights:
Total revenue of $3.1 million
Gross profit of $1.9 million
Gross profit margin of 64%
Net loss of ($0.3) million, or ($0.02) per diluted share
Full Year 2016 Financial Highlights:
Record total revenue of $15.7 million
Gross profit of $9.7 million
Gross profit margin of 62%
Net income of $2.1 million, or $0.12 per diluted share
Adjusted EBITDA of $2.0 million
Stockholders’ equity of $6.4 million as of December 31, 2016
Cash and cash equivalents of $3.7 million as of December 31, 2016
Other Highlights for the Year:
Approved and implemented a corporate redomestication from Texas to Nevada
Implemented a 10 for 1 reverse stock split, effective October 20, 2016
Appointed Mitchell A. Saltz to the Board of Directors, increasing the number of independent directors to two and the total number of directors to four
Announced a $1.0 million share repurchase authorization
Uplisted the Company’s common stock to the OTCQX® U.S. market
Exercised a warrant option and purchased 1.7 million shares of stock of Modern Round Entertainment Corporation for approximately $335,000, resulting in the Company’s aggregate holdings of Modern Round to be 3.4 million shares, or 8.9% of its issued and outstanding common shares as of November 11, 2016
Received ISO 9001:2015 Quality Management System certification for the design, development and servicing of its training simulator solutions
Expanded its worldwide list of large and prominent law enforcement agencies using VirTra’s industry leading training simulators
Awarded approximately $2.6 million under the previously announced indefinite delivery/indefinite quantity (IDIQ) contract by the United States Department of State that could result in up to $40 million in revenue, if all options are exercised
“2016 was another year of significant growth for VirTra as we delivered the strongest annual revenues in the history of our Company,” said Bob Ferris, Chairman and Chief Executive Officer of VirTra. “I am proud of the efforts of our entire VirTra team in achieving these outstanding results and particularly pleased that we increased our revenues by 17% and net income by 33%, while at the same time investing in our infrastructure for long term growth. We remain focused on executing and delivering solid results for 2017 and beyond.”
“Also during 2016, VirTra’s management, board of directors and shareholders came together to overwhelmingly approve a series of organizational changes intended to better prepare the Company for future growth. This effort was very successful and culminated with VirTra being accepted for listing on the OTCQX exchange. Today, I’m pleased to announce that we intend to register with the SEC as soon as possible and that we will also pursue uplisting our stock to a National exchange.”
Financial Results for the Three Months Ended December 31, 2016
Total revenue was $3.1 million for the fourth quarter of 2016, compared to $3.7 million for the fourth quarter of 2015. The quarterly decline was due to the historical variability experienced as a result of our current business and product mix.
Gross profit was $1.9 million for the fourth quarter of 2016, compared to $2.0 million for the fourth quarter of 2015.
Gross profit margin for the fourth quarter of 2016 was 64%, compared to 55% for the fourth quarter of 2015. The year-over-year increase in gross profit margin was primarily due to product and service mix and, to a lesser extent, the inclusion of the Modern Round license fees in the fourth quarter of 2016 versus none in the year ago quarter.
Net operating expense was $2.2 million for the fourth quarter of 2016, compared to $1.8 million in the fourth quarter of 2015. The higher expenses were primarily due to higher professional fees and expenses and increased spending in sales and marketing, as compared to the prior year’s fourth quarter.
Operating loss for the fourth quarter of 2016 was ($0.3) million, compared to operating income of $0.2 million in the fourth quarter of 2015. The decline in operating income was primarily due to the higher selling, general and administrative costs.
Net loss was ($0.3) million for the fourth quarter of 2016, or ($0.02) per diluted share, compared to net income of $0.1 million, or $0.01 per diluted share for the fourth quarter of 2015.
Adjusted EBITDA was a loss of ($0.3) million for the fourth quarter of 2016, compared to positive adjusted EBITDA of $0.3 million for the fourth quarter of 2015.
Financial Results for the Twelve Months Ended December 31, 2016
Total revenue was $15.7 million for 2016, an increase of 17%, compared to $13.3 million in 2015. The increase in revenue was primarily due to overall product line revenue increasing in all areas, including in simulator sales, accessories and extended warranty agreements.
Gross profit was $9.7 million for the year, an increase of 26%, compared to $7.7 million in 2015.
Gross profit margin for 2016 was 62%, compared to 58% for 2015. The year-over-year increase in the gross profit margin was primarily due to product and service mix and scale efficiencies resulting from the higher revenue.
Net operating expense was $7.6 million for 2016, an increase of 22%, compared to $6.2 million in 2015. The increased expenses in 2016 were primarily due to increases in employee costs, professional services and sales and marketing.
Operating income for the year was $2.1 million, compared to $1.5 million in 2015. The increase in operating income was due to the higher revenue and associated gross profits, partially offset by the higher selling, general and administrative expenses.
Net income was $2.1 million for fiscal year 2016, or $0.12 per diluted share, compared to $1.5 million, or $0.09 per diluted share for 2015.
Adjusted EBITDA was $2.0 million for the year, an increase of 2%, compared to $1.9 million for 2015.
Stockholders’ equity increased to $6.4 million as of December 31, 2016, an increase of 47%, compared to $4.4 million at December 31, 2015.
Cash and cash equivalents were $3.7 million at December 31, 2016, compared to $3.3 million at December 31, 2015.
The Company had essentially no outstanding debt at year-end.
Webcast
The Company will host a live webcast later today at 12:30 p.m. Eastern time/9:30 a.m. local time, to discuss these results. As part of the webcast, management will be answering questions received in advance by email. Individuals interested in listening to the webcast live via the Internet may do so by visiting the Company’s website at www.VirTra.com. A webcast replay will be available for 60 days.
Great question, Don't expect him to provide a backlog as of yet but will provide an update on the health of the company. I personally think after they become SEC reporting and after 2016 Audited financials are out we will see a much more transparent company. My guts telling me they have gone dark only because of the rules and regs of filing with the SEC....we shall see. ther are several opportunities coming up that I'm aware of and apply to simulation platforms and weapon sims.....Virtra's business is only growing and I believe it will be at an accelerated pace in the coming months.
From $ARTX conference call yesterday..... Milo Training Systems is in direct competition with Virtra.
"Our MILO group, which provides use-of-force solutions, had a strong sales year in 2016, setting a new high watermark for MILO sales; this led to solid 2016 revenue results and positions us for further growth in 2017. As in the prior year, this strength is built on a large number of small orders opposed to one or more large awards that would have more typically led to this sales level.
We have a very solid pipeline headed into 2017 that does include several larger opportunities that we believe could make 2017 our strongest year-to-date for our MILO group. Before I turn the call over to Tom, for a detailed review our financial results. I'd like to make a few remarks about outlook and guidance for 2017."
Milo opportunities are also Virtras
Greg, Nice to see you as a Moderator.....always look forward to your commentary.
Thanks, I look forward to reading this board daily..... Many smart contributors here including you Bill.
Agree with you Bill.....lots of reasons one would sell...... Could even be a disgruntled old employee.
Filed Parties Court Judge Type of Lawsuit Cause of Action
11/23/2016
Vincent et al v. VirTra Systems Incorporated
Plaintiff: Philip Vincent , Mike Duke
Defendant: VirTra Systems Incorporated
AZD Fair Labor Standards Act Denial of Overtime Compensation
10/19/2016
Thorpe v. VirTra Systems Incorporated
Plaintiff: Justin Thorpe
Defendant: VirTra Systems Incorporated
AZD Fair Labor Standards Act Denial of Overtime Compensation
putting some limit orders under $2
Touche'
Matt is the COO....Get it together twist
Matt is the COO and Donna Moore is current the CFO. Virtra has an error on their site and has Donna and CEO.
http://www.virtra.com/management/
I have 2016 numbers coming in at around 16.2 million which is approx 22% increase year over year....Record earnings and good growth....on par with Matt's past statement. BTW Fish, I hope your right and I'm wrong ;)
This is BAD-ASS Gents....Virtra continues to expand their product line and their potential market.
http://www.defensenews.com/video/simulated-shooting-for-soldier
What are you thinking
I remain firm on my numbers.
Expecting 4th qtr revs to be in the range of 3.5- 3.8 million with a net profit of only $2-300k. Many of the awards from the two large contracts delivery schedules keep getting pushed back.
Fake news twist
Since we're talking about SEC registration and possibly the reason for the lack of transparency.
What do you think Greg?
SEC Filings
When companies file paperwork with the U.S. Securities and Exchange Commission, it is customary for the applying company to enforce a status of silence. The quiet period is lifted once the paperwork is reviewed and accepted by the SEC. Contrary to popular belief, this quiet rule isn't an SEC regulation, but it is a common practice among the corporate community. One reason a company would file with the SEC is corporate restructuring. Before large-scale mergers or acquisitions may occur, the parent company must file with the commission.
Guidelines
During a Quiet Period, a publicly listed company cannot make any announcements about anything that could cause a normal investor to change their position on the company's stock. Normally, that means the company does not discuss any of the following:
New deals or wins signed in that current quarter. Announcements about previously sold implementations going live are allowed but must be explicitly described as such.
Management changes
Progress against company goals
Major product or service announcements
Major partnership announcements
Virtra mentioned as a partner.
http://www.malamteam.com/companies/eltel-en/
Yup, should be in the neighborhood of $16.1-16.4 million
Expecting 4th qtr revs to be in the range of 3.5- 3.8 million with a net profit of only $2-300k. Many of the awards from the two large contracts delivery schedules keep getting pushed back.
Do your own diligence....pick up the phone and call em yourself
In this video at the 2:50 mark Virtra has added a new value add that I'v not seen before..... Constitutional law briefing.
http://www.nbcnewyork.com/investigations/4-Investigates-Inside-the-Border-Patrols-High-Tech-Training-Facility-412586713.html
FWIW, Virtra has made some of their company policies public on VirTra.com. I posted them below for anyone interested. I found the Insider trading policy informative.
http://www.virtra.com/PDF/Manuals/HR/CodeofEthicsandBusinessConduct.pdf
http://www.virtra.com/PDF/Manuals/HR/InsiderTradingPolicy.pdf
http://www.virtra.com/PDF/Manuals/HR/WhistleblowerProtectionPolicy.pdf
http://www.virtra.com/PDF/Manuals/HR/AAPandEEOPolicyPosting.pdf
Ruff,
Your getting Rudy and Ron Mixed up. Ron's the CFO of Modern round and the gentleman interviewed in this segment.
2017 trade show list... many new events added from last year.
http://www.virtra.com/trade-shows/
Virtra is again co-exhibiting with IGG (international Golden Group) and it's other partners (78 total) at IDEX 2017. I have always said and still firmly believe this relationship will bear plenty of fruit...it's only a matter of when.
http://www.idexuae.ae/exhibitors/igg-co-exhibitor-virtra-systems
For those who are new to IGG....they are a BIG deal internationally.
http://www.iggroup.ae/about-overview.html
recoil extension was posted at govtribe last week. nothing out of the ordinary here.