Friday, August 15, 2014 8:22:58 AM
From: "Rudy R. Miller" <rrmiller@themillergroup.net&g... [Add to Address Book]
To:
Subject: Press Release: VirTra Releases 2014 Second Quarter Financial Results
Date: Aug 14, 2014 6:59 PM
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2012_virtraHeaderPR.jpg Investor Relations Counsel
Rudy R. Miller, Chairman, President & CEO
The Miller Group
www.themillergroup.net
tel: 602.225.0505 email: virtra@themillergroup.net
VirTra Releases 2014 Second Quarter Financial Results
Tempe, Arizona (August 15, 2014) -- VirTra Systems (OTC Pink: VTSI), a leading provider of firearms simulators to military, law enforcement agencies and other organizations, today announced the release of its 2014 second quarter financial statements. The financial statements are available on VirTra’s website and here .
Financial Summary:
· Net Sales were $2.1 million for the quarter ending June 30, 2014, an increase of $0.5 million, or 34%, compared to the previous year’s second quarter sales of $1.6 million.
· Gross margin for the second quarter 2014 was 54% of Net Sales, compared to 68% last year. The drivers for the decrease are primarily due to client paid customization projects recorded in Cost of Products Sold.
· Sales, general and administrative (SG&A) expenses of $1.1 million in Q2 2014 decreased 11%, from $1.2 million in Q2 2013. As a percent of revenue, SG&A was 50% for Q2 2014 compared to 76% in Q2 2013. The decrease is mainly due to a portion of SG&A resources assigned to client paid customization projects.
· Income from operations increased $0.2 million in Q2 2014 to $0.1 million, compared to a loss of $0.1 million in Q2 2013.
· Through June 30, 2014, the Company used $1.4 million in cash from operating activities to fulfill orders secured by deposits. Cash and cash equivalents were $0.9 million at the end of Q2 2014, down from $2.4 million at December 31, 2013.
· The Company has no outstanding balance due on its line of credit as of June 30, 2014.
Bob Ferris, Chief Executive Officer of VirTra, commented, “Recent large international projects involved substantial investment in new technology and a major commitment of man hours, which will continue throughout the balance of 2014. The projects have pushed VirTra’s products to new levels of capability. VirTra is expanding its scope and pursuing numerous national and international sales.”
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.
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