Friday, March 31, 2017 8:46:23 AM
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.
Recent VTSI News
- VirTra Sets 2024 Annual Meeting of Shareholders for Monday, October 21, 2024 • GlobeNewswire Inc. • 09/19/2024 09:18:22 PM
- Form DEF 14A - Other definitive proxy statements • Edgar (US Regulatory) • 09/06/2024 08:05:17 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/04/2024 10:24:45 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/23/2024 01:54:23 AM
- VirTra to Participate in the 2024 Gateway Conference on September 4-5 • GlobeNewswire Inc. • 08/22/2024 12:30:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/12/2024 08:28:58 PM
- VirTra Reports Second Quarter and First Half 2024 Financial Results • GlobeNewswire Inc. • 08/12/2024 08:26:42 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/12/2024 08:26:20 PM
- VirTra Appoints Brandon Cox as Chief Technology Officer to Accelerate Innovation and New Product Development • GlobeNewswire Inc. • 08/06/2024 08:05:00 PM
- VirTra Sets Second Quarter 2024 Conference Call for Monday, August 12, 2024 at 4:30 p.m. ET • GlobeNewswire Inc. • 07/29/2024 08:05:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/09/2024 08:05:36 PM
- VirTra Appoints CEO John Givens as Chairman • GlobeNewswire Inc. • 07/09/2024 08:05:00 PM
- VirTra Simulators Approved for DoD-Funded Research Projects • GlobeNewswire Inc. • 06/13/2024 12:30:00 PM
- VirTra Set to Join Russell 3000® Index • GlobeNewswire Inc. • 06/04/2024 12:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/30/2024 08:05:29 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/14/2024 08:06:53 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/14/2024 08:05:22 PM
- VirTra Reports First Quarter 2024 Financial Results • GlobeNewswire Inc. • 05/14/2024 08:05:00 PM
- VirTra Sets First Quarter 2024 Conference Call for Tuesday, May 14, 2024 at 4:30 p.m. ET • GlobeNewswire Inc. • 04/30/2024 12:00:00 PM
- VirTra to Introduce V-XR Training Solution at IAHSS Exhibition, Signaling Increased Commitment to Healthcare Security Training • GlobeNewswire Inc. • 04/29/2024 12:00:00 PM
- VirTra Awarded $5.9M Prototype Contract from U.S. Army IVAS Prime Contractor Microsoft • GlobeNewswire Inc. • 04/18/2024 12:00:00 PM
- VirTra Reports Fourth Quarter and Full Year 2023 Financial Results • GlobeNewswire Inc. • 04/02/2024 10:00:00 AM
- VirTra Reports Fourth Quarter and Full Year 2023 Financial Results • GlobeNewswire Inc. • 04/01/2024 08:05:00 PM
- VirTra Sets Fourth Quarter and Full Year 2023 Conference Call for Monday, April 1, 2024 at 4:30 p.m. ET • GlobeNewswire Inc. • 03/18/2024 12:00:00 PM
- VirTra to Participate in the 36th Annual ROTH Conference on March 17-19, 2024 • GlobeNewswire Inc. • 03/07/2024 01:00:00 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM