VirTra Inc (VTSI)

[bacchus17]

For the quarter ended September 30, 2009 and 2008, gross revenue grew 40.7% from $869,818 to a record $1,223,590, due to successful marketing and sales efforts and further market penetration of our brand.
General and administration costs are higher from $120,859 for the Q3 ended 2008 up to $393,466 for Q3 ended 2009. The main differences are $118,263 amortization expense, hiring additional sales staff, increased tradeshow expenses, and increased sales related travel.
Net income from operations increased from $307,716 for 3rd quarter 2008 to $456,303 (not adding back Amortization Expense of $118,263(AE)) for 3rd quarter 2009. This is an increase in operating profit of 48.3%.
Net gain per share for the third quarter of 2009 was $.0027 compared to $.0066 per share in 2008. Q2 2008 had $542,925 of non-operational income (NOI) that is non-recurring (forgiveness of debt income, gain on litigation settlements and gain on derivative liability).
Overall, VirTra has made consistent and substantial improvements in financial performance since the second quarter 2008. For quarter ended September 30, 2009, net income is $364,485 compared to $189,453 ($850,641(NI) - $542,925(NOI) - $118,263(AE)) during Q3 2008. Net income improved by $175,032 in third quarter 2009 as compared with third quarter 2008. This was a 92.4% increase.
VirTra’s cash on hand improved to $259,780 as of September 30, 2009 compared to $116,456 as of September 30, 2008. Also, Shareholder’s equity increased over $1,170,000 to $6.54 million at Q3 ended from $5.37 million as of December 31, 2008.