VirTra Inc (VTSI)

[Pair]

In looking at the 6-30-2010 financials there was $1,683,278 of "Billings in excess of costs and estimated earnings on uncompleted contracts". In addition there was $2,867,768 in accounts receivable. I suspect that most of the $1,683,278 had been billed but not received. In any case,I would expect all those projects were completed in the 3rd quarter.

A more interesting question for speculation would be how many new projects were started during the quarter.

If you look at the video posted on 10/19/2010 and count the number of systems to be shipped within the next 10 days and you assume that a portion of those projects were also completed in the 3rd quarter. The best I can tell, there are 2 IVR 300 systems and 8 IVR 100 systems that I can see, but I am having difficulty determining what is over by the far wall.

http://blutube.policeone.com/Media/6470-VirTra-Systems-New-Global-HQ/

I don't think 3 million is unreasonable for 3rd quarter revenues. With the many systems shown in the video delivered at the end of October, the 4th quarter should also be a good quarter. I can see $7 million in total revenue, but, I would expect net income of over 32%. It was 32% in 2009. I don't think earnings of .015 cents per share is unreasonable.

But, I have always been an optimist!