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VirTra Announces Record Breaking 2010 with Profits over $1 million
Companies:VIRTRA SYSTEMS INC
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TEMPE, AZ--(Marketwire - 03/11/11) - Bob Ferris, VirTra Systems' CEO and president (Pinksheets:VTSI - News), today announced record setting results for 4th quarter 2010 as well as for the 2010 year end results.
For the quarter ending December 31, 2010 and 2009, gross revenue grew 58% from $1,476,256 to a record $2,337,523, due to successful marketing and sales efforts.
For the year, total revenue grew from $4,611,617 to a record $6,594,958 for 2010.
General and administration costs increased by just over $1 million for the year as the company accelerated hiring personnel, advertising expansion, additional facilities and other costs to accommodate the commencement of the largest project in our history, the Gander Academy rollout. In spite of these costs, net income from operations still increased from $1,472,458 in 2009 to $1,514,972 in 2010. Net income for the company in 2010 exceeded $1 million.
Overall, VirTra has made consistent and substantial improvements in financial performance since new management took control in 2008. VirTra is currently a debt free company.
VirTra shareholder's equity increased nearly $1.5 million to $8.80 million at 4th quarter 2010, up from $7.30 million as of December 31, 2009.
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Bob Ferris, CEO and president of VirTra, said, "Our products and team continue to attract new business at a record pace. Much of our work in 2010 was focused on setting the stage for 2011 and beyond."
About VirTra Systems
VirTra Systems, Inc. offers the world's most realistic firearms training simulators for Military and Law Enforcement customers around the globe. VirTra is the highest standard in simulation, offering a full range of the finest firearms training systems to fit any budget, the world's best simulated recoil systems, and the ability to add and measure real stress during training with the Threat-Fire™ return fire system (patent pending).
www.virtra.com.
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