VirTra Inc (VTSI)

[ByloCellhi]

Someday...Someday

Someday VTSI may issue a PR like this -then again....

http://biz.yahoo.com/prnews/050510/nytu127.html?.v=10

Ness Technologies Announces First Quarter 2005 Financial Results
Tuesday May 10, 8:00 am ET
Revenues increased to $88.4 Million up 24% Year-Over-Year
Net Income increased to $4.9 Million up 104% Year-Over-Year

HACKENSACK, N.J., May 10 /PRNewswire-FirstCall/ -- Ness Technologies, Inc. (Nasdaq: NSTC - News), a global provider of IT services and solutions, today announced financial results for the first quarter ended March 31, 2005.

-- Revenues reached a record $88.4 million, up 24% year-over-year.

-- Net income increased to $4.9 million, up 104% year-over-year, including
a $0.6 million non-cash stock compensation expense.

-- Backlog increased to $412 million.

-- Cash and cash equivalents increased to $109 million.

-- Global workforce increased to 5,170.

-- Ness closed the acquisition of the Romanian company Radix Company SA,
in April.

First quarter 2005 revenues reached $88.4 million, an increase of $17.3 million or 24%, from $71.1 million in the first quarter of 2004 and a $6.1 million or 7% increase from $82.3 million in the fourth quarter of 2004.

First quarter 2005 net income including the non-cash stock compensation expense increased to $4.9 million, more than double the $2.4 million reported in the first quarter of 2004. First quarter 2005 net income includes non-cash stock compensation expense of $533,000 related to redeemable option awards for which the Company is required by GAAP to recognize in this quarter based upon the Company's stock price, which, net of applicable income taxes, had the effect of reducing net income by $346,000.

Diluted earnings per share for the first quarter 2005 were $0.14 compared to $0.10 in the first quarter 2004. Excluding the non-cash stock compensation expense, diluted net earnings per share for the first quarter 2005 would have been $0.15.

Backlog as of March 31, 2005 was $412 million, up 31% compared to $314 million as of March 31, 2004 and up 3% compared to $401 million as of December 31, 2004.

As of March 31, 2005, Ness' cash and cash equivalent position was $109 million, up from $104 million as of December 31, 2004.

Mr. Raviv Zoller, President and Chief Executive Officer of Ness Technologies stated, "In addition to reporting record revenues and a significant increase in our net income, we also continued to strengthen our balance sheet. Our backlog remains strong and provides a solid foundation for our future growth prospects."

"We continue to invest in IT professionals and facilities in key geographic regions including Central and Eastern Europe, North America, the United Kingdom and Asia Pacific. The strategic acquisition of Radix Company SA, during the second quarter of 2005, the first since its initial public offering, provides Ness a strong presence in Romania and a launching board for future expansion. These actions further strengthen our global delivery platform as well as, our ability to provide comprehensive local market expertise," concluded Mr. Zoller.

Guidance

The Company is reiterating its 2005 annual revenue guidance of $370 million to $375 million and full year 2005 diluted net earnings per share guidance in the range of $0.70 to $0.75.

For the second quarter 2005 Ness expects to generate revenues in the range of $88 million to $90 million.

Ness forecasts second quarter 2005 diluted net earnings per share to be within a range of $0.13 to $0.14.