VirTra Inc (VTSI)

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VirTra Reports First Quarter 2012 Profit. (Note that they don't compare to 1st quarter 2011)

http://www.marketwatch.com/story/virtra-reports-first-quarter-2012-profit-2012-07-30

TEMPE, AZ, Jul 30, 2012 (MARKETWIRE via COMTEX) -- VirTra Systems (pinksheets:VTSI), a leading provider of firearms training simulation systems to military, law enforcement agencies and other organizations, today reported financial results for the first quarter of 2012, ended March 31. The unaudited financial statements are available on VirTra's website and here.

During this period, VirTra realized a net profit of $246,046 compared to a net loss of $692,761 for the full year ended December 31, 2011 (audited).

VirTra recorded gross revenue of $2.6 million in first quarter 2012 compared to $7.9 million earned during the entire 2011 fiscal year. The company also improved its gross profit margin during the first three months of the current year. Cost of goods sold for the quarter was $0.8 million yielding a 68 percent gross profit margin, contrasted with 2011 annual results of $3.8 million in cost of goods sold and a 52 percent gross profit margin. VirTra's profit margin fluctuates from quarter to quarter and is influenced by a number of factors such as vendor pricing, improved production methods, composition of customer orders, international orders and exchange rates.

VirTra's general and administrative expenses during the first quarter of 2012 were $1.5 million compared to $4.8 million for full year 2011. General and administrative expenses as a percentage of revenue declined slightly during the quarter to 59 percent from 60 percent during 2011. These expenses were comprised of investments into support and new scenarios for current customers and development work for new products, software and simulator content as well as targeted sales and marketing efforts to attract new customers and distributors in various market segments.

Mark Skidmore, VirTra's Director of Finance - Corporate Controller, commented, "The company is happy to report positive financial results for the first quarter of 2012. Also, in the two-and-a-half months I have been in charge of accounting, I have worked with the senior management team to bring the company current in its financial reporting. I am pleased that with the completion of the 2011 certified audit recently and now the unaudited first quarter 2012 financials, we are on target to release second quarter results on time on or before August 14."

Mr. Skidmore continued, "I personally look forward to applying my experience and expertise to implement new methods to augment VirTra's existing accounting and financial reporting systems. We will strive to develop significant metrics to assist management in leading the business to greater achievements."