VirTra Reports Strong Financial Results for First Quarter 2013
TEMPE, AZ, May 15, 2013 (Marketwired via COMTEX) -- VirTra Systems (pinksheets:VTSI), a leading provider of firearms training simulation systems to military, law enforcement agencies and other organizations, today reported unaudited financial results for its first quarter of 2013, ended March 31. The unaudited financial statements are available on VirTra's website and here.
The Company posted first quarter revenue of $2.49 million along with a net income of $0.53 million. Last year's first quarter revenue was $2.61 million and net income for that period totaled $0.25 million. Revenue is down slightly for the first quarter of this year by about 5 percent, due in part to timing of deliveries, while net income increased 115 percent.
VirTra's cost of goods sold for the quarter was $0.75 million representing a 70 percent gross profit margin compared to 68 percent for the same quarter last year. VirTra's profit margin does fluctuate from quarter-to-quarter and is influenced by a number of factors such as: revenue recognition, volume, vendor pricing, improved production methods and composition of customer orders.
The Company's general and administrative expenses during the first quarter of 2013 were $1.20 million compared to $1.53 million for the first quarter, 2012. VirTra has continued to control spending while investing in the development of multiple new products and sales initiatives in order to promote long-term growth along with support and new scenario development for current customers.
Mark Skidmore, Vice President - Chief Accounting Officer of the Company, stated, "VirTra's management team, and all of the Company's employees, has worked extremely hard at improving financial and operational efficiencies. This ongoing, committed effort by our team had a direct financial impact on the net operating results for the first quarter."
Bob Ferris, Chief Executive Officer of VirTra, commented, "The Company's first quarter 2013 financial performance demonstrates strong gains in profitability. VirTra remains focused on growing its annual revenue and bottom line results through an expanding worldwide customer base."
