VirTra Systems, Inc. (VTSI.OB) has announced unaudited fiscal results for the third quarter that has ended September 30, 2007.
During this period, total revenue totaled $1,222,325. This figure, compared to the value of $462,921 that was reported during the third quarter of 2006, represents an increase of 164%. Furthermore, net loss for this quarter was $318,388, or $0.00 per share. VirTra System’s net loss reflects a onetime accounting charge for the 2007 Employee Stock Option Plan of $413,455; had it not been for this one time charge, the third quarter’s balance sheets would have shown an overall net gain.
Major General Perry V. Dalby (USA-Retired), VirTra Systems’ Chief Executive Officer, stated, “This quarter’s best-ever performance is significant and reflects continued quarter-over-quarter growth. During the third quarter, VirTra Systems’ sold, upgraded, or installed its IVR(R) immersive small arms simulators for the United States Air Force, the Department of Defense, the United States Navy, the United States Marine Corps, United Sates Marshals Service, the Kansas City Police Department, as well as other police departments and training academies.”
Dalby continued, “We are pleased that demand for our immersive small arms training simulators continues, and also look forward to soon delivering the first of 24 systems to the Transportation Safety Administration in the Department of Homeland Security. VirTra Systems continues in its efforts to further stimulate sales and building shareholder value.”
VirTra Systems supplies a plethora of situational training systems to varying military agencies that include: the U.S. Army, Navy, Air Force, Marines, Department of Defense, and national and international law enforcement agencies. The company’s portfolio consists of virtual reality systems and 3-D theaters for clients such as General Motors, Pennzoil, Red Baron(TM) Pizza, and the U.S. Army.
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