VirTra Systems, Inc. released its second quarter numbers earlier this week which revealed more than 50% increases for both growth and profit as compared to the same quarter in 2009. The second quarter was the highest revenue-generating quarter in the Company’s history with sales in excess of $1.5 million, which represents a 57% increase over the same quarter in 2009.
VirTra continues to grow internally to both facilitate and perpetuate the increased sales. Six new sales people have been hired recently, bringing the total number of employees to 29, and the Company is moving to a new, larger headquarters. The growth has not affected efficiency as gross margins for the last quarter increased over 9% (from 60.2% to 69.4%) from the previous quarter.
Ordinary income grew from $213,792 to $472,583 for a 121% increase from last quarter and net gain per share for the second quarter of 2010 was $.0024 compared to $.0021 per share in Q2 2009.
VirTra’s cash was $814,690 as of June 30, 2010 compared to $284,377 as of June 30, 2009. Also, shareholder’s equity increased over $1,980,000 to $7.87 million at the end of Q2 2010 from $5.89 million as of June 30, 2009.
Don Andrus, COO and President of VirTra, said, “While becoming part of a company that continues to grow and dominate with each passing day is exciting, we are only motivated to work harder and get better. Our supporters and shareholders deserve the best and that means that our team must constantly improve.”
Recently, VirTra announced the sale of a third firearms training simulator to the Institute of Technology in California. The previous orders were announced in April and May as the Institute is developing a world-class program amongst several of their campuses. In addition to the Institute of Technology, VirTra has seen sales continue to grow through their relationship with Lockheed Martin. On June 30th, the Company announced that it had received an order for 13 Threat-Fire II(TM) sense-memory simulators and 15 wireless stations to accompany the Threat-Fire II(TM) devices from Lockheed Martin, which represented the largest order to date with the industry giant.
International sales have also helped propel the rapid growth as orders for the state of the art IVR-300 series of simulators were purchased in June from agencies in Korea and Australia. The orders included fully equipped, 5-screen, 300-degree HD firearms and use of force simulator, including tetherless recoil kits, the patent-pending Threat-Fire(TM) safe shoot-back device and a library of marksmanship and decision making training scenarios.
More information on VirTra Systems, its products and the investment opportunity it presents can be found on the Company’s website at www.virtra.com.