Business
VirTra Reports First Quarter 2020 Financial Results
Sales Momentum Drives 9% Increase in Revenue and $11.3 Million Backlog TEMPE, Ariz. , May 12, 2020 (GLOBE NEWSWIRE) -- VirTra, Inc. (NASDAQ: VTSI) (“VirTra”),
About this update from Virtra, Inc.
[{"type":"text","content":"Sales Momentum Drives 9% Increase in Revenue and $11.3 Million Backlog\n TEMPE, Ariz. , May 12, 2020 (GLOBE NEWSWIRE) -- VirTra, Inc. (NASDAQ: VTSI) (“VirTra”), a global provider of training simulators for the law enforcement, military, educational and commercial markets, reported results for the first quarter ended March 31, 2020. The financial statements are available on VirTra’s website and here. First Quarter 2020 and Recent Highlights: Received $1.6 million IDIQ (indefinite delivery/indefinite quantity) contract from the Department of State for the Republic of Mexico for use-of-force simulators and police driving simulatorsReceived $1.1 million order through new distributor in Europe to provide European law enforcement and military personnel with industry-leading technology and training methodsReleased new V-VICTA (VirTra Virtual Interactive Coursework Training Academy) training curriculum to help law enforcement communicate and interact more effectively and positively with individuals with autismLaunched a new website catered to both law enforcement and military to better market products to prospective customers and increase salesSecured contracts with new customers in Belleview, Orlando, and other police departments and received maintenance renewal and upgrades with existing customers, including multiple across AustraliaAttended 23 events, demos and tradeshows in the first ten weeks of the year First Quarter 2020 Financial Highlights: All figures in millions, except per share dataQ1 2020Q1 2019% ΔTotal Revenue$3.3 $3.1 9% Gross Profit$1.6 $1.8 -11%Gross Margin 47.8% 59.0%-19% Net Income (Loss)$(0.4)$(0.3)24%Diluted EPS$(0.05)$(0.04)25% Management Commentary “During the first quarter of 2020, we continued to build upon the momentum generated in the second half of last year, despite impediments that arose at the end of March,” said Bob Ferris, Chairman and Chief Executive Officer of VirTra. “Financially, the quarter was highlighted by a 9% increase in revenues to $3.3 million from the first quarter of last year. Operationally, the quarter was highlighted by a $1.1 million order from a new distributor in Europe, which is helping expand VirTra’s reputation as the leader in simulation training to more countries abroad. In the last two weeks of March as stay-at-home policies were instituted, some customers requested to delay de...