Business
VirTra Reports Second Quarter and Six Month 2020 Financial Results
Sales Momentum Improves Margins and Drives Record $14.3 Million Backlog TEMPE, Ariz., Aug. 11, 2020 (GLOBE NEWSWIRE) -- VirTra, Inc. (NASDAQ: VTSI)
About this update from Virtra, Inc.
[{"type":"text","content":"Sales Momentum Improves Margins and Drives Record $14.3 Million Backlog\nTEMPE, Ariz., Aug. 11, 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 second quarter and six months ended June 30, 2020. The financial statements are available on VirTra’s website and here.\n Second 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 simulatorsReleased 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 autismTo date, submitted 17 V-VICTA courses (a total of 60 hours of certified training content) to IADLEST’s National Certification ProgramBacklog increased $4.2 million year-over-year to a record $14.3 million as of June 30, 2020 Second Quarter and Six Month 2020 Financial Highlights: All figures in millions, except per share dataQ2 2020Q2 2019% Δ YTD 2020YTD 2019% ΔTotal Revenue$2.8 $3.1 -9% $6.1 $6.1 0% Gross Profit$1.6 $1.5 4% $3.2 $3.3 -4%Gross Margin 57.0% 49.6%15% 51.9% 54.3%-4% Net Loss$(0.6)$(0.6)-5% $(1.0)$(0.9)5%Diluted EPS$(0.08)$(0.08)0% $(0.13)$(0.12)8% Management Commentary “Despite the highly unusual operating environment due to the pandemic, we continued to build on our sales momentum during the second quarter, which resulted in relatively consistent financial results compared to 2019 and which has positioned VirTra for a strong second half of the year,” said Bob Ferris, Chairman and Chief Executive Officer of VirTra. “Financially, the quarter was highlighted by a $4.2 million increase in our backlog as compared with the same quarter last year and the continuation of a solid balance sheet. Operationally, the quarter was highlighted by the $1.6 million contract we received from the Department of State for the Republic of Mexico, expansions of our V-VICTA training curriculum, and progress increasing VirTra’s presence in the military market. “While the prolonged impacts of COVID-19 delayed many of our installations during the second quarter, suppressing revenue, our sales and ...