Business
VirTra Reports Third Quarter and Nine Month 2020 Financial Results
Sales Momentum Drives $6.4 Million in Revenue, EPS of $0.11, and Record $14.4 Million Backlog TEMPE, Ariz., Nov. 10, 2020 (GLOBE NEWSWIRE) -- VirTra, Inc.
About this update from Virtra, Inc.
[{"type":"text","content":"Sales Momentum Drives $6.4 Million in Revenue, EPS of $0.11, and Record $14.4 Million Backlog\nTEMPE, Ariz., Nov. 10, 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 third quarter and nine months ended September 30, 2020. The financial statements are available on VirTra’s website and here.\n Third Quarter 2020 and Recent Highlights: Awarded $1.9 million IDIQ (indefinite delivery/indefinite quantity) contract to develop training content in support of the Air Force Research Laboratory’s Airman Decision Making and Interface Research (ADMIRE) program as a result of recent partnership with Infoscitex (IST)Received $1.5 million order from the U.S. Department of Homeland Security’s Federal Law Enforcement Training Centers (FLETC), which will result in VirTra’s simulators being installed at all four of FLETC’s training centers by December 2020Received $863,000 order from U.S. Customs and Border Protection (CBP) for simulation training products and services, including new, drop-in recoil kitsAppointed military simulation training expert, John Givens, to the Company’s board of directors to fill the vacancy left by Mitchell Saltz’s passingBacklog increased to a record $14.4 million as of September 30, 2020 Third Quarter and Nine Month 2020 Financial Highlights: All figures in millions, except per share dataQ3 2020Q3 2019% Δ YTD 2020YTD 2019% ΔTotal Revenue$6.4 $6.7-4% $12.5 $12.8-2% Gross Profit$4.0 $3.86% $7.1 $7.11%Gross Margin61.9%55.9%11% 57.0%55.2%3% Net Income/Loss$0.9 $0.9-7% ($0.1)($0.0)N/ADiluted EPS$0.11 $0.12-8% ($0.02)($0.00)N/A Management Commentary “Despite our sales and installation teams facing the inherent challenges of a pandemic, our talented staff adapted to changing circumstances to produce financial results for the third quarter that were essentially in-line with our near record performance last year and new sales that exceeded last year’s performance,” said Bob Ferris, chairman and chief executive officer of VirTra. “Financially, the quarter was highlighted by revenue of $6.4 million, net income of $0.9 million, which drove EPS of $0.11 and adjusted EBITDA of $1.6 million, and perhaps most impressive, a record backlog of $14.4 million. Operationally, we built upon o...