VirTra Systems Announces Second Quarter Results
8/15/2005 4:17:46 PM
ARLINGTON, Texas, Aug 15, 2005 /PRNewswire-FirstCall via COMTEX/ -- VirTra Systems, Inc. (VTSI) today announced unaudited results for the second quarter of its fiscal year ended June 30, 2005.
Total revenue reported for the second quarter was $255,079, down 32% compared to $374,118 for the same period one year ago. Net loss for the quarter was ($285,248), or $0.00 per share, down 47% from net loss of ($534,907), or ($0.01) per share, for the second quarter of fiscal 2004.
L. Kelly Jones, VirTra Systems' chief executive officer, commented, "Progress continued in the second quarter as we made important progress on major initiatives, including a recently-signed strategic marketing and manufacturing alliance with a major defense contractor.
"The second quarter witnessed the company's first training simulator installation for the United States Army, at Fort Hood, Texas. Additionally, we installed an IVR HD-180(TM) law enforcement simulator for the Washington County Sheriff's Department in Utah, and another IVR HD-180 training system was installed last month for the Little River Band of Ottawa Indians' Department of Public Safety, in Manistee, Michigan.
"In the advertising/promotion market, we completed an Immersa-Dome(TM) tradeshow project for a major Fortune 500 pharmaceutical company. The second quarter also witnessed renewal of Buick's(R) Immersa-Dome promotion, now featuring professional golfer Tiger Woods.
"Based on input from our military specialists, new anti-terrorism/anti- insurgent scenarios were created to address current challenges in-theater, such as improvised explosive device (IED) response, dismounted combat patrol, and insurgent training camp attack.
"While we are disappointed with the quarter's revenue results, our reputation for cutting-edge technology, dependability, and providing the most realistic and complex combat and law enforcement training continues to grow. We have confidence in our focused business plan, and we remain solidly on track for financial success during 2005," Jones concluded.
About VirTra Systems
Utilizing patented technology, VirTra Systems sells situational awareness firearms training systems to military agencies such as the U.S. Air Force, Army, and Department of Defense, and to national and international law enforcement agencies. The company also produces multisensory promotional virtual reality systems and 3-D theaters for clients such as General Motors, Pennzoil, Red Baron(TM) Pizza, and the U.S. Army. For more information, visit the company's website at virtra.com .
Media Relations:
VirTra Systems, Inc.
Steve Haag, vice-president
of investor relations
Arlington, Texas
(817) 261-4269
shaag@virtra.com
SOURCE VirTra Systems, Inc.
Steve Haag, vice-president of investor relations of VirTra Systems, Inc.,
+1-817-261-4269, or shaag@virtra.com
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