VirTra Reports Earnings For The Third Quarter Of 2016

TEMPE, Ariz., Nov. 15, 2016 (GLOBE NEWSWIRE) -- VirTra, Inc. (OTC Pink: VTSID), a leading provider of judgmental use of force simulators and firearms training simulators, today announced its financial results for the third quarter ended September 30, 2016. The financial statements are available on VirTra's website and here. 

Third Quarter 2016 Financial Highlights:
  • Net sales of $3.0 million
  • Gross profit of $1.6 million
  • Gross profit margin of 55%
  • Net loss of $0.1 million

Other Highlights:
  • Approved and implemented a corporate redomestication from Texas to Nevada
  • Implemented a 1 for 10 reverse stock split, effective October 20, 2016
  • Appointed Mitchell A. Saltz to the Board of Directors, effective November 1, 2016, increasing the number of independent directors to two and the total number of directors to four
  • Announced a $1.0 million share repurchase authorization
  • Submitted an application to uplist the Company's common stock to the OTCQX® U.S. market
  • On October 20, 2016, the Company exercised its warrant option and purchased 1.7 million shares of stock of Modern Round Entertainment Corporation for approximately $335,000, resulting in the Company's aggregate holdings of Modern Round to be 3.4 million shares, or 8.9% of its current issued and outstanding common shares

Bob Ferris, Chairman and Chief Executive Officer of VirTra, commented: "We generated $3.0 million in net sales for the third quarter and $12.6 million for the first nine months of 2016, our highest level of revenue through the first nine months of the year in the Company's history. In addition, we have been very busy with respect to our changes in corporate structure and governance, with the implementation of a number of initiatives that we believe will increase our visibility within the investment community and potentially lead to more trading liquidity and greater institutional ownership of our stock."