VirTra Systems Cite Increased Revenues

VirTra Systems Cite Increased Revenues

VirTra Systems, Inc. last week announced unaudited results for the third quarter of its fiscal year ended September 30, 2003, where the company cited the fourth consecutive period of comparative increased revenues and narrowing losses.

Total revenues reported for the third quarter were $218,911, up 85% compared to $118,170 for the same period one year ago. Net losses for the quarter were ($483,359), or ($0.01) per share, down 13.5% from net losses of ($559,034), or ($0.02) per share, for the third quarter of fiscal 2002.

L. Kelly Jones, VirTra Systems' chief executive officer said that management is continuing to successfully implement the company's business plan.

"In the third quarter, we recruited an industry-respected training/simulation sales vice-president, successfully refinanced our bank indebtedness, and substantially reduced our outstanding debentures," Mr Jones said.

"We announced our initial training simulator sale in September, marking the company's successful entry into the training/simulation market. Additionally, we announced our initial federal contract, a recruiting tool for the United States Army," he said.

Mr Jones said a new promotional project announced in September coincided with significant advancements in the company's unique immersive virtual reality technology which now allow 360° x 360° field-of-view and high-definition resolution.

"There can be no disputing the company's progress. We are eagerly looking forward to the fourth quarter and to 2004," Mr Jones said.