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This story is from the category Business
Posted by: Site Administration Date posted: 17/08/2004 (Press Release)ARLINGTON, Texas, Aug. 16 /PRNewswire-FirstCall/ -- VirTra Systems, Inc. (OTC Bulletin Board: VTSI - News) today announced unaudited results for the second quarter of its fiscal year ended June 30, 2004. Total revenue reported for the second quarter was $374,118, up 362.7% compared to $80,858 for the same period one year ago. Net loss for the quarter was ($534,907), or ($0.01) per share, roughly equivalent to net loss of ($527,785), or ($0.01) per share, for the second quarter of fiscal 2003. L. Kelly Jones, VirTra Systems' chief executive officer, commented, "We are pleased with the quarter's increased revenue, and the increased cost of sales was directly attributed to development costs associated with our new products' initial deliveries. "Product sales have significantly accelerated recently, and we expect major revenue increases during the remainder of 2004 as we deliver currently- ordered IVR HD(TM) and Immersa-Dome(TM) systems, with costs of sales declining due to efficiencies of scale. "Training/simulation sales improved this quarter after the U.S. Air Force became the first domestic military purchaser of the new IVR HD simulator. Further, the quarter witnessed the recently-announced expanded order by an as- of-yet unnamed U.S. military customer -- the largest currently-announced training/simulation sale in the company's history. "In the advertising/promotional market, the quarter saw the delivery of two systems for Bombardier's Sea-DooŽ 3-D personal watercraft, and for the U.S. Army's recruiting project featuring a virtual helicopter rescue mission. More significantly, we announced our new, patented Immersa-Dome system, followed by its initial sale to Buick. "Behind the scenes, we are completing the company's corporate transformation. As but one example, we expect to engage this week a consulting firm to assist us with our plans to positively address our leaseholder debt during the current quarter. "The second quarter was a good one for the company, and one we fully expect to build upon for a successful 2004," Jones concluded. See the full Story via external site: biz.yahoo.com Most recent stories in this category (Business): 08/08/2010: Swisscom meets just 10 pct of iPhone 4 demand |
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