News

VirTra releases second-quarter numbers

August 14, 2002

ARLINGTON, Texas -- Mirroring its performance in the first quarter of fiscal year 2002, VirTra Systems (OTCBB:VTSI) reported a sharp decline in revenue and steady rise in net losses during the second quarter, ending June 30.

The Arlington, Texas-based virtual reality and gaming kiosk software developer registered a net loss of $768,309 on revenue of $294,963 during the quarter. In the same quarter, 2001, the company lost $640,259 on revenue of $840,410.

For the year, VirTra's revenue is $502,064, down 63.4 percent from 2001 $1.37 million. Net losses for the year so far are $1.56 million compared to a net loss of $1.36 million in the first six months of 2001.

VirTra chief executive officer L. Kelly Jones did not offer an explanation for the company's performance in 2002, saying it did not mirror the company's progress.

"I believe the reported numbers from the quarter are not reflective of the significantly increased level of business activity during the quarter," Jones said in a news release, "nor do they reflect the strides we have made toward accomplishing our business objectives."

Jones said several deals, including an agreement with Racing Visions to purchase up to 8,900 driving simulators and Buick's renewal of a deal to supply driving simulators for its "Drive With Confidence Tour," are indicative of the company's progress.