VirTra’s (NASDAQ:VTSI) stock on Tuesday jumped as much as 42% to a record high of $13.80 a share after the maker of training systems for law enforcement reported profit and sales growth.
The company’s net income doubled to $2.8 million, or $0.25 a share, in the three-month period through December 31 from $1.4 million, or $0.13 a share, a year earlier. Revenue climbed 17% to $10.1 million.
Management said the improvement was the result of operational changes such as an upgraded machine shop, consolidating production into a single facility and revising work for greater scalability.
“These actions have increased our throughput significantly and improved our book to ship ratio, all while reducing production costs and maintaining excellent product quality,” John Givens, chief executive of VirTra, said in a conference call with investors. “We are now shipping orders that we receive within days instead of years.”
For the full year, revenue rose 34% to $38 million as net income jumped to $8.4 million, or $0.77 a share, from $2 million, or $0.18 a share, a year earlier.