2014

Intrusion Inc. Achieves Profitability In The First Quarter Of 2013 On Revenue Of $1.8 Million

RICHARDSON, Texas, May 13, 2013 /PRNewswire/ -- Intrusion Inc. (OTCBB: INTZ), ("Intrusion") today announced financial results for the quarter ended March 31, 2013.

(Logo: http://photos.prnewswire.com/prnh/20030703/INTRUSIONLOGO)

Intrusion's net income was $57 thousand in the first quarter 2013, compared to a net loss of $352 thousand for the first quarter 2012.  

Revenue for the first quarter 2013 was $1.78 million, compared to $1.40 million for the first quarter 2012. 

Gross profit margin was 64% of revenue in the first quarter 2013; compared to 56% in the first quarter 2012.  Gross profit margin improvement was primarily due to a favorable product mix. 

Intrusion's first quarter 2013 operating expenses were $1.05 million; compared to $1.11 million in the first quarter 2012. 

As of March 31, 2013, Intrusion reported cash and cash equivalents of $0.30 million, a working capital deficiency of $1.64 million and debt of $2.02 million.

"At our current staffing and expense levels, it takes approximately $1.70 million of quarterly revenue to break-even and this quarter reflects just that.  During the first quarter, we booked a total of $1.17 million in sales orders.  Backlog at March 31, 2013 was $1.61 million and is scheduled over the next twelve months," stated G. Ward Paxton, President and CEO of Intrusion.

Intrusion's management will host its regularly scheduled quarterly conference call to discuss the Company's financial and operational progress at 4:00 P.M., CDT today.  Interested investors can access the call at 1-877-258-4925 (if outside the United States, 1-973-500-2152).  For those unable to participate in the live conference call, a replay will be accessible beginning today at 7:00 P.M., CDT until May 20, 2013 by calling 1-855-859-2056 (if outside the United States, 1-404-537-3406).  At the replay prompt, enter conference identification number 70526483.  Additionally, a live and archived audio webcast of the conference call will be available at www.intrusion.com.

About Intrusion Inc.

Intrusion Inc. is a global provider of entity identification systems, high speed data mining, regulated information compliance, data leak prevention and data privacy protection, and network intrusion prevention and detection products.  Intrusion's product families include TraceCop™ for entity identification, Savant™ for network data mining, Compliance Commander™ for regulated information compliance, data leak prevention and data privacy protection, and Intrusion SecureNet for network intrusion prevention and detection.  Intrusion's products help protect critical information assets by quickly detecting, protecting, analyzing and reporting attacks or misuse of classified, private and regulated information for government and enterprise networks.  For more information, please visit www.intrusion.com.

This release may contain certain forward-looking statements, which reflect management's expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements involve a number of risks and uncertainties.  Such statements include, without limitations, statements regarding future revenue growth and profitability, the difficulties in forecasting future sales caused by current economic and market conditions, the effects of sales and implementation cycles for our products on our quarterly results and difficulties in accurately estimating market growth, the effect of military actions on government and corporate spending on information security products, spending patterns of, and appropriations to, U.S. government departments, as well as other statements.  These statements are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements.  The factors that could cause actual results to differ materially from expectations are detailed in the Company's most recent reports on Form 10-K and Form 10-Q, particularly under the heading "Risk Factors."

Contact
Michael L. Paxton, VP, CFO
972.301.3658, mpaxton@intrusion.com

 

 

INTRUSION INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands except par value amounts)






March 31,


December 31,


2013


2012

ASSETS








Current Assets:




 Cash and cash equivalents

$

301


$

52

 Accounts receivable

1,606


946

 Inventories, net

12


5

 Prepaid expenses

46


48

Total current assets

1,965


1,051





 Property and equipment, net

237


260

 Other assets

46


48

TOTAL ASSETS

$

2,248


$

1,359









    LIABILITIES AND STOCKHOLDERS' DEFICIT








Current Liabilities:




 Accounts payable and accrued expenses

$

916


$

707

 Dividends payable

317


279

 Line of credit payable

311


130

 Obligations under capital lease, current portion

85


96

 Deferred revenue

449


52

 Loan payable to officer

1,530


Total current liabilities

3,608


1,264





 Loan payable to officer


1,530

 Obligations under capital lease, noncurrent portion

94


116





Stockholders' Deficit:




  Preferred stock, $.01 par value:




     Authorized shares – 5,000




     Series 1 shares issued and outstanding – 220 




       Liquidation preference of $1,210 as of March 31, 2013

778


778

     Series 2 shares issued and outstanding – 460

       Liquidation preference of $1,270 as of March 31, 2013

724


724

     Series 3 shares issued and outstanding – 354

       Liquidation preference of $852 as of March 31, 2013

504


504

  Common stock, $.01 par value:




     Authorized shares – 80,000




     Issued shares – 12,182

     Outstanding shares – 12,172

122


122

  Common stock held in treasury, at cost – 10 shares

(362)


(362)

  Additional paid-in capital

55,877


55,837

  Accumulated deficit

(58,990)


(59,047)

  Accumulated other comprehensive loss

(107)


(107)

  Total stockholders' deficit

(1,454)


(1,551)

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT

$

2,248


$

1,359

 

 

INTRUSION INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands except per share amounts)






Quarter ended


Quarter ended


March 31,


March 31,


2013


2012





Revenue

$

1,777


$

1,398

Cost of revenue

635


615

Gross profit

1,142


783

Operating expenses:




   Sales and marketing

312


399

   Research and development

399


398

   General and administrative

343


311

Operating income (loss)

88


(325)

Interest expense, net

(31)


(27)

Income (loss) before income taxes


57


(352)

Income tax provision


Net income (loss)

57


(352)

Preferred stock dividends accrued

(37)


(38)

Net income (loss) attributable to common stockholders

$

20


$

(390)





Net income (loss) per share attributable to common stockholders: 




                        Basic

$

0.00


$

(0.03)

                        Diluted

$

0.00


$

(0.03)

Weighted average shares outstanding:




                        Basic

12,172


11,952

                        Diluted

13,736


11,952

 

SOURCE Intrusion Inc.



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