Intrusion Inc. Announces Quarterly Results Of $0.2 Million Net Income On Revenue Of $2.0 Million

RICHARDSON, Texas, Nov. 12, 2013 /PRNewswire/ -- Intrusion Inc. (OTCQB: INTZ), ("Intrusion") announced today financial results for the three and nine months ended September 30, 2013.

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

Intrusion's net income was $173 thousand in the third quarter 2013 compared to $48 thousand in the third quarter 2012.

Intrusion's revenue for the third quarter 2013 was $2.0 million compared to $1.9 million in the third quarter 2012.

Gross profit was $1.2 million or 60 percent of revenue in the third quarter of 2013 compared to $1.1 million or 58% of revenue in the third quarter 2012.

Intrusion's third quarter 2013 operating expenses were $1.0 million compared to $1.0 million in the third quarter 2012. 

As of September 30, 2013, Intrusion reported cash and cash equivalents of $0.5 million, a working capital deficiency of $1.3 million and debt of $1.7 million

"During the third quarter of 2012, we booked a total of $3.7 million of orders covering 10 different projects," stated G. Ward Paxton, President and CEO of Intrusion.  "Included in the orders was $0.2 million of our new Savant product.  Revenue for the new product was $0.4 million in the quarter.  Bookings of new orders in the 4th quarter have already reached $0.9 million with $0.5 million coming from our new Savant product.  Savant is focused in the newest security area, Advanced Persistent Threats (APT)," Paxton concluded.

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., CST 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., CST until November 18, 2013 by calling 1-855-859-2056 (if outside the United States, 1-404-537-3406).  At the replay prompt, enter conference identification number 10502403.  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, advanced persistent threat identification, 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 advanced persistent threats and 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."

Financial 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)



September 30,


December 31,


2013


2012

ASSETS




Current Assets:




 Cash and cash equivalents

$

458


$

52

 Accounts receivable

1,765


946

 Inventories, net

19


5

 Prepaid expenses

36


48

Total current assets

2,278


1,051





 Property and equipment, net

245


260

 Other assets

52


48

TOTAL ASSETS

$

2,575


$

1,359





LIABILITIES AND STOCKHOLDERS' DEFICIT




Current Liabilities:




 Accounts payable and accrued expenses

$

1,109


$

707

 Dividends payable

397


279

 Line of credit payable


130

 Obligations under capital lease, current portion

96


96

 Deferred revenue

434


52

 Loan payable to officer

1,530


Total current liabilities

3,566


1,264





Loan payable to officer


1,530

Obligations under capital lease, noncurrent portion

68


116





Stockholders' Deficit:




  Preferred stock, $.01 par value:




     Authorized shares – 5,000




      Series 1 shares issued and outstanding – 220 
        
Liquidation preference of $1,238 as of September 30, 2013

778


778

     Series 2 shares issued and outstanding – 460
       
Liquidation preference of $1,299 as of September 30, 2013

 

724


 

724

     Series 3 shares issued and outstanding – 354
       
Liquidation preference of $872 as of September 30, 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

55,894


55,837

  Accumulated deficit

(58,612)


(59,047)

  Accumulated other comprehensive loss

(107)


(107)

  Total stockholders' deficit

(1,059)


(1,551)

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT

$

2,575


$

1,359

 

INTRUSION INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share amounts)  








Three Months Ended

September 30,


Nine Months Ended

September 30,



2013


2012


2013


2012

Revenue


$

1,975


$

1,855


$

5,825


$

5,202

Cost of revenue


790


774


2,151


2,177










Gross profit


1,185


1,081


3,674


3,025










Operating expenses:









Sales and marketing


336


317


1,083


1,016

Research and development


361


414


1,138


1,125

General and administrative


281


270


921


891










Operating income (loss)


207


805


532


(7)

 

Interest expense, net


(34)


(32)


(97)


(85)

Other income














Income (loss) before income taxes


173


48


435


(92)










Income tax provision














Net income (loss)


$

173


$

48


$

435


$

(92)










Preferred stock dividends accrued


(38)


(38)


(113)


(113)

Net income (loss) attributable to common stockholders


$

135


$

10


$

322


$

(205)










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













                           Basic


$

0.01


$

0.00


$

0.03


$

(0.02)

                           Diluted


$

0.01


$

0.00


$

0.02


$

(0.02)










Weighted average common shares outstanding:                        









                           Basic


12,172


12,072


12,172


12,011

                           Diluted


14,532


13,922


14,532


12,011

 

SOURCE Intrusion Inc.



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