Intrusion Inc. Produces $0.2 Million Of Net Income In The Second Quarter 2013 On Revenue Of $2.1 Million

RICHARDSON, Texas, Aug. 8, 2013 /PRNewswire/ -- Intrusion Inc. (OTCQB: INTZ), ("Intrusion") announced today financial results for the three and six months ended June 30, 2013.

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

Intrusion's net income was $0.2 million in the second quarter 2013, which was approximately the same as the second quarter 2012. 

Revenue for the second quarter 2013 was $2.1 million compared to $1.9 million in the second quarter 2012.

Gross profit margin was 65 percent of revenue in the second quarter of 2013 compared to 60 percent in the second quarter 2012.

Intrusion's second quarter 2013 operating expenses were $1.1 million compared to $0.9 million in the second quarter 2012. 

As of June 30, 2013, Intrusion reported cash and cash equivalents of $0.5 million, a working capital deficiency of $1.5 million and debt of $1.7 million.   

"We are pleased to report, that our new Savant-TraceCop product generated $0.6 million of revenue in the second quarter 2013," stated G. Ward Paxton, President and CEO of Intrusion. "Also, we booked $1.7 million of orders in the second quarter and have already booked $2.1 million of orders in the third quarter 2013," 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., 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 August 15, 2013 by calling 1-855-859-2056 (if outside the United States, 1-404-537-3406).  At the replay prompt, enter conference identification number 29125100. 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, 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, the 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."

INTRUSION INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands except par value amounts)






June 30,

2013


December 31,

2012



ASSETS








Current Assets:




 Cash and cash equivalents

$

545


$

52

 Accounts receivable

1,171


946

 Inventories, net

24


5

 Prepaid expenses

42


48

Total current assets

1,782


1,051





 Property and equipment, net

252


260

 Other assets

53


48

TOTAL ASSETS

$

2,087


$

1,359





     LIABILITIES AND STOCKHOLDERS' DEFICIT





Current Liabilities:




 Accounts payable and accrued expenses

$

1,123


$

707

 Dividends payable

357


279

 Line of credit payable


130

 Obligations under capital lease, current portion

92


96

 Deferred revenue

133


52

 Loan payable to officer

1,530


Total current liabilities

3,235


1,264





Loan payable to officer


1,530

Obligations under capital lease, noncurrent portion

95


116





Stockholders' Deficit:




  Preferred stock, $.01 par value:




     Authorized shares – 5,000




     Series 1 shares issued and outstanding – 220 




       Liquidation preference of $1,224 as of June 30, 2013

778


778

     Series 2 shares issued and outstanding – 460

       Liquidation preference of $1,284 as of June 30, 2013

724


724

     Series 3 shares issued and outstanding – 354

       Liquidation preference of $862 as of June 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

55,884


55,837

  Accumulated deficit

(58,786)


(59,047)

  Accumulated other comprehensive loss

(107)


(107)

  Total stockholders' deficit

(1,243)


(1,551)

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT

$

2,087


$

1,359

 

INTRUSION INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands except per share amounts)




Three Months Ended

June 30,


Six Months Ended

June 30,




2013


2012


2013


2012


Revenue


$

2,073


$

1,949


$

3,850


$

3,347


Cost of revenue


726


788


1,361


1,403












Gross profit


1,347


1,161


2,489


1,944












Operating expenses:










Sales and marketing


435


299


747


699


Research and development


378


314


777


711


General and administrative


297


310


640


621












Operating income (loss)


237


238


325


(87)












Interest expense, net


(32)


(26)


(63)


(53)












Income (loss) before income taxes


205


212


262


(140)












Income tax provision
















Net income (loss)


$

205


$

212


$

262


$

(140)












Preferred stock dividends accrued


(38)


(38)


(78)


(75)


Net income (loss) attributable to common stockholders


$

167


$

174


$

184


$

(215)












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


$

0.01


$

0.01


$

0.02


$

(0.02)


                       Diluted


$


0.01


$

0.01


$


0.01


$

(0.02)












Weighted average common shares outstanding:  

                        Basic


12,172


12,007


12,172


11,980


                        Diluted


13,893


13,962


13,893


11,980





















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

SOURCE Intrusion Inc.



RELATED LINKS
http://www.intrusion.com

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