Intrusion's net income was $212 thousand in the second quarter 2012 compared to a $473 thousand net loss for the second quarter 2011.
Revenue for the second quarter 2012 was $1.95 million compared to $1.07 million in the second quarter 2011, an 82% increase.
Gross profit margin was 60 percent of revenue in the second quarter of 2012 compared to 62 percent in the second quarter 2011.
Intrusion's second quarter 2012 operating expenses were $0.92 million compared to $1.12 million in the second quarter 2011.
As of June 30, 2012, Intrusion reported cash and cash equivalents of $0.1 million, a working capital deficiency of $1.7 million and debt of $1.8 million.
"We are pleased to report, that during the second quarter, we booked $2.66 million of orders covering four different projects. Two of the projects were new and two were existing projects," stated G. Ward Paxton, President and CEO of Intrusion. "Backlog at June 30, 2012 was $2.17 million and it is expected to produce revenue over the next twelve months," 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 20, 2012 by calling 1-855-859-2056 (if outside the United States, 1-404-537-3406). At the replay prompt, enter conference identification number 13792913. 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."