RICHARDSON, Texas, May 14, 2012 /PRNewswire/ -- Intrusion Inc. (OTCBB: INTZ), ("Intrusion") today announced financial results for the quarter ended March 31, 2012.
(Logo: http://photos.prnewswire.com/prnh/20030703/INTRUSIONLOGO)
Intrusion's net loss was $0.35 million in the first quarter 2012, compared to a net loss of $0.40 million for the first quarter 2011.
Revenue for the first quarter 2012 was $1.40 million, compared to $1.04 million for the first quarter 2011.
Gross profit margin was 56% of revenue in the first quarter 2012; compared to 62% in the first quarter 2011. The decrease was mainly due to a change in product mix and slightly higher labor cost associated with TraceCop sales.
Intrusion's first quarter 2012 operating expenses were $1.11 million; compared to $1.04 million in the first quarter 2011.
As of March 31, 2012, Intrusion reported cash and cash equivalents of $0.27 million, a working capital deficiency of $1.99 million and debt of $1.53 million.
"At our current staffing and expense levels, it takes approximately $1.70 million of quarterly revenue to break even. During the first quarter, we booked a total of $1.50 million of new orders and have booked $0.60 million of new orders so far in the second quarter. These new orders are expected to produce revenue during the year 2012," 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 21, 2012 by calling 1-800-642-1687 (if outside the United States, 1-706-645-9291). At the replay prompt, enter conference identification number 77584895. 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, [email protected]
| INTRUSION INC. |
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| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
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| (In thousands except par value amounts) |
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| March 31, |
December 31, |
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| 2012 |
2011 |
||
| ASSETS |
|||
| Current Assets: |
|||
| Cash and cash equivalents |
$ 269 |
$ 308 |
|
| Accounts receivable |
543 |
480 |
|
| Inventories, net |
5 |
5 |
|
| Prepaid expenses |
113 |
90 |
|
| Total current assets |
930 |
883 |
|
| Property and equipment, net |
249 |
207 |
|
| Other assets |
43 |
40 |
|
| TOTAL ASSETS |
$ 1,222 |
$ 1,130 |
|
| LIABILITIES AND STOCKHOLDERS' DEFICIT |
|||
| Current Liabilities: |
|||
| Accounts payable and accrued expenses |
$ 740 |
$ 632 |
|
| Dividends payable |
161 |
123 |
|
| Line of credit payable |
— |
80 |
|
| Obligations under capital lease, current portion |
96 |
74 |
|
| Deferred revenue |
381 |
97 |
|
| Loan payable to officer |
1,530 |
— |
|
| Total current liabilities |
2,908 |
1,006 |
|
| Loan payable to officer |
— |
1,530 |
|
| Obligations under capital lease, noncurrent portion |
83 |
53 |
|
| Stockholders' Deficit: |
|||
| Preferred stock, $.01 par value: |
|||
| Authorized shares – 5,000 |
|||
| Series 1 shares issued and outstanding – 220 |
|||
| Liquidation preference of $1,155 as of March 31, 2012 |
778 |
778 |
|
| Series 2 shares issued and outstanding – 460 Liquidation preference of $1,213 as of March 31, 2012 |
724 |
724 |
|
| Series 3 shares issued and outstanding – 354 Liquidation preference of $814 as of March 31, 2012 |
504 |
504 |
|
| Common stock, $.01 par value: |
|||
| Authorized shares – 80,000 |
|||
| Issued shares – 11,982 as of 3-31-12 and 11,952 as of 12-31-11 Outstanding shares – 11,972 as of 3-31-12 and 11,942 as of 12-31-11 |
120 |
119 |
|
| Common stock held in treasury, at cost – 10 shares |
(362) |
(362) |
|
| Additional paid-in capital |
55,727 |
55,686 |
|
| Accumulated deficit |
(59,153) |
(58,801) |
|
| Accumulated other comprehensive loss |
(107) |
(107) |
|
| Total stockholders' deficit |
(1,769) |
(1,459) |
|
| TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT |
$ 1,222 |
$ 1,130 |
|
| INTRUSION INC. |
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| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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| (In thousands except per share amounts) |
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| Quarter ended |
Quarter ended |
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| March 31, |
March 31, |
|||||
| 2012 |
2011 |
|||||
| Revenue |
$ 1,398 |
$ 1,042 |
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| Cost of revenue |
615 |
399 |
||||
| Gross profit |
783 |
643 |
||||
| Operating expenses: |
||||||
| Sales and marketing |
399 |
345 |
||||
| Research and development |
398 |
397 |
||||
| General and administrative |
311 |
299 |
||||
| Operating income (loss) |
(325) |
(398) |
||||
| Interest expense, net |
(27) |
(4) |
||||
| Income (loss) before income taxes |
(352) |
(402) |
||||
| Income tax provision |
— |
— |
||||
| Net income (loss) |
(352) |
(402) |
||||
| Preferred stock dividends accrued |
(38) |
(37) |
||||
| Net income (loss) attributable to common stockholders |
$ (390) |
$ (439) |
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| Net income (loss) per share attributable to common stockholders: |
||||||
| Basic |
$ (0.03) |
$ (0.04) |
||||
| Diluted |
$ (0.03) |
$ (0.04) |
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| Weighted average shares outstanding: |
||||||
| Basic |
11,952 |
11,818 |
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| Diluted |
11,952 |
11,818 |
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SOURCE Intrusion Inc.
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