Intrusion Inc. Announces Fourth Quarter and Annual Results
March 26 2008 - 4:05PM
PR Newswire (US)
RICHARDSON, Texas, March 26 /PRNewswire-FirstCall/ -- Intrusion
Inc. (OTC:INTZ) (BULLETIN BOARD: INTZ) , ("Intrusion") today
announced financial results for the quarter and year ended December
31, 2007. Revenue for the fourth quarter 2007 was $0.5 million,
compared to $1.5 million for the fourth quarter 2006. Revenue for
the year 2007 was $3.5 million, compared to $5.2 million in 2006.
Intrusion's net loss was $0.8 million in the fourth quarter 2007,
compared to $0.2 million for the fourth quarter 2006. Net loss was
$2.4 million for the year 2007, compared to $3.0 million for the
year 2006. Gross profit margin was 61% of revenue in the fourth
quarter of 2007, compared to 60% of revenue in the fourth quarter
2006. For the year 2007, the gross profit margin was 61%, compared
to 58% in 2006. Intrusion's fourth quarter 2007 operating expenses
were $1.1 million; the same as the fourth quarter 2006. For the
year 2007, operating expenses were $4.5 million, down from $6.0
million in 2006. As of December 31, 2007, Intrusion reported cash
and cash equivalents of $0.4 million, working capital of $(0.4)
million and debt of $0.1 million. "Revenue in the fourth quarter
was reduced by slippage of contracts from the U.S. Government which
was impacted by Congress' delay in approving the 2008 U.S.
Government budget," stated G. Ward Paxton. 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
1-800-399-2043 (if outside the United States, 1-706-634-5518). For
those unable to participate in the live conference call, a replay
will be accessible beginning today at 7:00 P.M., CDT until April 2,
2008 by calling 1-800-642-1687 (if outside the United States,
1-706-645-9291). At the replay prompt, enter conference
identification number 41042829. Additionally, a live and archived
audio webcast of the conference call will be available at
http://www.intrusion.com/. About Intrusion Inc. Intrusion Inc. is a
global provider of entity identification systems, regulated
information compliance, and data privacy protection and network
intrusion prevention and detection products. Intrusion's product
families include TraceCop(TM) for identity identification, the
Compliance Commander(TM) for regulated information 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 http://www.intrusion.com/. This
release, other than historical information, may include
forward-looking statements regarding future events or the future
financial performance of the Company. Such statements include,
without limitations, statements regarding future revenue growth and
profitability, 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, including but not limited to the
following: the difficulties in forecasting future sales caused by
current economic and market conditions, the effect of military
actions on government and corporate spending on information
security products, spending patterns of, and appropriations to,
U.S. government departments, the impact of our cost reduction
programs and our refocused product line, the difficulties and
uncertainties in successfully developing and introducing new
products in emerging markets, market acceptance of our products,
the impact of our sustained losses on our ability to successfully
operate and grow our business, our stock price and the recent loss
of our Nasdaq listing, our ability to generate sufficient cash flow
or obtain additional financing on acceptable terms in order to fund
ongoing liquidity needs, the highly competitive market for our
products, the effects of sales and implementation cycles for our
products on our quarterly results, difficulties in accurately
estimating market growth, the consolidation of the information
security industry, the impact of changing economic conditions,
business conditions in the information security industry, our
ability to manage acquisitions effectively, the impact of market
peers and their products as well as risks concerning future
technology and others identified in our Annual Report on Form
10-KSB, as amended, and other Securities and Exchange Commission
filings. These filings can be obtained by contacting Intrusion
Investor Relations. INTRUSION INC. UNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS (In thousands except par value amounts) December 31,
December 31, 2007 2006 ASSETS Current Assets: Cash and cash
equivalents $ 362 $ 933 Accounts receivable, net of allowance for
doubtful accounts of $40 in 2007 and $90 in 2006 110 844
Inventories, net 146 209 Prepaid expenses 75 198 Total current
assets 693 2,184 Property and equipment, net 144 162 Other assets
39 41 TOTAL ASSETS $ 876 $ 2,387 LIABILITIES AND STOCKHOLDERS'
EQUITY Current Liabilities: Line of credit $ 100 $ 200 Accounts
payable and accrued expenses 688 1,099 Deferred revenue 312 367
Total current liabilities 1,100 1,666 Stockholders' Equity
(Deficit): Preferred stock, $.01 par value: Authorized shares -
5,000 Series 1 shares issued and outstanding - 260 Liquidation
preference of $1,315 in 2007 918 918 Series 2 shares issued and
outstanding - 460 Liquidation preference of $1,155 in 2007 724 724
Series 3 shares issued and outstanding - 354 in 2007, 469 in 2006
Liquidation preference of $776 in 2007 504 667 Common stock, $.01
par value: Authorized shares - 80,000 Issued shares - 11,648 in
2007 and 8,306 in 2006 Outstanding shares - 11,638 in 2007 and
8,296 in 2006 116 83 Common stock held in treasury, at cost - 10
shares (362) (362) Additional paid-in capital 55,527 53,947
Accumulated deficit (57,472) (55,077) Accumulated other
comprehensive loss (179) (179) Total stockholders' equity (deficit)
(224) 721 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 876 $ 2,387
INTRUSION INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (In thousands except per share amounts) Three Months
Ended Year Ended December 31, December 31, 2007 2006 2007 2006
Revenue $ 496 $ 1,451 $ 3,510 $ 5,242 Cost of revenue 192 580 1,376
2,204 Gross profit 304 871 2,134 3,038 Operating expenses: Sales
and marketing 413 487 1,933 2,714 Research and development 486 388
1,655 2,067 General and administrative 218 222 947 1,261 Operating
loss (813) (226) (2,401) (3,004) Interest income, net 3 1 5 45
Other income (expense), net - - 1 (65) Loss before income taxes
(810) (225) (2,395) (3,024) Income tax provision - - - - Net loss
(810) (225) (2,395) (3,024) Preferred stock dividends accrued (43)
(44) (173) (175) Net loss attributable to common stockholders $
(853) $ (269) $ (2,568) $ (3,199) Net loss per share attributable
to common stockholders (basic and diluted) $(0.07) $(0.04) $(0.26)
$(0.45) Weighted average shares outstanding (basic and diluted)
11,539 7,100 9,929 7,043 Contact Michael L. Paxton, VP, CFO
972.301.3658,
http://www.newscom.com/cgi-bin/prnh/20030703/INTRUSIONLOGO
http://photoarchive.ap.org/ DATASOURCE: Intrusion Inc. CONTACT:
Michael L. Paxton, VP, CFO, of Intrusion Inc., +1-972-301-3658, Web
site: http://www.intrusion.com/
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