Intrusion Inc. Announces First Quarter Results
May 13 2008 - 4:05PM
PR Newswire (US)
RICHARDSON, Texas, May 13 /PRNewswire-FirstCall/ -- Intrusion Inc.
(OTC:INTZ) (BULLETIN BOARD: INTZ) , ("Intrusion") today announced
financial results for the quarter ended March 31, 2008. Revenue for
the first quarter 2008 was $0.5 million, compared to $1.1 million
for the first quarter 2007. Intrusion's operating loss was $0.9
million in the first quarter 2008, compared to $0.5 million for the
first quarter 2007. Gross profit margin was 61% of revenue in the
first quarter of 2008; the same as in the first quarter 2007.
Intrusion's first quarter 2008 operating expenses were $1.2
million; the same as the first quarter 2007. As of March 31, 2008,
Intrusion reported cash and cash equivalents of $0.1 million, a
working capital deficiency of $1.3 million and debt of $0.7
million. "Revenue in the first quarter was reduced by slippage of
contracts from the U.S. Government; however, since April 1, 2008,
we have booked a total of $1,250,000 of new TraceCop orders from
the U.S. Government and a U.S. Defense Contractor. These new
TraceCop orders, along with the $700,000 of orders announced on
March 26, 2008 are expected to produce revenue over the next twelve
months," 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 1-800-399-2043 (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 May 20, 2008 by calling 1-800-642-1687 (if
outside the United States, 1-706-645-9291). At the replay prompt,
enter conference identification number 46941655. 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) March 31, December 31, 2008 2007 ASSETS Current
Assets: Cash and cash equivalents $93 $362 Accounts receivable, net
of allowance for doubtful accounts of $40 in 2008 and 2007 163 110
Inventories, net 123 146 Prepaid expenses 63 75 Total current
assets 442 693 Property and equipment, net 132 144 Other assets 39
39 TOTAL ASSETS $613 $876 LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities: Line of credit $14 $100 Loan payable to
officer 705 -- Accounts payable and accrued expenses 695 688
Deferred revenue 333 312 Total current liabilities 1,747 1,100
Stockholders' Deficit: Preferred stock, $.01 par value: Authorized
shares - 5,000 Series 1 shares issued and outstanding - 260
Liquidation preference of $1,331 as of March 31, 2008 918 918
Series 2 shares issued and outstanding - 460 Liquidation preference
of $1,169 as of March 31, 2008 724 724 Series 3 shares issued and
outstanding - 354 in 2008 Liquidation preference of $785 as of
March 31, 2008 504 504 Common stock, $.01 par value: Authorized
shares - 80,000 Issued shares - 11,648 Outstanding shares - 11,638
116 116 Common stock held in treasury, at cost - 10 shares (362)
(362) Additional paid-in capital 55,492 55,527 Accumulated deficit
(58,347) (57,472) Accumulated other comprehensive loss (179) (179)
Total stockholders' deficit (1,134) (224) TOTAL LIABILITIES AND
STOCKHOLDERS' DEFICIT $613 $876 INTRUSION INC. UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands except per
share amounts) Quarter ended Quarter ended March 31, March 31, 2008
2007 Revenue $462 $1,092 Cost of revenue 179 421 Gross profit 283
671 Operating expenses: Sales and marketing 371 515 Research and
development 516 423 General and administrative 265 227 Operating
loss (869) (494) Interest income (expense), net (6) 2 Loss before
income taxes (875) (492) Income tax provision -- -- Net loss (875)
(492) Preferred stock dividends accrued (40) (43) Net loss
attributable to common stockholders $(915) $(535) Net loss per
share attributable to common stockholders (basic and diluted)
$(0.08) $(0.06) Weighted average shares outstanding -Basic and
Diluted 11,638 8,471 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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