Intrusion Inc. Announces First Quarter Results
May 14 2009 - 4:05PM
PR Newswire (US)
RICHARDSON, Texas, May 14 /PRNewswire-FirstCall/ -- Intrusion Inc.
(OTC Bulletin Board: INTZ), ("Intrusion") today announced financial
results for the quarter ended March 31, 2008. Revenue for the first
quarter 2009 was $0.9 million, compared to $0.5 million for the
first quarter 2008. Intrusion's operating loss was $0.3 million in
the first quarter 2009, compared to $0.9 million for the first
quarter 2008. Gross profit margin was 68% of revenue in the first
quarter of 2009; compared to 61% in the first quarter 2008.
Intrusion's first quarter 2009 operating expenses were $0.9
million; compared to $1.2 in the first quarter 2008. As of March
31, 2009, Intrusion reported cash and cash equivalents of $0.2
million, a working capital deficiency of $1.7 million and debt of
$0.6 million. "Revenue in the first quarter was reduced by slippage
of contracts from the U.S. Government; however, since April 1,
2009, as previously reported, we have booked a total of $1,200,000
of new TraceCop orders from a U.S. Defense Prime Contractor. These
new TraceCop orders are expected to produce revenue over the second
and third quarters of 2009," 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 21, 2009 by
calling 1-800-642-1687 (if outside the United States,
1-706-645-9291). At the replay prompt, enter conference
identification number 98236051. 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, data leak prevention, and data privacy
protection and network intrusion prevention and detection products.
Intrusion's product families include TraceCop(TM) for entity
identification, the Compliance Commander(TM) 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 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-K,
as amended, and other Securities and Exchange Commission filings.
These filings can be obtained by contacting Intrusion Investor
Relations. Contact Michael L. Paxton, VP, CFO 972.301.3658,
INTRUSION INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In
thousands except par value amounts) March 31, December 31, 2009
2008 ------------------------ ASSETS Current Assets: Cash and cash
equivalents $174 $554 Accounts receivable 200 341 Inventories, net
16 20 Prepaid expenses 61 56 -------- -------- Total current assets
451 971 Property and equipment, net 152 169 Other assets 39 39
-------- -------- TOTAL ASSETS $642 $1,179 ======== ========
LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities: Loan
payable to officer $630 $480 Accounts payable and accrued expenses
487 538 Deferred revenue 750 1,090 Dividends payable 234 187
-------- -------- Total current liabilities 2,101 2,295
Stockholders' Deficit: Preferred stock, $.01 par value: Authorized
shares - 5,000 Series 1 shares issued and outstanding - 260
Liquidation preference of $1,396 as of March 31, 2009 918 918
Series 2 shares issued and outstanding - 460 Liquidation preference
of $1,227 as of March 31, 2009 724 724 Series 3 shares issued and
outstanding - 354 Liquidation preference of $824 as of March 31,
2009 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 55,422 55,443 Accumulated deficit
(58,602) (58,280) Accumulated other comprehensive loss (179) (179)
-------- -------- Total stockholders' deficit (1,459) (1,116)
-------- -------- TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $642
$1,179 ======== ======== INTRUSION INC. UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands except per
share amounts) Quarter ended Quarter ended March 31, March 31, 2009
2008 ------------------------------- Revenue $856 $462 Cost of
revenue 276 179 ------------------------------- Gross profit 580
283 Operating expenses: Sales and marketing 264 371 Research and
development 366 516 General and administrative 260 265
------------------------------- Operating loss (310) (869) Interest
expense, net (12) (6) ------------------------------- Loss before
income taxes (322) (875) Income tax provision - -
------------------------------- Net loss (322) (875) Preferred
stock dividends accrued (40) (40) -------------------------------
Net loss attributable to common stockholders $(362) $(915)
=============================== Net loss per share attributable to
common stockholders (basic and diluted) $(0.03) $(0.08) Weighted
average shares outstanding - Basic and Diluted 11,638 11,638
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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