Intrusion Inc. Returns to Profitability in Second Quarter
August 12 2009 - 4:05PM
PR Newswire (US)
RICHARDSON, Texas, Aug. 12 /PRNewswire-FirstCall/ -- Intrusion Inc.
(OTC Bulletin Board: INTZ), ("Intrusion") announced today financial
results for the three and six months ended June 30, 2009. Intrusion
returned to profitability in the second quarter of 2009 with net
income of $50 thousand, compared to $41 thousand net income for the
second quarter 2008. Revenue for the second quarter 2009 was $1.3
million; the same as in the second quarter 2008. Gross profit
margin was 66 percent of revenue in the second quarter of 2009; the
same as in the second quarter 2008. Intrusion's second quarter 2009
operating expenses were $0.8 million; the same as in the second
quarter 2008. As of June 30, 2009, Intrusion reported cash and cash
equivalents of $0.1 million, a working capital deficiency of $1.6
million and debt of $0.8 million. "We are pleased with our return
to profitability in the second quarter 2009. In addition, as
previously reported, we booked a new TraceCop(TM) order totaling
$800,000 early in the third quarter. This new TraceCop order is
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 August
19, 2009 by calling 1-800-642-1687 (if outside the United States,
1-706-645-9291). At the replay prompt, enter conference
identification number 23890825. 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. Financial Contact Michael L. Paxton, VP, CFO
972.301.3658, INTRUSION INC. UNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS (In thousands except par value amounts) June 30,
December 31, 2009 2008 ---- ---- ASSETS Current Assets: Cash and
cash equivalents $136 $554 Accounts receivable 289 341 Inventories,
net 6 20 Prepaid expenses 58 56 -- -- Total current assets 489 971
Property and equipment, net 134 169 Other assets 39 39 -- -- TOTAL
ASSETS $662 $1,179 ==== ====== LIABILITIES AND STOCKHOLDERS'
DEFICIT Current Liabilities: Loan payable to officer $835 $480
Accounts payable and accrued expenses 547 538 Deferred revenue 416
1,090 Dividends payable 276 187 --- --- Total current liabilities
2,074 2,295 Commitments and contingencies Stockholders' Deficit:
Preferred stock, $.01 par value: Authorized shares - 5,000 Series 1
shares issued and outstanding - 220 in 2009 and 260 in 2008
Liquidation preference of $1,212 as of June 30,2009 778 918 Series
2 shares issued and outstanding - 460 Liquidation preference of
$1,241 as of June 30, 2009 724 724 Series 3 shares issued and
outstanding - 354 Liquidation preference of $834 as of June 30,
2009 504 504 Common stock, $.01 par value: Authorized shares -
80,000 Issued shares - 11,715 in 2009 and 11,648 in 2008
Outstanding shares - 11,705 in 2009 and 11,638 in 2008 117 116
Common stock held in treasury, at cost - 10 shares (362) (362)
Additional paid-in capital 55,558 55,443 Accumulated deficit
(58,552) (58,280) Accumulated other comprehensive loss (179) (179)
----- ----- Total stockholders' deficit (1,412) (1,116) -------
------- TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $662 $1,179
==== ====== INTRUSION INC. UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (In thousands except per share amounts)
Three Months Six Months Ended June 30, Ended June 30, 2009 2008
2009 2008 ---- ---- ---- ---- Revenue $1,292 $1,283 $2,148 $1,746
Cost of revenue 433 440 710 620 --- --- --- --- Gross profit 859
843 1,438 1,126 Operating expenses: Sales and marketing 270 361 534
732 Research and development 251 195 617 710 General and
administrative 273 230 532 496 Operating income (loss) 65 57 (245)
(812) Interest expense, net (15) (16) (26) (22) --- --- --- ---
Income (loss) before income taxes 50 41 (271) (834) Income tax
provision - - - - - - - - Net income (loss) 50 41 (271) (834)
Preferred stock dividends accrued (39) (40) (78) (105) --- --- ---
---- Net income (loss) attributable to common stockholders $11 $1
$(349) $(939) === == ===== ===== Net income (loss) per share
attributable to common stockholders: Basic $0.00 $0.00 $(0.03)
$(0.08) ===== ===== ====== ====== Diluted $0.00 $0.00 $(0.03)
$(0.08) ===== ===== ====== ====== Weighted average shares
outstanding: Basic 11,664 11,638 11,652 11,638 ====== ====== ======
====== Diluted 13,117 11,638 11,652 11,638 ====== ====== ======
====== http://www.newscom.com/cgi-bin/prnh/20030703/INTRUSIONLOGO
http://photoarchive.ap.org/ DATASOURCE: Intrusion Inc. CONTACT:
Financial, Michael L. Paxton, VP, CFO of Intrusion Inc.,
+1-972-301-3658, Web Site: http://www.intrusion.com/
Copyright