Intrusion Inc. Reaches $0.4 Million Net Income in Fourth Quarter, Profitable for the Year 2009
February 10 2010 - 4:05PM
PR Newswire (US)
RICHARDSON, Texas, Feb. 10 /PRNewswire-FirstCall/ -- Intrusion Inc.
(OTC Bulletin Board: INTZ), ("Intrusion") today announced financial
results for the quarter and year ended December 31, 2009. Intrusion
achieved net income for the third consecutive quarter in the fourth
quarter 2009 and achieved net income for the year 2009. Intrusion's
net income was $0.4 million in the fourth quarter 2009, compared to
a net income of $8 thousand for the fourth quarter 2008. Net income
was $0.2 million for the year 2009, compared to a net loss of $0.8
million for the year 2008. Revenue for the fourth quarter 2009 was
$1.5 million, compared to $1.2 million for the fourth quarter 2008.
Revenue for the year 2009 was $4.9 million, compared to $4.1
million in 2008. Gross profit margin was 66% of revenue in the
fourth quarter of 2009, compared to 68% of revenue in the fourth
quarter 2008. For the year 2009, the gross profit margin was 66%,
compared to 67% in 2008. Intrusion's fourth quarter 2009 operating
expenses were $0.6 million down from $0.8 million in the fourth
quarter 2008. For the year 2009, operating expenses were $3.0
million, down from $3.5 million in 2008. As of December 31, 2009,
Intrusion reported cash and cash equivalents of $0.5 million, a
working capital deficiency of $0.2 million and debt of $1.0
million. "2009 was a good year for Intrusion. We returned to
profitability for the year and achieved a profit for the third
consecutive quarter as a result of increased revenue and reduced
expenses," stated G. Ward Paxton, Chairman, President and CEO of
Intrusion. "We are working hard to close more contracts and keep
this positive trend going," Paxton concluded. 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., CST 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., CST until February
17, 2010 by calling 1-800-642-1687 (if outside the United States,
1-706-645-9291). At the replay prompt, enter conference
identification number 55916057. 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) December 31,
December 31, 2009 2008 ------------ ------------ ASSETS Current
Assets: Cash and cash equivalents $519 $554 Accounts receivable 351
341 Inventories, net 7 20 Prepaid expenses 68 56 ------- -------
Total current assets 945 971 Property and equipment, net 146 169
Other assets 39 39 ------- ------- TOTAL ASSETS $1,130 $1,179
======= ======= LIABILITIES AND STOCKHOLDERS' DEFICIT Current
Liabilities: Accounts payable and accrued expenses $1,034 $725 Loan
payable to officer - 480 Deferred revenue 93 1,090 ------- -------
Total current liabilities 1,127 2,295 Loan payable to officer 970 -
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 $1,240 as of December 31,
2009 778 918 Series 2 shares issued and outstanding - 460
Liquidation preference of $1,270 as of December 31, 2009 724 724
Series 3 shares issued and outstanding - 354 Liquidation preference
of $853 as of December 31, 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 55,545 55,443 Accumulated
deficit (58,094) (58,280) Accumulated other comprehensive loss
(179) (179) ------- ------- Total stockholders' deficit (967)
(1,116) ------- ------- TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT
$1,130 $1,179 ======= ======= INTRUSION INC. UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands except per
share amounts) Three Months Ended Year Ended December 31, December
31, 2009 2008 2009 2008 ------ ------ ------ ------ Revenue $1,519
$1,178 $4,920 $4,140 Cost of revenue 517 382 1,662 1,375 ------
------ ------ ------ Gross profit 1,002 796 3,258 2,765 Operating
expenses: Sales and marketing 189 326 922 1,407 Research and
development 202 216 1,106 1,136 General and administrative 213 229
980 968 ------ ------ ------ ------ Operating income (loss) 398 25
250 (746) Interest expense, net (19) (17) (64) (62) ------ ------
------ ------ Income (loss) before income taxes 379 8 186 (808)
Income tax provision - - - - ------ ------ ------ ------ Net income
(loss) 379 8 186 (808) Preferred stock dividends accrued (38) (41)
(154) (161) ------ ------ ------ ------ Net Income (loss)
attributable to common stockholders $341 $(33) $32 $(969) ======
====== ====== ====== Net income (loss) per share attributable to
common stockholders: Basic $0.03 $0.00 $0.00 $(0.08) ====== ======
====== ====== Diluted $0.03 $0.00 $0.00 $(0.08) ====== ======
====== ====== Weighted average shares outstanding: Basic 11,705
11,638 11,678 11,638 ====== ====== ====== ====== Diluted 13,206
11,638 12,873 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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