RICHARDSON, Texas, Nov. 12, 2013 /PRNewswire/ -- Intrusion Inc.
(OTCQB: INTZ), ("Intrusion") announced today financial results for
the three and nine months ended September
30, 2013.
(Logo:
http://photos.prnewswire.com/prnh/20030703/INTRUSIONLOGO)
Intrusion's net income was $173
thousand in the third quarter 2013 compared to $48 thousand in the third quarter 2012.
Intrusion's revenue for the third quarter 2013 was $2.0 million compared to $1.9 million in the third quarter 2012.
Gross profit was $1.2 million or
60 percent of revenue in the third quarter of 2013 compared to
$1.1 million or 58% of revenue in the
third quarter 2012.
Intrusion's third quarter 2013 operating expenses were
$1.0 million compared to $1.0 million in the third quarter 2012.
As of September 30, 2013,
Intrusion reported cash and cash equivalents of $0.5 million, a working capital deficiency of
$1.3 million and debt of $1.7 million.
"During the third quarter of 2012, we booked a total of
$3.7 million of orders covering 10
different projects," stated G. Ward
Paxton, President and CEO of Intrusion. "Included in
the orders was $0.2 million of our
new Savant product. Revenue for the new product was
$0.4 million in the quarter.
Bookings of new orders in the 4th quarter have already
reached $0.9 million with
$0.5 million coming from our new
Savant product. Savant is focused in the newest security
area, Advanced Persistent Threats (APT)," 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
1-877-258-4925 (if outside the United
States, 1-973-500-2152). For those unable to
participate in the live conference call, a replay will be
accessible beginning today at 7:00 P.M.,
CST until November 18, 2013 by
calling 1-855-859-2056 (if outside the
United States, 1-404-537-3406). At the replay prompt,
enter conference identification number 10502403.
Additionally, a live and archived audio webcast of the
conference call will be available at www.intrusion.com.
About Intrusion Inc.
Intrusion Inc. is a global provider of entity identification
systems, advanced persistent threat identification, high speed data
mining, regulated information compliance, data leak prevention and
data privacy protection, and network intrusion prevention and
detection products. Intrusion's product families include
TraceCop™ for entity identification, Savant™ for advanced
persistent threats and network data mining, Compliance Commander™
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
www.intrusion.com.
This release may contain certain forward-looking statements,
which reflect management's expectations regarding future events and
operating performance and speak only as of the date hereof. These
forward-looking statements involve a number of risks and
uncertainties. Such statements include, without
limitations, statements regarding future revenue growth and
profitability, the difficulties in forecasting future sales caused
by current economic and market conditions, the effects of
sales and implementation cycles for our products on our quarterly
results and difficulties in accurately estimating market growth,
the effect of military actions on government and corporate spending
on information security products, spending patterns of, and
appropriations to, U.S. government departments, 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. The factors that could
cause actual results to differ materially from expectations are
detailed in the Company's most recent reports on Form 10-K
and Form 10-Q, particularly under the heading "Risk
Factors."
Financial Contact
Michael L. Paxton, VP, CFO
972.301.3658, mpaxton@intrusion.com
|
INTRUSION
INC.
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands except
par value amounts)
|
|
|
September
30,
|
|
December
31,
|
|
2013
|
|
2012
|
|
ASSETS
|
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
|
458
|
|
$
|
52
|
|
Accounts
receivable
|
1,765
|
|
946
|
|
Inventories,
net
|
19
|
|
5
|
|
Prepaid
expenses
|
36
|
|
48
|
|
Total current
assets
|
2,278
|
|
1,051
|
|
|
|
|
|
Property and
equipment, net
|
245
|
|
260
|
|
Other
assets
|
52
|
|
48
|
|
TOTAL
ASSETS
|
$
|
2,575
|
|
$
|
1,359
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' DEFICIT
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Accounts
payable and accrued expenses
|
$
|
1,109
|
|
$
|
707
|
|
Dividends
payable
|
397
|
|
279
|
|
Line of credit
payable
|
—
|
|
130
|
|
Obligations
under capital lease, current portion
|
96
|
|
96
|
|
Deferred
revenue
|
434
|
|
52
|
|
Loan payable to
officer
|
1,530
|
|
—
|
|
Total current
liabilities
|
3,566
|
|
1,264
|
|
|
|
|
|
Loan payable to
officer
|
—
|
|
1,530
|
|
Obligations under
capital lease, noncurrent portion
|
68
|
|
116
|
|
|
|
|
|
Stockholders'
Deficit:
|
|
|
|
|
Preferred
stock, $.01 par value:
|
|
|
|
|
Authorized shares –
5,000
|
|
|
|
|
Series 1 shares issued
and outstanding – 220
Liquidation preference of $1,238 as of September 30,
2013
|
778
|
|
778
|
|
Series 2 shares issued and
outstanding – 460
Liquidation preference of $1,299 as of September 30,
2013
|
724
|
|
724
|
|
Series 3 shares issued and
outstanding – 354
Liquidation preference of $872 as of September 30,
2013
|
504
|
|
504
|
|
Common stock,
$.01 par value:
|
|
|
|
|
Authorized shares –
80,000
|
|
|
|
|
Issued shares –
12,182
Outstanding shares –
12,172
|
122
|
|
122
|
|
Common stock
held in treasury, at cost – 10 shares
|
(362)
|
|
(362)
|
|
Additional
paid-in capital
|
55,894
|
|
55,837
|
|
Accumulated
deficit
|
(58,612)
|
|
(59,047)
|
|
Accumulated
other comprehensive loss
|
(107)
|
|
(107)
|
|
Total
stockholders' deficit
|
(1,059)
|
|
(1,551)
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' DEFICIT
|
$
|
2,575
|
|
$
|
1,359
|
|
INTRUSION
INC.
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(In thousands
except per share amounts)
|
|
|
|
|
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Revenue
|
|
$
|
1,975
|
|
$
|
1,855
|
|
$
|
5,825
|
|
$
|
5,202
|
|
Cost of
revenue
|
|
790
|
|
774
|
|
2,151
|
|
2,177
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
1,185
|
|
1,081
|
|
3,674
|
|
3,025
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
336
|
|
317
|
|
1,083
|
|
1,016
|
|
Research and
development
|
|
361
|
|
414
|
|
1,138
|
|
1,125
|
|
General and
administrative
|
|
281
|
|
270
|
|
921
|
|
891
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
207
|
|
805
|
|
532
|
|
(7)
|
|
Interest expense,
net
|
|
(34)
|
|
(32)
|
|
(97)
|
|
(85)
|
|
Other
income
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
173
|
|
48
|
|
435
|
|
(92)
|
|
|
|
|
|
|
|
|
|
|
Income tax
provision
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
173
|
|
$
|
48
|
|
$
|
435
|
|
$
|
(92)
|
|
|
|
|
|
|
|
|
|
|
Preferred stock
dividends accrued
|
|
(38)
|
|
(38)
|
|
(113)
|
|
(113)
|
|
Net income (loss)
attributable to common stockholders
|
|
$
|
135
|
|
$
|
10
|
|
$
|
322
|
|
$
|
(205)
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.01
|
|
$
|
0.00
|
|
$
|
0.03
|
|
$
|
(0.02)
|
|
Diluted
|
|
$
|
0.01
|
|
$
|
0.00
|
|
$
|
0.02
|
|
$
|
(0.02)
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
12,172
|
|
12,072
|
|
12,172
|
|
12,011
|
|
Diluted
|
|
14,532
|
|
13,922
|
|
14,532
|
|
12,011
|
SOURCE Intrusion Inc.