RICHARDSON, Texas, Feb. 10, 2014 /PRNewswire/ -- Intrusion Inc.
(OTCQB: INTZ), ("Intrusion") today announced financial results for
the quarter and year ended December 31,
2013.
(Logo:
http://photos.prnewswire.com/prnh/20030703/INTRUSIONLOGO)
Intrusion's net income in the fourth quarter 2013 was
$0.2 million, compared to a net loss
of $0.2 million for the fourth
quarter 2012. Net income for the year 2013 was $0.6 million, compared to a net loss of
$0.2 million for 2012.
Revenue for the fourth quarter 2013 was $1.8 million, compared to $1.5 million for the fourth quarter 2012.
Revenue for the year 2013 was $7.7
million, compared to $6.7
million in 2012, a 15% increase.
Gross profit margin increased to 67% of revenue in the fourth
quarter of 2013, compared to 65% of revenue in the fourth quarter
2012. For the year, the gross profit margin increased to 64%,
compared to 60% in 2012.
Intrusion's fourth quarter 2013 operating expenses were
$1.0 million, compared to
$1.1 million in the fourth quarter
2012. For the year 2013, operating expenses were $4.2 million, compared to $4.1 million in 2012.
As of December 31, 2013, Intrusion
reported cash and cash equivalents of $1.1
million, working capital of $0.4
million and debt of $1.7
million.
"During the fourth quarter 2013, we booked $1.4 million of orders compared to $1.3 million in the fourth quarter 2012.
For the year 2013, we booked $8.6
million of orders compared to $7.1
million of orders in 2012," stated G. Ward Paxton, Chairman, President and CEO of
Intrusion. "We introduced an exciting new product in the
first quarter of 2013, Advanced Persistent Threat (APT) Detection
System, and it generated revenue in the second, third and fourth
quarters of 2013," 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 February 17, 2014 by
calling 1-855-859-2056 (if outside the
United States, 1-404-537-3406). At the replay prompt,
enter conference identification number 97329959.
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)
|
|
|
December
31,
|
|
December
31,
|
|
2013
|
|
2012
|
ASSETS
|
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
1,139
|
|
$
|
52
|
Accounts
receivable
|
816
|
|
946
|
Inventories,
net
|
19
|
|
5
|
Prepaid
expenses
|
95
|
|
48
|
Total current
assets
|
2,069
|
|
1,051
|
|
|
|
|
Property and
equipment, net
|
297
|
|
260
|
Other
assets
|
51
|
|
48
|
TOTAL
ASSETS
|
$
|
2,417
|
|
$
|
1,359
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' DEFICIT
|
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
Accounts
payable and accrued expenses
|
$
|
998
|
|
$
|
707
|
Dividends
payable
|
437
|
|
279
|
Line of credit
payable
|
—
|
|
130
|
Obligations
under capital lease, current portion
|
117
|
|
96
|
Deferred
revenue
|
139
|
|
52
|
Total current
liabilities
|
1,691
|
|
1,264
|
|
|
|
|
Loan payable to
officer
|
1,530
|
|
1,530
|
Obligations
under capital lease, noncurrent portion
|
56
|
|
116
|
|
|
|
|
Stockholders'
Deficit:
|
|
|
|
Preferred
stock, $.01 par value:
|
|
|
|
Authorized shares –
5,000
|
|
|
|
Series 1 shares issued and
outstanding – 220
|
|
|
|
Liquidation
preference of $1,251 as of December 31, 2013
|
778
|
|
778
|
Series 2 shares issued and
outstanding – 460
Liquidation
preference of $1,313 as of December 31, 2013
|
724
|
|
724
|
Series 3 shares issued and
outstanding – 354
Liquidation
preference of $881 as of December 31, 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
|
55,905
|
|
55,837
|
Accumulated
deficit
|
(58,424)
|
|
(59,047)
|
Accumulated
other comprehensive loss
|
(107)
|
|
(107)
|
Total
stockholders' deficit
|
(860)
|
|
(1,551)
|
TOTAL LIABILITIES
AND STOCKHOLDERS' DEFICIT
|
$
|
2,417
|
|
$
|
1,359
|
INTRUSION
INC.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In thousands except
per share amounts)
|
|
|
|
Three Months
Ended
December
31,
|
|
Year
Ended
December
31,
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
Revenue
|
|
$
|
1,838
|
|
$
|
1,495
|
|
$
|
7,663
|
|
$
|
6,697
|
Cost of
revenue
|
|
600
|
|
530
|
|
2,751
|
|
2,707
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
1,238
|
|
965
|
|
4,912
|
|
3,990
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
352
|
|
301
|
|
1,435
|
|
1,317
|
Research and
development
|
|
441
|
|
534
|
|
1,579
|
|
1,660
|
General and
administrative
|
|
223
|
|
253
|
|
1,144
|
|
1,143
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
222
|
|
(123)
|
|
754
|
|
(130)
|
Interest expense,
net
|
|
(34)
|
|
(31)
|
|
(131)
|
|
(116)
|
Other income
(expense)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
188
|
|
(154)
|
|
623
|
|
(246)
|
|
|
|
|
|
|
|
|
|
Income tax
provision
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
188
|
|
$
|
(154)
|
|
$
|
623
|
|
$
|
(246)
|
|
|
|
|
|
|
|
|
|
Preferred stock
dividends accrued
|
|
(38)
|
|
(38)
|
|
(151)
|
|
(152)
|
Net income (loss)
attributable to common stockholders
|
|
$
|
150
|
|
$
|
(192)
|
|
$
|
472
|
|
$
|
(398)
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share attributable to common stockholders:
Basic
|
|
$
|
0.01
|
|
$
|
(0.02)
|
|
$
|
0.04
|
|
$
|
(0.03)
|
Diluted
|
|
$
|
0.01
|
|
$
|
(0.02)
|
|
$
|
0.03
|
|
$
|
(0.03)
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
Basic
|
|
12,172
|
|
12,107
|
|
12,172
|
|
12,035
|
Diluted
|
|
14,998
|
|
12,107
|
|
14,290
|
|
12,035
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Intrusion Inc.