Intrusion Inc. Records Revenue Of $1.6 Million In The First Quarter Of 2014 - FOX 8 WVUE New Orleans News, Weather, Sports

Intrusion Inc. Records Revenue Of $1.6 Million In The First Quarter Of 2014

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SOURCE Intrusion Inc.

RICHARDSON, Texas, May 12, 2014 /PRNewswire/ -- Intrusion Inc. (OTCQB: INTZ), ("Intrusion") today announced financial results for the quarter ended March 31, 2014.

Intrusion Inc., logo

Intrusion's net loss was $270 thousand in the first quarter 2014, compared to net income of $57 thousand for the first quarter 2013.  

Revenue for the first quarter 2014 was $1.59 million, compared to $1.78 million for the first quarter 2013. 

Gross profit margin was 64% of revenue in the first quarter 2014; compared to 64% in the first quarter 2013.    

Intrusion's first quarter 2014 operating expenses were $1.23 million; compared to $1.05 million in the first quarter 2013. 

As of March 31, 2014, Intrusion reported cash and cash equivalents of $0.20 million, a working capital deficiency of $1.35 million and debt of $1.84 million.

"At our current staffing and expense levels, it takes approximately $1.80 million of quarterly revenue to break-even and this quarter reflects that.  During the first quarter, we booked a total of $0.70 million in orders.  Bookings of new orders in the second quarter have already reached $0.90 million.  Backlog at March 31, 2014 was $1.61 million and is scheduled 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 1-877-258-4925 (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., CDT until May 19, 2014 by calling 1-855-859-2056 (if outside the United States, 1-404-537-3406).  At the replay prompt, enter conference identification number 40625855.  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."

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)



March 31,


December 31,


2014


2013

ASSETS








Current Assets:




 Cash and cash equivalents

$

198


$

1,139

 Accounts receivable

1,024


816

 Inventories, net

19


19

 Prepaid expenses

60


95

Total current assets

1,301


2,069





 Property and equipment, net

431


297

 Other assets

56


51

TOTAL ASSETS

$

1,788


$

2,417









     LIABILITIES AND STOCKHOLDERS' DEFICIT








Current Liabilities:




 Accounts payable and accrued expenses

$

892


$

998

 Dividends payable

35


437

 Obligations under capital lease, current portion

153


106

 Deferred revenue

37


139

 Loan payable to officer

1,530


-

Total current liabilities

2,647


1,680





 Loan payable to officer

-


1,530

 Obligations under capital lease, noncurrent portion

157


67





Stockholders' Deficit:




  Preferred stock, $.01 par value:




     Authorized shares – 5,000




     Series 1 shares issued and outstanding – 220 




       Liquidation preference of $1,127 as of March 31, 2014

778


778

     Series 2 shares issued and outstanding – 460

       Liquidation preference of $1,155 as of March 31, 2014

 

724


 

724

     Series 3 shares issued and outstanding – 289

       Liquidation preference of $634 as of March 31, 2014

411


504

  Common stock, $.01 par value:




     Authorized shares – 80,000




     Issued shares – 12,397 in 2014 and 12,182 in 2013

     Outstanding shares – 12,387 in 2014 and 12,172 in 2013

 

124


 

122

  Common stock held in treasury, at cost – 10 shares

(362)


(362)

  Additional paid-in capital

56,110


55,905

  Accumulated deficit

(58,694)


(58,424)

  Accumulated other comprehensive loss

(107)


(107)

  Total stockholders' deficit

(1,016)


(860)

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT

$

1,788


$

2,417

 

 

INTRUSION INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands except per share amounts)



Quarter ended


Quarter ended


March 31,


March 31,


2014


2013





Revenue

$

1,594


$

1,777

Cost of revenue

576


635

Gross profit

1,018


1,142

Operating expenses:




   Sales and marketing

423


312

   Research and development

479


399

   General and administrative

353


343

Operating income (loss)

(237)


88

Interest expense, net

(33)


(31)

Income (loss) before income taxes

(270)


57

Income tax provision

-


-

Net income (loss)

(270)


57

Preferred stock dividends accrued

(37)


(37)

Net income (loss) attributable to common stockholders

$

(307)


$

20





Net income (loss) per share attributable to common stockholders: 




                        Basic

$

(0.02)


$

(0.00)

                        Diluted

$

(0.02)


$

(0.00)

Weighted average shares outstanding:




                        Basic

12,291


12,172

                        Diluted

12,291


13,736





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