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RICHARDSON, Texas, Nov. 11, 2019 (GLOBE NEWSWIRE) -- Intrusion Inc. (OTCQB: INTZ), (“Intrusion”) announced today financial results for the three and nine months ended September 30, 2019.
Intrusion’s net income was $1.5 million in the third quarter 2019 compared to a net income of $0.62 million in the third quarter 2018.
Intrusion’s revenue for the third quarter 2019 was $3.9 million compared to $2.7 million in the third quarter 2018.
Gross profit was $2.4 million or 62 percent of revenue in the third quarter of 2019 compared to $1.7 million or 64 percent of revenue in the third quarter 2018.
Intrusion’s third quarter 2019 operating expenses were $0.9 million compared to $1.0 million for the third quarter 2018.
As of September 30, 2019, Intrusion reported cash and cash equivalents of $2.1 million and working capital of $2.9 million.
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, 2019 by calling 1-855-859-2056 (if outside the United States, 1-404-537-3406). At the replay prompt, enter conference identification number 2177277. 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, high speed data mining, cybercrime and advanced persistent threat detection products. Intrusion’s product families include TraceCop™ for identity discovery and disclosure, and Savant™ for network data mining and advanced persistent threat 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 difficulties in producing timely renewals of contracts, 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.”
Michael L. Paxton
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands except par value amounts)
|September 30,||December 31,|
|Cash and cash equivalents||$||2,111||$||1,652|
|Total current assets||4,951||3,710|
|Property and equipment, net||295||200|
|Finance leases right-of-use assets, net||73||121|
|Operating leases right-of-use assets, net||1,407||—|
|Total noncurrent assets||1,813||359|
|LIABILITIES AND EQUITY (DEFICIT)|
|Accounts payable and accrued expenses||$||1,078||$||1,596|
|Finance leases liability, current portion||43||58|
|Operating lease liability, current portion||277||—|
|Total current liabilities||2,073||3,252|
|Loan payable to officer||—||1,815|
|Finance leases liability, noncurrent portion||32||64|
|Operating lease liability, noncurrent portion||1,389||—|
|Total noncurrent liabilities||1,421||1,879|
|Stockholders' Equity (Deficit):|
|Preferred stock, $.01 par value:|
|Authorized shares – 5,000|
|Series 1 shares issued and outstanding – 200|
|Liquidation preference of $1,025 in 2019 and $1,213 in 2018||707||707|
| Series 2 shares issued and outstanding – 460
Liquidation preference of $1,155 in 2019 and $1,385 in 2018
| Series 3 shares issued and outstanding – 289
Liquidation preference of $633 in 2019 and $760 in 2018
|Common stock, $.01 par value:|
|Authorized shares – 80,000|
| Issued shares – 13,550 in 2019 and 13,259 in 2018
Outstanding shares – 13,540 in 2019 and 13,249 in 2018
|Common stock held in treasury, at cost – 10 shares||(362)||(362)|
|Additional paid-in capital||56,770||56,609|
|Accumulated other comprehensive loss||(43)||(43)|
|Total stockholders' equity (deficit)||3,270||(1,062)|
|TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)||$||6,764||$||4,069|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share amounts)
Three Months Ended
Nine Months Ended
|Cost of revenue||1,465||967||4,339||2,744|
|Sales and marketing||356||466||813||1,311|
|Research and development||297||329||775||832|
|General and administrative||277||243||930||828|
|Operating income (loss)||1,465||660||4,214||1,581|
|Interest expense, net||(1||)||(43||)||(45||)||(144||)|
|Net income (loss)||$||1,464||$||617||$||4,169||$||1,437|
|Preferred stock dividends accrued||(35||)||(35||)||(104||)||(104||)|
|Net income (loss) attributable to common stockholders||$||1,429||$||582||$||4,065||$||1,333|
|Net income (loss) per share attributable to common stockholders: Basic||$||0.11||$||0.04||$||0.30||$||0.10|
|Weighted average common shares outstanding:|