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CST: 13/12/2019 08:01:54   

Intrusion Inc. Reports Net Income of $1.5 Million and Revenue of $3.9 Million in the Third Quarter of 2019

31 Days ago

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.”

Financial Contact
Michael L. Paxton
972.301.3658, mpaxton@intrusion.com


INTRUSION INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands except par value amounts)

  September 30,   December 31,
  2019   2018
  ASSETS      
Current Assets      
  Cash and cash equivalents $ 2,111   $ 1,652
  Accounts receivable 2,704   1,967
  Prepaid expenses   136     91
Total current assets 4,951   3,710
 

Noncurrent Assets
     
  Property and equipment, net 295   200
  Finance leases right-of-use assets, net 73   121
  Operating leases right-of-use assets, net 1,407  
  Other assets   38     38
Total noncurrent assets 1,813   359
TOTAL ASSETS $ 6,764   $ 4,069


       
LIABILITIES AND EQUITY (DEFICIT)      
Current Liabilities      
  Accounts payable and accrued expenses $ 1,078   $   1,596
  Dividends payable 32     594
  Finance leases liability, current portion 43     58
  Operating lease liability, current portion 277  
  Deferred revenue 643   1,004
Total current liabilities 2,073   3,252
       
Noncurrent Liabilities      
  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


724
   

724
   Series 3 shares issued and outstanding – 289
   Liquidation preference of $633 in 2019 and $760 in 2018


412

   

412

 
  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
 

  135
   

133
  Common stock held in treasury, at cost – 10 shares (362)     (362)
  Additional paid-in capital 56,770   56,609
  Accumulated deficit (55,073)   (59,242)
  Accumulated other comprehensive loss (43)     (43)
Total stockholders' equity (deficit) 3,270     (1,062)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) $   6,764   $   4,069


INTRUSION INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share amounts)


 
  Three Months Ended
September 30,
  Nine Months Ended
September 30,
 
     2019   2018   2019   2018  
Revenue   $ 3,860   $ 2,665   $     11,071   $ 7,296  
Cost of revenue   1,465   967   4,339   2,744  
                   
Gross profit   2,395   1,698   6,732   4,552  
                   
Operating expenses:                  
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  
Diluted   $   0.09   $   0.04   $ 0.27   $ 0.09  
                   
Weighted average common shares outstanding:                     
Basic   13,523   13,062   13,466   13,009  
Diluted   15,371   14,955   15,314   14,901  

 

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