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RICHARDSON, Texas, May 13, 2019 (GLOBE NEWSWIRE) -- Intrusion Inc. (OTCQB: INTZ), (“Intrusion”) today announced financial results for the quarter ended March 31, 2019.
Intrusion’s net income was $947 thousand in the first quarter 2019, compared to a net income of $346 thousand for the first quarter 2018 and net income of $851 thousand for the fourth quarter 2018.
Revenue for the first quarter 2019 was $3.2 million, compared to $2.3 million for the first quarter 2018 and $3.0 million for the fourth quarter 2018.
Gross profit margin was 60% of revenue in the first quarter 2019; compared to 62% for the first quarter 2018 and 63% for the fourth quarter 2018.
Intrusion’s first quarter 2019 operating expenses were $0.9 million; compared to $1.0 million for the first quarter 2018 and $1.0 million for the fourth quarter 2018.
As of March 31, 2019, Intrusion reported cash and cash equivalents of $1.0 million, working capital of $0.6 million and debt of $0.9 million.
“Our continued profitability has allowed us to reduce our loan payable to officer by $1.0 million in the first quarter 2019, with a strong cash balance of $951 thousand,” 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 20, 2019 by calling 1-855-859-2056 (if outside the United States, 1-404-537-3406). At the replay prompt, enter conference identification number 4269625. 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 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, VP, CFO
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands except par value amounts)
|March 31,||December 31,|
|Cash and cash equivalents||$||951||$||1,652|
|Total current assets||2,628||3,710|
|Property and equipment, net||273||200|
|Finance leases right-of-use asset, net||105||121|
|Operating lease right-of-use asset, net||1,498||—|
|Total noncurrent assets||1,914||359|
LIABILITIES AND EQUITY (DEFICIT)
|Accounts payable and accrued expenses||$||1,265||$||1,596|
|Finance leases liability, current portion||53||58|
|Operating lease liability, current portion||250||—|
|Total current liabilities||2,075||3,252|
|Loan payable to officer||815||1,815|
|Finance leases liability, noncurrent portion||54||64|
|Operating lease liability, noncurrent portion||1,517||—|
|Total noncurrent liabilities||2,386||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 $634 in 2019 and $760 in 2018
|Common stock, $.01 par value:|
|Authorized shares – 80,000|
| Issued shares – 13,525 in 2019 and 13,259 in 2018
Outstanding shares – 13,515 in 2019 and 13,249 in 2018
|Common stock held in treasury, at cost – 10 shares||(362||)||(362||)|
|Additional paid-in capital||56,803||56,609|
|Accumulated other comprehensive loss||(43||)||(43||)|
|Total stockholders' equity (deficit)||81||(1,062||)|
|TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)||$||4,542||$||4,069|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share amounts)
|Quarter ended||Quarter ended|
|March 31,||March 31,|
|Cost of revenue||1,284||852|
|Sales and marketing||412||414|
|Research and development||182||303|
|General and administrative||331||295|
|Interest expense, net||(35||)||(53||)|
|Preferred stock dividends accrued||(34||)||(36||)|
|Net income attributable to common stockholders||$||913||$||310|
|Net income per share attributable to common stockholders:|
|Weighted average shares outstanding:|