RICHARDSON, Texas, May 10, 2016 /PRNewswire/ -- Intrusion
Inc. (OTCQB: INTZ), ("Intrusion") today announced financial results for the quarter ended March 31,
2016.
Intrusion's net loss was $544 thousand in the first quarter 2016, compared to net loss of
$310 thousand for the first quarter 2015.
Revenue for the first quarter 2016 was $1.51 million, compared to $1.71
million for the first quarter 2015.
Gross profit margin was 64% of revenue in the first quarter 2016; compared to 63% in the first quarter 2015.
Intrusion's first quarter 2016 operating expenses were $1.48 million; compared to $1.37 million in the first quarter 2015.
As of March 31, 2016, Intrusion reported cash and cash equivalents of $0.2 million, a working capital deficiency of $0.7 million and debt of
$2.7 million.
"We booked $1.9 million of orders in the first quarter 2016 compared to $1.7 million of orders in the first quarter 2015. Gross profit as a percent of revenue was 64% in the
first quarter of 2016, slightly below our goal of 65%. Our top priority in 2016 is to increase sales and the 12% increase
in orders in the first quarter is a step in the right direction," 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 17, 2016 by calling 1-855-859-2056 (if outside the
United States, 1-404-537-3406). At the replay prompt, enter conference identification number 9365800.
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, 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. We develop, market and support a family of entity identification, high
speed data mining, cybercrime and advanced persistent threat detection products.
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."
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INTRUSION INC.
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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
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|
(In thousands except par value amounts)
|
|
|
March 31,
|
|
December 31,
|
|
2016
|
|
2015
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current Assets:
|
|
|
|
|
Cash and cash equivalents
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$
|
246
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$
|
102
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|
Accounts receivable
|
743
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|
580
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Inventories, net
|
45
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|
45
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|
Prepaid expenses
|
101
|
|
69
|
|
Total current assets
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1,135
|
|
796
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|
|
|
|
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Property and equipment, net
|
412
|
|
486
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Other assets
|
42
|
|
43
|
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TOTAL ASSETS
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$
|
1,589
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|
$
|
1,325
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|
|
|
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LIABILITIES AND STOCKHOLDERS' DEFICIT
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Current Liabilities:
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|
|
|
|
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Accounts payable and accrued expenses
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$
|
931
|
|
$
|
840
|
|
Dividends payable
|
195
|
|
160
|
|
Line of credit payable
|
364
|
|
—
|
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Obligations under capital lease, current portion
|
178
|
|
197
|
|
Deferred revenue
|
119
|
|
386
|
|
Total current liabilities
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1,787
|
|
1,583
|
|
|
|
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Loan payable to officer
|
2,055
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|
1,530
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Obligations under capital lease, noncurrent portion
|
108
|
|
139
|
|
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|
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Stockholders' Deficit:
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Preferred stock, $.01 par value:
|
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Authorized shares – 5,000
|
|
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Series 1 shares issued and outstanding –
200
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|
|
|
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Liquidation preference of $1,075 in
2016 and $1,063 in 2015
|
707
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|
707
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Series 2 shares issued and outstanding –
460
Liquidation preference of $1,227 in
2016 and $1,212 in 2015
|
724
|
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724
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Series 3 shares issued and outstanding –
289
Liquidation preference of $673 in 2016
and $665 in 2015
|
412
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|
412
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|
|
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Common stock, $.01 par value:
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Authorized shares – 80,000
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Issued shares – 12,758 in 2016 and 12,622 in
2015
Outstanding shares – 12,748 in 2016 and 12,612 in
2015
|
127
|
|
126
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Common stock held in treasury, at cost – 10 shares
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(362)
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(362)
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Additional paid-in capital
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56,629
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56,520
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Accumulated deficit
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(60,491)
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(59,947)
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Accumulated other comprehensive loss
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(107)
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(107)
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Total stockholders' deficit
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(2,361)
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(1,927)
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TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT
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$
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1,589
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$
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1,325
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INTRUSION INC.
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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(In thousands except per share amounts)
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Quarter ended
|
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Quarter ended
|
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March 31,
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March 31,
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2016
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2015
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Revenue
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$
|
1,511
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$
|
1,714
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Cost of revenue
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539
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|
632
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Gross profit
|
972
|
|
1,082
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Operating expenses:
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|
|
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Sales and marketing
|
428
|
|
498
|
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Research and development
|
730
|
|
538
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General and administrative
|
327
|
|
331
|
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Operating loss
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(513)
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|
(285)
|
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Interest expense, net
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(31)
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|
(25)
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Net loss
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(544)
|
|
(310)
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Preferred stock dividends accrued
|
(35)
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(34)
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Net loss attributable to common stockholders
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$
|
(579)
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$
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(344)
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|
|
|
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Net loss per share attributable to common stockholders:
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Basic
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$
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(0.05)
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$
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(0.03)
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Diluted
|
$
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(0.05)
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|
$
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(0.03)
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Weighted average shares outstanding:
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|
|
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Basic
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12,703
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12,555
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Diluted
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12,703
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|
12,555
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Contact
Michael L. Paxton, VP, CFO
972.301.3658, mpaxton@intrusion.com
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SOURCE Intrusion Inc.