RICHARDSON, Texas, Nov. 14, 2016 (GLOBE NEWSWIRE) -- Intrusion Inc. (OTCQB:INTZ), (“Intrusion”) announced today
financial results for the three and nine months ended September 30, 2016.
Intrusion’s net loss was $280 thousand in the third quarter 2016 compared to a net loss of $432 thousand in the
third quarter 2015.
Intrusion’s revenue for the third quarter 2016 was $1.6 million compared to $1.6 million in the third quarter
2015.
Gross profit was $1.0 million or 62 percent of revenue in the third quarter of 2016 compared to $1.0 million or
63 percent of revenue in the third quarter 2015.
Intrusion’s third quarter 2016 operating expenses were $1.2 million compared to $1.4 million in the third
quarter 2015.
As of September 30, 2016, Intrusion reported cash and cash equivalents of $0.2 million, a working capital
deficiency of $1.0 million and debt of $2.5 million.
“Orders booked in the third quarter 2016 were $1.2 million. An order for $1.0 million was delayed in our
customer’s purchasing department; however, $625,000 of the delayed order has been booked in October with the balance expected in
November,” 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., 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 21, 2016 by calling 1-855-859-2056 (if outside the United States,
1-404-537-3406). At the replay prompt, enter conference identification number 18411485. 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, forecasted future sales opportunities with potential new customers, 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.”
| |
| INTRUSION INC. |
| UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
| (In thousands except par value amounts) |
| |
|
| |
September
30,
|
|
December 31, |
| |
|
2016 |
|
|
|
2015 |
|
| ASSETS |
|
|
|
|
|
| |
|
|
|
|
|
| Current Assets: |
|
|
|
|
|
| Cash and cash equivalents |
$ |
210 |
|
|
$ |
102 |
|
| Accounts receivable |
|
588 |
|
|
|
580 |
|
| Inventories, net |
|
52 |
|
|
|
45 |
|
| Prepaid expenses |
|
41 |
|
|
|
69 |
|
| Total current assets |
|
891 |
|
|
|
796 |
|
| |
|
|
|
|
|
| Property and equipment, net |
|
314 |
|
|
|
486 |
|
| Other assets |
|
41 |
|
|
|
43 |
|
| TOTAL ASSETS |
$ |
1,246 |
|
|
$ |
1,325 |
|
| |
|
|
|
|
|
| LIABILITIES AND STOCKHOLDERS’ DEFICIT |
|
| |
|
| Current Liabilities: |
|
|
| Accounts payable and accrued expenses |
$ |
714 |
|
|
$ |
840 |
|
| Dividends payable |
|
267 |
|
|
|
160 |
|
| Obligations under capital lease, current
portion |
|
142 |
|
|
|
197 |
|
| Deferred revenue |
|
784 |
|
|
|
386 |
|
| Total current liabilities |
|
1,907 |
|
|
|
1,583 |
|
| |
|
|
|
|
|
| Loan payable to officer |
|
2,335 |
|
|
|
1,530 |
|
| Obligations under capital lease, noncurrent portion |
|
51 |
|
|
|
139 |
|
| |
|
|
| Stockholders' Deficit: |
|
|
| Preferred stock, $.01 par value: |
|
|
| Authorized shares – 5,000 |
|
|
| Series 1 shares issued and outstanding–200 in 2016
and 2015 |
|
|
| Liquidation preference of $1,100 in 2016 and
$1,063 in 2015 |
|
707 |
|
|
|
707 |
|
| Series 2 shares issued and outstanding–460 in 2016
and 2015 |
|
|
| Liquidation preference of $1,256 in 2016 and
$1,212 in 2015 |
|
724 |
|
|
|
724 |
|
| Series 3 shares issued and outstanding–289 in 2016
and 2015 |
|
|
| Liquidation preference of $689 in 2016 and
$665 in 2015 |
|
412 |
|
|
|
412 |
|
| |
|
|
| Common stock, $.01 par value: |
|
|
| Authorized shares – 80,000 |
|
|
| Issued shares – 12,758 in 2016 and 12,622 in 2015 |
|
|
| Outstanding shares – 12,748 in 2016 and 12,612 in 2015 |
|
128 |
|
|
|
126 |
|
| Common stock held in treasury, at cost – 10
shares |
|
(362 |
) |
|
|
(362 |
) |
| Additional paid-in capital |
|
56,609 |
|
|
|
56,520 |
|
| Accumulated deficit |
|
(61,158 |
) |
|
|
(59,947 |
) |
| Accumulated other comprehensive loss |
|
(107 |
) |
|
|
(107 |
) |
| Total stockholders' deficit |
|
(3,047 |
) |
|
|
(1,927 |
) |
| TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT |
$ |
1,246 |
|
|
$ |
1,325 |
|
| |
|
|
|
|
|
|
|
| |
|
| INTRUSION INC. |
|
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS |
|
| (In thousands except per share amounts) |
|
| |
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
| Revenue |
|
$ |
1,595 |
|
|
$ |
1,552 |
|
|
$ |
4,693 |
|
|
$ |
5,336 |
|
| Cost of revenue |
|
610 |
|
|
570 |
|
|
1,677 |
|
|
1,984 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Gross profit |
|
985 |
|
|
982 |
|
|
3,016 |
|
|
3,352 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
| Sales and marketing |
|
428 |
|
|
490 |
|
|
1,276 |
|
|
1,432 |
|
| Research and development |
|
508 |
|
|
592 |
|
|
1,908 |
|
|
1,641 |
|
| General and administrative |
|
293 |
|
|
305 |
|
|
941 |
|
|
946 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Operating income (loss) |
|
(244 |
) |
|
(405 |
) |
|
(1,109 |
) |
|
(667 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest expense, net |
|
(36 |
) |
|
(27 |
) |
|
(102 |
) |
|
(79 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
|
$ |
(280 |
) |
|
$ |
(432 |
) |
|
$ |
(1,211 |
) |
|
$ |
(746 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Preferred stock dividends accrued |
|
(35 |
) |
|
(35 |
) |
|
(104 |
) |
|
(104 |
) |
| Net income (loss) attributable to common stockholders |
|
$ |
(315
|
) |
|
$ |
(467 |
) |
|
$ |
(1,315 |
) |
|
$ |
(850 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) per share attributable to common
stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
(0.02 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.07 |
) |
| Diluted |
|
$ |
(0.02 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.07 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
12,748 |
|
|
12,612 |
|
|
12,733 |
|
|
12,593 |
|
| Diluted |
|
12,748 |
|
|
12,612 |
|
|
12,733 |
|
|
12,593 |
|
Financial Contact Michael L. Paxton, VP, CFO 972.301.3658, mpaxton@intrusion.com
