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Intrusion Inc. Achieves Profitability In The Third Quarter Of 2012 On Revenue Of $1.9 Million

RICHARDSON, Texas, Nov. 12, 2012 /PRNewswire/ -- Intrusion Inc. (OTCBB: INTZ), ("Intrusion") announced today financial results for the three and nine months ended September 30, 2012.

(Logo: http://photos.prnewswire.com/prnh/20030703/INTRUSIONLOGO)

Intrusion's net income was $48 thousand in the third quarter 2012 compared to $121 thousand in the third quarter 2011 and $212 thousand in the second quarter 2012.

Intrusion's revenue for the third quarter 2012 was $1.9 million compared to $1.8 million in the third quarter 2011 and $1.9 million for the second quarter 2012.

Gross profit was $1.1 million or 58 percent of revenue in the third quarter of 2012 compared to $1.1 million or 61% of revenue in the third quarter 2011 and $1.2 million or 63% of revenue in the second quarter 2012.

Intrusion's third quarter 2012 operating expenses were $1.0 million compared to $0.9 million in the third quarter 2011 and $0.9 million in the second quarter 2012. 

As of September 30, 2012, Intrusion reported cash and cash equivalents of $0.5 million, a working capital deficiency of $1.6 million and debt of $1.8 million

"During the third quarter of 2012, we booked a total of $1.7 million of orders covering ten different projects," 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 19, 2012 by calling 1-855-859-2056 (if outside the United States, 1-404-537-3406).  At the replay prompt, enter conference identification number 64602378.  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 systems, high speed data mining, regulated information compliance, data leak prevention and data privacy protection, and network intrusion prevention and detection products.  Intrusion's product families include TraceCop™ for entity identification, Savant™ for network data mining, Compliance Commander™ for regulated information compliance, data leak prevention and data privacy protection, and Intrusion SecureNet for network intrusion prevention and 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."

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

 

 



INTRUSION INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands except par value amounts)






September 30,


December 31,


2012


2011

ASSETS




Current Assets:




 Cash and cash equivalents

$

475


$

308

 Accounts receivable

601


480

 Inventories, net

5


5

 Prepaid expenses

45


90

Total current assets

1,126


883





 Property and equipment, net

269


207

 Other assets

45


40

TOTAL ASSETS

$

1,440


$

1,130





LIABILITIES AND STOCKHOLDERS' DEFICIT




Current Liabilities:




 Accounts payable and accrued expenses

$

790


$

632

 Dividends payable

239


123

 Line of credit payable

43


80

 Obligations under capital lease, current portion

99


74

 Deferred revenue

63


97

 Loan payable to officer

1,530


Total current liabilities

2,764


1,006





Loan payable to officer


1,530

Obligations under capital lease, noncurrent portion

112


53





Stockholders' Deficit:




  Preferred stock, $.01 par value:




     Authorized shares – 5,000




     Series 1 shares issued and outstanding – 220 




       Liquidation preference of $1,183 as of September 30, 2012

778


778

     Series 2 shares issued and outstanding – 460

       Liquidation preference of $1,241 as of September 30, 2012

724


724

     Series 3 shares issued and outstanding – 354

       Liquidation preference of $833 as of September 30, 2012

504


504

  Common stock, $.01 par value:




     Authorized shares – 80,000




      Issued shares – 12,082 in 2012 and 11,952 in 2011

      Outstanding shares – 12,072  in 2012 and 11,942 in 2011

121


119

  Common stock held in treasury, at cost – 10 shares

(362)


(362)

  Additional paid-in capital

55,799


55,686

  Accumulated deficit

(58,893)


(58,801)

  Accumulated other comprehensive loss

(107)


(107)

  Total stockholders' deficit

(1,436)


(1,459)

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT

$

1,440


$

1,130

 

 

 

INTRUSION INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands except per share amounts)








Three Months Ended

September 30,


Nine Months Ended

September 30,



2012


2011


2012


2011

Revenue


$

1,855


$

1,792


$

5,202


$

3,902

Cost of revenue


774


701


2,177


1,506










Gross profit


1,081


1,091


3,025


2,396










Operating expenses:









Sales and marketing


317


365


1,016


1,092

Research and development


414


313


1,125


1,149

General and administrative


270


268


891


869










Operating income (loss)


80


145


(7)


(714)

Interest expense, net


(32)


(24)


(85)


(41)

Other income














Income (loss) before income taxes


48


121


(92)


(755)










Income tax provision














Net income (loss)


$

$48


$

121


$

(92)


$

(755)










Preferred stock dividends accrued


(39)


(38)


(116)


(113)

Net income (loss) attributable to common stockholders


$

9


$

83


$

208)


$

(868)










Net income (loss) per share attributable to common stockholders:  Basic


$

0.00


$

0.01


$

0.02


$

(0.07)

                                         Diluted


$

0.00


 

$

0.01


 

$

.02


$

(0.07)










Weighted average common shares outstanding:  

                           Basic


12,072


11,902


12,011


11,855

                           Diluted


13,922


13,608


12,011


11,855



















 

SOURCE Intrusion Inc.

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Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

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