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Intrusion Inc. Reports Fourth Quarter and Year 2019 Results

/EIN News/ -- RICHARDSON, Texas, Feb. 24, 2020 (GLOBE NEWSWIRE) -- Intrusion Inc. (OTCQB: INTZ), (“Intrusion”) today announced financial results for the quarter and year ended December 31, 2019.

Intrusion’s net income for the fourth quarter 2019 was $0.3 million, compared to net income of $0.9 million for the fourth quarter 2018. Net income for the year 2019 was $4.5 million, compared to a net income of $2.3 million for 2018.

Revenue for the fourth quarter 2019 was $2.6 million, compared to $3.0 million in the fourth quarter 2018. Revenue for the year 2019 was $13.6 million, compared to $10.3 million in 2018. 

Gross profit margin was 61% in the fourth quarter of 2019, compared to 63% in the fourth quarter 2018. For the year, the gross profit margin was 61%, compared to 63% in 2018. 

Intrusion’s fourth quarter 2019 operating expenses were $1.3 million, compared to $1.0 million in the fourth quarter 2018. For the year 2019, operating expenses were $3.8 million, compared to $4.0 million in 2018. 

As of December 31, 2019, Intrusion reported cash and cash equivalents of $3.3 million, and working capital of $3.1 million. Comparably, as of December 31, 2018, Intrusion reported cash and cash equivalents of $1.7 million, working capital of $0.5 million, and debt of $1.9 million. 

“Revenue in the fourth quarter was lower compared to last year primarily due to delays in orders expected but not received. Order delays were primarily due to customer funding not aligned with anticipated renewals, a trend we anticipate will continue through the first quarter 2020. Orders booked in the fourth quarter 2019 totaled $4.4 million consisting primarily from renewals of existing projects,” stated Michael L. Paxton, Interim President 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. For those unable to participate in the live conference call, a replay will be accessible beginning today at 7:00 P.M., CST until March 2, 2020 by calling 1-855-859-2056 or 1-404-537-3406. At the replay prompt, enter conference identification number 2281388. 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 expectations of future revenue, product orders from new and existing customers, and profitability, and are qualified by the inherent difficulties in forecasting future sales caused by current economic conditions, spending patterns of, and appropriations to, U.S. government departments, the effects of sales and implementation cycles for our products on our quarterly results and difficulties in accurately estimating market growth, the unpredictability of government and corporate spending on information security products, 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)

  December 31,   December 31,
  2019   2018
  ASSETS      
Current Assets      
Cash and cash equivalents $ 3,334   $ 1,652
Accounts receivable 1,566   1,967
Prepaid expenses 152   91
Total current assets 5,052   3,710
 

Noncurrent Assets
     
Property and equipment, net 335   200
Finance leases right-of-use assets, net 62   121
Operating leases right-of-use assets, net 1,348  
Other assets 38   38
Total noncurrent assets 1,783   359
TOTAL ASSETS $ 6,835   $ 4,069

 

LIABILITIES AND EQUITY (DEFICIT)

Current Liabilities        
  Accounts payable and accrued expenses $ 1,080     $   1,596    
  Dividends payable 20        594     
  Finance leases liability, current portion 43       58     
  Operating lease liability, current portion 284        
  Deferred revenue 516     1,004    
Total current liabilities 1,943     3,252    
         
Noncurrent Liabilities        
  Loan payable to officer   —      1,815     
  Finance leases liability, noncurrent portion 21     64     
  Operating lease liability, noncurrent portion 1,315        
Total noncurrent liabilities 1,336     1,879    
         
Stockholders' Equity (Deficit):        
  Preferred stock, $.01 par value:        
  Authorized shares – 5,000        
   Series 1 shares issued and outstanding – 200         
   Liquidation preference of $1,013 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 $634 in 2019 and $760 in 2018


412

     

412

 
   
  Common stock, $.01 par value:        
  Authorized shares – 80,000        
  Issued shares – 13,552 in 2019 and 13,259 in 2018
   Outstanding shares – 13,542 in 2019 and 13,249 in 2018
 

  136
     

133
   
  Common stock held in treasury, at cost – 10 shares (362 )     (362 )  
  Additional paid-in capital 56,759     56,609    
  Accumulated deficit (54,777 )   (59,242 )  
  Accumulated other comprehensive loss (43 )     (43 )  
Total stockholders' equity (deficit) 3,556       (1,062 )  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) $   6,835     $   4,069    
 
 
   


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


 
  Three Months Ended
December 31,
  Year Ended
December 31,
 
     2019   2018   2019   2018  
Revenue   $ 2,572   $ 2,979   $ 13,643   $ 10,276  
Cost of revenue   1,002   1,102   5,342   3,847  
                   
Gross profit   1,570   1,877   8,301   6,429  
                   
Operating expenses:                  
Sales and marketing   485   293   1,298   1,604  
Research and development   539   405   1,314   1,237  
General and administrative   252   283   1,182   1,112  
                   
Operating income   294   896   4,507   2,476  
 

Interest expense
  (1 ) (45 ) (46 ) (189 )
Interest income   4     4    
                   
Income before income taxes   297   851   4,465   2,287  
                   
Income tax provision          
                   
Net income   $ 297   $ 851   $ 4,465   $ 2,287  
                   
Preferred stock dividends accrued   (35 ) (35 ) (139 ) (139
Net income  attributable to common stockholders   $ 262   $ 816   $ 4,326   $ 2,148  
                   
Net income per share attributable to common stockholders:  Basic   $ 0.02   $ 0.06   $ 0.32   $ 0.16  
   Diluted   $ 0.02   $ 0.05   $ 0.28   $ 0.14  
                   
Weighted average common shares outstanding: 
   Basic
  13,542   13,168   13,502   13,049  
   Diluted   15,392   15,182   15,352   15,063  

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