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Intrusion Inc. Announces 2012 Fourth Quarter And Annual Results
Submitted by admin on 2/11/2013 @ 1:05 PM
Companies mentioned in this article:
Intrusion Inc.
RICHARDSON, Texas, Feb. 11, 2013 /PRNewswire/ -- Intrusion Inc. (OTCBB: INTZ), ("Intrusion") today announced financial results for the quarter and year ended December 31, 2012.
(Logo: http://photos.prnewswire.com/prnh/20030703/INTRUSIONLOGO)
Intrusion's net loss in the fourth quarter 2012 was $0.2 million, the same as in the fourth quarter 2011. Net loss for the year 2012 was $0.2 million, compared to a net loss of $0.9 million for 2011.
Revenue for the fourth quarter 2012 was $1.5 million, compared to $1.4 million for the fourth quarter 2011. Revenue for the year 2012 was $6.7 million, compared to $5.3 million in 2011, a 25% increase.
Gross profit margin was 65% of revenue in the fourth quarter of 2012, compared to 62% of revenue in the fourth quarter 2011. For the year, the gross profit margin was 60%, compared to 62% in 2011.
Intrusion's fourth quarter 2012 operating expenses were $1.1 million, compared to $0.9 million in the fourth quarter 2011. For the year 2012, operating expenses were $4.1 million, compared to $4.0 million in 2011.
As of December 31, 2012, Intrusion reported cash and cash equivalents of $0.1 million, a working capital deficiency of $0.2 million and debt of $1.9 million.
"During the fourth quarter 2012, we booked $1.3 million of orders compared to $1.2 million of orders in the fourth quarter 2011. For the year 2012, we booked $7.1 million of orders up 34% over the $5.3 million of orders in 2011," stated G. Ward Paxton, Chairman, 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 February 18, 2013 by calling 1-855-859-2056 (if outside the United States, 1-404-537-3406). At the replay prompt, enter conference identification number 98664204. 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(TM) for entity identification, Savant(TM) for network data mining, Compliance Commander(TM) 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)
December December
31, 31,
2012 2011
---- ----
ASSETS
Current Assets:
Cash and cash equivalents $52 $308
Accounts receivable 946 480
Inventories, net 5 5
Prepaid expenses 48 90
--- ---
Total current assets 1,051 883
Property and equipment, net 260 207
Other assets 48 40
--- ---
TOTAL ASSETS $1,359 $1,130
====== ======
LIABILITIES AND
STOCKHOLDERS' DEFICIT
Current Liabilities:
Accounts payable and accrued
expenses $707 $632
Dividends payable 279 123
Line of credit payable 130 80
Obligations under capital
lease, current portion 96 74
Deferred revenue 52 97
Total current liabilities 1,264 1,006
Loan payable to officer 1,530 1,530
Obligations under capital
lease, noncurrent portion 116 53
Stockholders' Deficit:
Preferred stock, $.01 par
value:
Authorized shares - 5,000
Series 1 shares issued and
outstanding - 220
Liquidation preference of
$1,197 as of December 31,
2012 778 778
Series 2 shares issued and
outstanding - 460 724 724
Liquidation preference of
$1,256 as of December 31,
2012
Series 3 shares issued and
outstanding - 354 504 504
Liquidation preference of
$843 as of December 31,
2012
Common stock, $.01 par
value:
Authorized shares - 80,000
Issued shares - 12,182 in
2011 and 11,952 in 2011 122 119
Outstanding shares - 12,172
in 2011 and 11,942 in 2011
Common stock held in
treasury, at cost - 10
shares (362) (362)
Additional paid-in capital 55,837 55,686
Accumulated deficit (59,047) (58,801)
Accumulated other
comprehensive loss (107) (107)
---- ----
Total stockholders' deficit (1,551) (1,459)
------ ------
TOTAL LIABILITIES AND
STOCKHOLDERS' DEFICIT $1,359 $1,130
====== ======
INTRUSION INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share amounts)
Three Months Ended Year Ended
December 31, December 31,
2012 2011 2012 2011
---- ---- ---- ----
Revenue $1,495 $1,446 $6,697 $5,348
Cost of revenue 530 551 2,707 2,057
--- --- ----- -----
Gross profit 965 895 3,990 3,291
Operating expenses:
Sales and marketing 301 291 1,317 1,383
Research and development 534 406 1,660 1,555
General and administrative 253 233 1,143 1,102
--- --- ----- -----
Operating income (loss) (123) (35) (130) (749)
Interest expense, net (31) (25) (116) (66)
Other income (expense) - (118) - (118)
--- ---- --- ----
Income (loss) before income taxes (154) (178) (246) (933)
Income tax provision - - - -
--- --- --- ---
Net income (loss) $(154) $(178) $(246) $(933)
Preferred stock dividends accrued (38) (38) (152) (151)
--- --- ---- ----
Net income (loss) attributable to
common stockholders $(192) $(216) $(398) $(1,084)
===== ===== ===== =======
Net income (loss) per share
attributable to common
stockholders:
Basic $(0.02) $(0.02) $(0.03) $(0.09)
Diluted $(0.02) $(0.02) $(0.03) $(0.09)
Weighted average common shares
outstanding:
Basic 12,107 11,942 12,035 11,877
Diluted 12,107 11,972 12,035 11,877
SOURCE Intrusion Inc.