Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT OF MATERIAL EVENTS OR CORPORATE CHANGES - INTRUSION INC | a15-17303_18k.htm |
Exhibit 99.1
|
NEWS RELEASE |
|
|
|
|
|
1101 East Arapaho Road |
|
|
|
Suite 200 |
|
|
|
Richardson TX 75081 USA |
|
|
|
(972) 234-6400 main |
Financial Contact
Michael L. Paxton, VP, CFO
972.301.3658, mpaxton@intrusion.com
INTRUSION INC. REPORTS REVENUE OF $2.1 MILLION
FOR SECOND QUARTER 2015
Richardson, Texas — August 10, 2015 — Intrusion Inc. (OTCQB: INTZ), (“Intrusion”) announced today financial results for the three and six months ended June 30, 2015.
Intrusion’s net loss was $4 thousand in the second quarter 2015, compared to net loss of $22 thousand in the second quarter 2014.
Revenue for the second quarter 2015 was $2.1 million compared to $1.8 million in the second quarter 2014.
Gross profit margin decreased to 62 percent of revenue in the second quarter of 2015 compared to 66 percent in the second quarter 2014 due to changes in product mix.
Intrusion’s second quarter 2015 operating expenses were $1.3 million compared to $1.2 million in the second quarter 2014.
As of June 30, 2015, Intrusion reported cash and cash equivalents of $1.0 million, a working capital deficiency of $1.4 million and debt of $1.9 million.
“Profitability reached near breakeven in the second quarter with revenue growing 15% to $2.1 million compared to second quarter 2014,” stated G. Ward Paxton, President and CEO of Intrusion. “More important was the distribution of sales between Savant and TraceCop. Sales for Savant reached $760 thousand or 36% of total sales for the quarter,” Paxton concluded.
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 August 17, 2015 by calling 1-855-859-2056 (if outside the United States, 1-404-537-3406). At the replay prompt, enter conference identification number 7223475. 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, 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, the 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.”
INTRUSION INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands except par value amounts)
|
|
|
June 30, |
|
December 31, |
| ||
|
|
|
2015 |
|
2014 |
| ||
|
ASSETS |
|
|
|
|
| ||
|
|
|
|
|
|
| ||
|
Current Assets: |
|
|
|
|
| ||
|
Cash and cash equivalents |
|
$ |
978 |
|
$ |
1,006 |
|
|
Accounts receivable |
|
1,510 |
|
737 |
| ||
|
Inventories, net |
|
12 |
|
12 |
| ||
|
Prepaid expenses |
|
115 |
|
105 |
| ||
|
Total current assets |
|
2,615 |
|
1,860 |
| ||
|
|
|
|
|
|
| ||
|
Property and equipment, net |
|
516 |
|
391 |
| ||
|
Other assets |
|
50 |
|
61 |
| ||
|
TOTAL ASSETS |
|
$ |
3,181 |
|
$ |
2,312 |
|
|
|
|
|
|
|
| ||
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT |
|
|
|
|
| ||
|
|
|
|
|
|
| ||
|
Current Liabilities: |
|
|
|
|
| ||
|
Accounts payable and accrued expenses |
|
$ |
957 |
|
$ |
862 |
|
|
Dividends payable |
|
89 |
|
20 |
| ||
|
Obligations under capital lease, current portion |
|
190 |
|
145 |
| ||
|
Deferred revenue |
|
1,240 |
|
442 |
| ||
|
Loan payable to officer |
|
1,530 |
|
— |
| ||
|
Total current liabilities |
|
4,006 |
|
1,469 |
| ||
|
|
|
|
|
|
| ||
|
Loan payable to officer |
|
— |
|
1,530 |
| ||
|
Obligations under capital lease, noncurrent portion |
|
196 |
|
130 |
| ||
|
|
|
|
|
|
| ||
|
Stockholders’ Deficit: |
|
|
|
|
| ||
|
Preferred stock, $0.01 par value: |
|
|
|
|
| ||
|
Authorized shares — 5,000 Series 1 shares issued and outstanding—200 |
|
707 |
|
707 |
| ||
|
Series 2 shares issued and outstanding—460 |
|
724 |
|
724 |
| ||
|
Series 3 shares issued and outstanding—289 |
|
412 |
|
412 |
| ||
|
Common stock, $0.01 par value: |
|
|
|
|
| ||
|
Authorized shares — 80,000 |
|
126 |
|
125 |
| ||
|
Common stock held in treasury, at cost — 10 shares |
|
(362 |
) |
(362 |
) | ||
|
Additional paid-in capital |
|
56,491 |
|
56,382 |
| ||
|
Accumulated deficit |
|
(59,012 |
) |
(58,698 |
) | ||
|
Accumulated other comprehensive loss |
|
(107 |
) |
(107 |
) | ||
|
Total stockholders’ deficit |
|
(1,021 |
) |
(817 |
) | ||
|
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT |
|
$ |
3,181 |
|
$ |
2,312 |
|
INTRUSION INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share amounts)
|
|
|
Three Months Ended |
|
Six Months Ended |
| ||||||||
|
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
| ||||
|
Revenue |
|
$ |
2,069 |
|
$ |
1,805 |
|
$ |
3,784 |
|
$ |
3,399 |
|
|
Cost of revenue |
|
782 |
|
616 |
|
1,414 |
|
1,192 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Gross profit |
|
1,287 |
|
1,189 |
|
2,370 |
|
2,207 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Operating expenses: |
|
|
|
|
|
|
|
|
| ||||
|
Sales and marketing |
|
444 |
|
352 |
|
942 |
|
775 |
| ||||
|
Research and development |
|
511 |
|
520 |
|
1,049 |
|
999 |
| ||||
|
General and administrative |
|
310 |
|
313 |
|
641 |
|
666 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Operating income (loss) |
|
22 |
|
4 |
|
(262 |
) |
(233 |
) | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Interest expense, net |
|
(26 |
) |
(26 |
) |
(52 |
) |
(59 |
) | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Income (loss) before income taxes |
|
(4 |
) |
(22 |
) |
(314 |
) |
(292 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Income tax provision |
|
— |
|
— |
|
— |
|
— |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Net income (loss) |
|
$ |
(4 |
) |
$ |
(22 |
) |
$ |
(314 |
) |
$ |
(292 |
) |
|
|
|
|
|
|
|
|
|
|
| ||||
|
Preferred stock dividends accrued |
|
(35 |
) |
(34 |
) |
(69 |
) |
(71 |
) | ||||
|
Net income (loss) attributable to common stockholders |
|
$ |
(39 |
) |
$ |
(56 |
) |
$ |
(383 |
) |
$ |
(363 |
) |
|
|
|
|
|
|
|
|
|
|
| ||||
|
Net income (loss) per share attributable to common stockholders: Basic |
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
(0.03 |
) |
$ |
(0.03 |
) |
|
Diluted |
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
(0.03 |
) |
$ |
(0.03 |
) |
|
|
|
|
|
|
|
|
|
|
| ||||
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
| ||||
|
Basic |
|
12,612 |
|
12,419 |
|
12,584 |
|
12,356 |
| ||||
|
Diluted |
|
12,612 |
|
12,419 |
|
12,584 |
|
12,356 |
| ||||