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Intrusion Inc. Reports Net Income of $0.9 Million and Revenue of $3.0 Million for Fourth Quarter 2018
[February 11, 2019]

Intrusion Inc. Reports Net Income of $0.9 Million and Revenue of $3.0 Million for Fourth Quarter 2018


RICHARDSON, Texas, Feb. 11, 2019 (GLOBE NEWSWIRE) -- Intrusion Inc. (OTCQB: INTZ) (“Intrusion”) today announced financial results for the quarter and year ended December 31, 2018.

Intrusion’s net income for the fourth quarter 2018 was $0.9 million, compared to net income of $0.2 million for the fourth quarter 2017. Net income for the year 2018 was $2.3 million, compared to a net loss of $30 thousand for 2017.

Revenue for the fourth quarter 2018 was $3.0 million, compared to $2.1 million in the fourth quarter 2017.  Revenue for the year 2018 was $10.3 million, compared to $6.9 million in 2017. 

Gross profit margin was 63% of revenue in the fourth quarter of 2018, compared to 58% of revenue in the fourth quarter 2017.  For the year, the gross profit margin increased to 63%, compared to 59% in 2017. 

Intrusion’s fourth quarter 2018 operating expenses were $1.0 million, compared to $1.0 million in the fourth quarter 2017. For the year 2018, operating expenses were $4.0 million, compared to $4.8 million in 2017. 

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. Comparably, as of December 31, 2017, Intrusion reported cash and cash equivalents of $0.2 million, a working capital deficiency of $0.8 million and debt of $2.9 million. 

“Orders booked in the fourth quarter 2018 totaled $5.2 million consisting primarily from renewals of existing projects.  For the year 2018 orders totaled $14.4 million, compared to $9.8 million in 2017,” 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.  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, 2019 by calling 1-855-859-2056 or 1-404-537-3406.  At the replay prompt, enter conference identification number 1298823. 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)

 December 31,
2018
 December 31,
2017
ASSETS       
        
Current Assets:       
Cash and cash equivalents$1,652  $224 
Accounts receivable 1,967   962 
Inventories, net    15 
Prepaid expenses 91   89 
Total current assets 3,710   1.290 
        
Property and equipment, net 321   124 
Other assets 38   38 
TOTAL ASSETS$4,069  $1,452 
    
LIABILITIES AND STOCKHOLDERS’ DEFICIT   
    
Current Liabilities:   
Accounts payable and accrued expenses$1,596  $  1,182 
Dividends payable594  447 
Obligations under capital lease, current portion58  44 
Deferred revenue1,004  406 
Total current liabilities3,252  2,079 
    
Loan payable to officer1,815  2,865 
Obligations under capital lease, noncurrent portion64  17 
    
Stockholders' Deficit:   
Preferred stock, $.01 par value:   
Authorized shares – 5,000   
Series 1 shares issued/outstanding–200   
Liquidation preference of $1,213 in 2018 and $1,163 in 2017707  707 
Series 2 shares issued/outstanding–460     
Liquidation preference of $1,385 in 2018 and $1,328 in 2017724  724 
Series 3 shares issued/outstanding–289     
Liquidation preference of $760 in 2018 and $728 in 2017412  412 
Common stock, $.01 par value:   
Authorized shares – 80,000   
Issued shares – 13,259 in 2018 and 12,808 in 2017     
Outstanding shares – 13,249 in 2018 and 12,798 in 2017133  128 
Common stock held in treasury, at cost – 10 shares(362) (362)
Additional paid-in capital56,609  56,518 
Accumulated deficit(59,242) (61,529)
Accumulated other comprehensive loss(43) (107)
Total stockholders' deficit(1,062) (3,509)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT$4,069  $1,452 
        



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


 
Three Months Ended
December 31,
 Year Ended
December 31,
 
  2018 2017 2018 2017 
Revenue$2,979 $2,081 $10,276 $6,862 
Cost of revenue1,102 872 3,847 2,824 
         
Gross profit1,877 1,209 6,429 4,038 
         
Operating expenses:        
Sales and marketing293 362 1,604 1,531 
Research and development405 365 1,237 2,162 
General and administrative283 239 1,112 1,094 
         
Operating income (loss)896 243 2,476 (749)
         
Interest expense, net(45)(52)(189)(209)
Other income (expense)   928 
         
Income (loss) before income taxes851 191 2,287 (30)
         
Income tax provision    
         
Net income (loss)$851 $191 $2,287 $(30)
         
Preferred stock dividends accrued(35)(35)(139)(139)
Net income (loss) attributable to common stockholders$816 $156 $2,148 $(169)
         
Net income (loss) per share attributable to common stockholders:            
Basic$0.06 $0.01 $0.16 $(0.01)
Diluted$0.05 $0.01 $0.14 $(0.01)
         
Weighted average common shares outstanding:        
Basic13,168 12,798 13,049 12,785 
Diluted15,182 14,369 15,063 12,785 
         

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



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