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Intrusion Inc. Reports Net Income of $1.8 Million for Second Quarter 2019RICHARDSON, Texas, Aug. 12, 2019 (GLOBE NEWSWIRE) -- Intrusion Inc. (OTCQB: INTZ), (“Intrusion”) announced today financial results for the three and six months ended June 30, 2019. Intrusion’s net income was $1.8 million in the second quarter 2019, compared to a net income of $474 thousand in the second quarter 2018 and net income of $947 thousand in the first quarter 2019. Revenue for the second quarter 2019 was $4.0 million compared to $2.4 million in the second quarter 2018 and $3.2 million for the first quarter 2019. Gross profit margin was 60 percent of revenue in the second quarter of 2019 compared to 61 percent in the second quarter 2018 and 60 percent in the first quarter 2019. Intrusion’s second quarter 2019 operating expenses were $0.7 million compared to $0.9 million in the second quarter 2018 and $0.9 million in the first quarter 2019. Operating expenses benefited from a $200 thousand reduction in second quarter sales and marketing expense due to a reimbursement of a prior period expense from a customer. Operating expenses also benefited from reduced sales and marketing expenses associated with shifting expenses to cost of sales for current projects. It is expected that sales and marketing expense will return to more traditional levels in the third quarter 2019. As of June 30, 2019, Intrusion reported cash and cash equivalents of $1.5 million, working capital of $1.4 million and debt of $91 thousand. “Our balance sheet continues to improve with loan payable to officer paid in full, compared to a balance of $1.8 million at year end 2018, and a cash balance of $1.5 million at June 30, 2019. Orders for the second quarter 2019 totaled $2.9 million, all from existing customers,” 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., CDT 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., CDT until August 19, 2019 by calling 1-855-859-2056 or 1-800-585-8367. At the replay prompt, enter conference identification number 6866927. 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. We develop, market and support a family of entity identification, high-speed data mining, cybercrime and advanced persistent threat detection products. 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.
INTRUSION INC.
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