Intrusion Inc. Reports First Quarter 2020 Financial Results
RICHARDSON, Texas, May 14, 2020 (GLOBE NEWSWIRE) -- Intrusion Inc. (OTCQB: INTZ), (“Intrusion”) today announced financial results for the quarter ended March 31, 2020.
Intrusion had a net loss of $465 thousand in the first quarter 2020, compared to a net income of $947 thousand for the first quarter 2019 and net income of $296 thousand for the fourth quarter 2019.
Revenue for the first quarter 2020 was $1.8 million, compared to $3.2 million for the first quarter 2019 and $2.6 million for the fourth quarter 2019.
Gross profit margin was 58% of revenue in the first quarter 2020, compared to 60% for the first quarter 2019 and 61% for the fourth quarter 2019.
Intrusion’s first quarter 2020 operating expenses were $1.5 million, compared to $0.9 million for the first quarter 2019 and $1.3 million for the fourth quarter 2019.
As of March 31, 2020, Intrusion reported cash and cash equivalents of $3.2 million and working capital of $2.7 million.
“Order delays in the fourth quarter 2019 have continued in the first quarter 2020. The global pause in business due to Covid-19 has contributed to the delays. We continue to have positive customer response and look forward to future opportunities. The state of Texas is allowing companies to reopen during the month of May, and we look forward to our government customers doing the same,” 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., CDT today. Interested investors can access the call at 1-833-360-0880 (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 May 21, 2020 by calling 1-855-859-2056 (if outside the United States, 1-404-537-3406). At the replay prompt, enter conference identification number 7278964. 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, 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.”
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