Intrusion's second quarter 2009 operating expenses were $0.8 million; the same as in the second quarter 2008.
As of June 30, 2009, Intrusion reported cash and cash equivalents of $0.1 million, a working capital deficiency of $1.6 million and debt of $0.8 million.
"We are pleased with our return to profitability in the second quarter 2009. In addition, as previously reported, we booked a new TraceCop(TM) order totaling $800,000 early in the third quarter. This new TraceCop order is expected to produce revenue over the next twelve months," stated G. Ward Paxton, President and CEO of Intrusion.
Intrusion
Second Quarter 2009 Results
Page 2 of 4
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 1-800-399-2043 (if outside the United States, 1-706-634-5518). 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, 2009 by calling 1-800-642-1687 (if outside the United States, 1-706-645-9291). At the replay prompt, enter conference identification number 23890825. 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(TM) for entity identification, the 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, other than historical information, may include forward-looking statements regarding future events or the future financial performance of the Company. Such statements include, without limitations, statements regarding future revenue growth and profitability, 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, including but not limited to the following: the difficulties in forecasting future sales caused by current economic and market conditions, the effect of military actions on government and corporate spending on information security products, spending patterns of, and appropriations to, U.S. government departments, the impact of our cost reduction programs and our refocused product line, the difficulties and uncertainties in successfully developing and introducing new products in emerging markets, market acceptance of our products, the impact of our sustained losses on our ability to successfully operate and grow our business, our stock price and the recent loss of our Nasdaq listing, our ability to generate sufficient cash flow or obtain additional financing on acceptable terms in order to fund ongoing liquidity needs, the highly competitive market for our products, the effects of sales and implementation cycles for our products on our quarterly results, difficulties in accurately estimating market growth, the consolidation of the information security industry, the impact of changing economic conditions, business conditions in the information security industry, our ability to manage acquisitions effectively, the impact of market peers and their products as well as risks concerning future technology and others identified in our Annual Report on Form 10-K, as amended, and other Securities and Exchange Commission filings. These filings can be obtained by contacting Intrusion Investor Relations.
Intrusion
Second Quarter 2009 Results
Page 3 of 4
INTRUSION INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands except par value amounts)
December
June 30, 31,
2009 2008
---- ----
ASSETS
Current Assets:
Cash and cash equivalents $136 $554
Accounts receivable 289 341
Inventories, net 6 20
Prepaid expenses 58 56
--- ---
Total current assets 489 971
Property and equipment, net 134 169
Other assets 39 39
--- ---
TOTAL ASSETS $662 $1,179
==== ======
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
Loan payable to officer $835 $480
Accounts payable and accrued expenses 547 538
Deferred revenue 416 090
Dividends payable 276 187
--- ---
Total current liabilities 2,074 2,295
Commitments and contingencies
Stockholders' Deficit:
Preferred stock, $.01 par value:
Authorized shares - 5,000
Series 1 shares issued and outstanding - 220 in
2009 and 260
in 2008
Liquidation preference of $1,212 as of June 30,
2009 778 918
Series 2 shares issued and outstanding - 460 724 724
Liquidation preference of $1,241 as of June 30,
2009
Series 3 shares issued and outstanding - 354 504 504
Liquidation preference of $834 as of June 30, 2009
Common stock, $.01 par value:
Authorized shares - 80,000
Issued shares - 11,715 in 2009 and 11,648 in 2008 117 116
Outstanding shares - 11,705 in 2009 and 11,638 in
2008
Common stock held in treasury, at cost - 10 shares (362) (362)
Additional paid-in capital 55,558 55,443
Accumulated deficit (58,552) (58,280)
Accumulated other comprehensive loss (179) (179)
---- ----
Total stockholders' deficit (1,412) (1,116)
------ ------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $662 $1,179
==== ======
Intrusion
Second Quarter 2009 Results
Page 4 of 4
INTRUSION INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share amounts)
Three Months Ended
June 30,
2009 2008
---- ----
Revenue $1,292 $1,283
Cost of revenue 433 440
--- ---
Gross profit 859 843
Operating expenses:
Sales and marketing 270 361
Research and development 251 195
General and administrative 273 230
Operating income (loss) 65 57
Interest expense, net (15) (16)
--- ---
Income (loss) before income taxes 50 41
Income tax provision - -
--- ---
Net income (loss) 50 41
Preferred stock dividends accrued (39) (40)
--- ---
Net income (loss) attributable to
common
stockholders $11 $1
=== ===
Net income (loss) per share
attributable to common stockholders:
Basic $0.00 $0.00
===== =====
Diluted $0.00 $0.00
===== =====
Weighted average shares outstanding:
Basic 11,664 11,638
====== ======
Diluted 13,117 11,638
====== ======
Six Months Ended
June 30,
2009 2008
---- ----
Revenue $2,148 $1,746
Cost of revenue 710 620
--- ---
Gross profit 1,438 1,126
Operating expenses:
Sales and marketing 534 732
Research and development 617 710
General and administrative 532 496
Operating income (loss) (245) (812)
Interest expense, net (26) (22)
--- ---
Income (loss) before income taxes (271) (834)
Income tax provision - -
--- ---
Net income (loss) (271) (834)
Preferred stock dividends accrued (78) (105)
--- ----
Net income (loss) attributable to
common
stockholders $(349) $(939)
===== =====
Net income (loss) per share
attributable to common stockholders:
Basic $(0.03) $(0.08)
====== ======
Diluted $(0.03) $(0.08)
====== ======
Weighted average shares outstanding:
Basic 11,652 11,638
====== ======
Diluted 11,652 11,638
====== ======
SOURCE BIGONTHENET PRIVATE LIMITED/XPRN HK