RICHARDSON, Texas, May 15, 2017 (GLOBE NEWSWIRE) -- Intrusion Inc. (OTCQB:INTZ), (“Intrusion”) today announced financial results for the quarter ended March 31, 2017.
Intrusion’s net loss was $351 thousand in the first quarter 2017, compared to net loss of $544 thousand for the first quarter 2016.
Revenue for the first quarter 2017 was $1.56 million, compared to $1.51 million for the first quarter 2016.
Gross profit margin was 63% of revenue in the first quarter 2017; compared to 64% in the first quarter 2016.
Intrusion’s first quarter 2017 operating expenses were $1.28 million; compared to $1.48 million in the first quarter 2016.
As of March 31, 2017, Intrusion reported cash and cash equivalents of $0.2 million, a working capital deficiency of $0.6 million and debt of $3.6 million.
“We booked $2.3 million of orders in the first four months of 2017 consistent with the $2.3 million of orders in the first four months of 2016. Gross profit as a percent of revenue was 63% in the first quarter of 2017, slightly below our goal of 65%, due to product mix. Our top priority in 2017 is to increase sales. We have significantly increased our sales pipeline from new potential customers. At this time, our pipeline of TraceCop business includes fourteen new customers and five existing customers. Our pipeline of Savant business includes nine new customers and two 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 (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 22, 2017 by calling 1-855-859-2056 (if outside the United States, 1-404-537-3406). At the replay prompt, enter conference identification number 21215585. 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, 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.”
|UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS|
|(In thousands except par value amounts)|
|March 31,||December 31,|
|Cash and cash equivalents||$||193||$||64|
|Total current assets||879||929|
|Property and equipment, net||262||308|
|LIABILITIES AND STOCKHOLDERS’ DEFICIT|
|Accounts payable and accrued expenses||$||911||$||896|
|Obligations under capital lease, current portion||119||139|
|Total current liabilities||1,435||1,733|
|Loan payable to officer||3,465||2,885|
|Obligations under capital lease, noncurrent portion||45||61|
|Preferred stock, $.01 par value:|
|Authorized shares – 5,000|
|Series 1 shares issued and outstanding – 200|
|Liquidation preference of $1,125 in 2017 and $1,075 in 2016||707||707|
|Series 2 shares issued and outstanding – 460|
|Liquidation preference of $1,284 in 2017 and $1,227 in 2016||724||724|
|Series 3 shares issued and outstanding – 289|
|Liquidation preference of $704 in 2017 and $673 in 2016||412||412|
|Common stock, $.01 par value:|
|Authorized shares – 80,000|
|Issued shares – 12,808 in 2017 and 12,758 in 2016|
|Outstanding shares – 12,798 in 2017 and 12,748 in 2016||128||128|
|Common stock held in treasury, at cost – 10 shares||(362||)||(362||)|
|Additional paid-in capital||56,583||56,595|
|Accumulated other comprehensive loss||(107||)||(107||)|
|Total stockholders' deficit||(3,765||)||(3,402||)|
|TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT||$||1,180||$||1,277|
|UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS|
|(In thousands except per share amounts)|
|Quarter ended||Quarter ended|
|March 31,||March 31,|
|Cost of revenue||583||539|
|Sales and marketing||361||428|
|Research and development||585||730|
|General and administrative||331||327|
|Interest expense, net||(50||)||(31||)|
|Preferred stock dividends accrued||(35||)||(35||)|
|Net loss attributable to common stockholders||$||(386||)||$||(579||)|
|Net loss per share attributable to common stockholders:|
|Weighted average shares outstanding:|
Contact Michael L. Paxton, VP, CFO 972.301.3658, email@example.com