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INTRUSION Reports First Quarter 2020 Financial Results

May, 14, 2020

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

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

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.”


(In thousands except par value amounts)

 March 31, December 31,
 2020 2019
Current Assets       
Cash and cash equivalents$3,217  $3,334 
Accounts receivable 1,032   1,566 
Prepaid expenses 169   152 
Total current assets 4,418   5,052 

Noncurrent Assets
Property and equipment, net 333   335 
Finance leases right-of-use asset, net 52   62 
Operating leases right-of-use asset, net 1,285   1,348 
Other assets 38   38 
Total noncurrent assets 1,708   1,783 
TOTAL ASSETS$6,126  $6,835 


Current Liabilities       
Accounts payable and accrued expenses$1,051  $1,080 
Dividends payable 53   20 
Finance leases liability, current portion 43   43 
Operating leases liability, current portion 288   284 
Deferred revenue 284   516 
Total current liabilities 1,719   1,943 
Noncurrent Liabilities       
Finance leases liability, noncurrent portion 11   21 
Operating leases liability, noncurrent portion 1,244   1,315 
Total noncurrent liabilities 1,255   1,336 
Shareholders' Equity:       
Preferred stock, $.01 par value:       
Authorized shares – 5,000       
Series 1 shares issued and outstanding – 200       
Liquidation preference of $1,025 in 2020 and $1,013 in 2019 707   707 
Series 2 shares issued and outstanding – 420 in 2020 and 460 in 2019
Liquidation preference of $1,068 in 2020 and $1,155 in 2019
 661   724 
Series 3 shares issued and outstanding – 266 in 2020 and 289 in 2019 
Liquidation preference of $590 in 2020 and $634 in 2019
 379   412 
Common stock, $.01 par value:       
Authorized shares – 80,000       
Issued shares – 13,788 in 2020 and 13,552 in 2019 
Outstanding shares – 13,778 in 2020 and 13,542 in 2019
 138   136 
Common stock held in treasury, at cost – 10 shares (362)  (362)
Additional paid-in capital 56,914   56,759 
Accumulated deficit (55,242)  (54,777)
Accumulated other comprehensive loss (43)  (43)
Total shareholder' equity 3,152   3,556 



(In thousands except per share amounts)

 Quarter ended Quarter ended 
 March 31, March 31, 
 2020 2019 
Revenue$1,795 $3,191 
Cost of revenue747 1,284 
Gross profit1,048 1,907 
Operating expenses:    
Sales and marketing510 412 
Research and development753 182 
General and administrative256 331 
Operating income (loss)(471)982 
Interest expense(1)(35)
Interest income7  
Net income (loss)(465)947 
Preferred stock dividends accrued(33)(34)
Net income (loss) attributable to common stockholders$(498)$913 
Net income (loss) per share attributable to common stockholders:     
Weighted average shares outstanding:    
  Basic13,703 13,408 
  Diluted13,703 15,323 


Michael L. Paxton

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