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Intrusion Inc. Reaches Profitability for the Year 2010 Despite a Loss for the Fourth Quarter

RICHARDSON, Texas Feb. 9, 2011 December 31, 2010

http://photos.prnewswire.com/prnh/20030703/INTRUSIONLOGO

$0.3 million $0.4 million $0.2 million

$0.9 million $1.5 million $5.6 million

Gross profit margin was 61% of revenue in the fourth quarter of 2010, compared to 66% of revenue in the fourth quarter 2009.   For the year, the gross profit margin was 63%, compared to 66% in 2009.  Differences in gross profit margin are primarily the result of changes in product mix.  

$0.9 million $0.6 million $3.3 million $3.0 million

December 31, 2010 $0.5 million $0.7 million $0.2 million

$1.3 million G. Ward Paxton $230,000

4:00 P.M., CST the United States 7:00 P.M., CST February 16, 2011 the United States www.intrusion.com

About Intrusion Inc.

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."

INTRUSION IN C.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands except par value amounts)

December 31,

December 31,

2010

2009

ASSETS

Current Assets:

Cash and cash equivalents

$

540

$

519

Accounts receivable

222

351

Inventories, net

61

7

Prepaid expenses

23

68

Total current assets

846

945

Property and equipment, net

117

146

Other assets

39

39

TOTAL ASSETS

$

1,002

$

1,130

LIABILITIES AND STOCKHOLDERS’ DEFICIT

Current Liabilities:

Accounts payable and accrued expenses

$

529

$

674

Dividends payable

22

360

Deferred revenue

983

93

Total current liabilities

1,534

1,127

Loan payable to officer

230

970

Stockholders’ Deficit:

 Preferred stock, $.01 par value:

    Authorized shares – 5,000

    Series 1 shares issued and outstanding – 220  

      Liquidation preference of $1,114 as of December 31, 2010

778

778

    Series 2 shares issued and outstanding – 460

      Liquidation preference of $1,155 as of December 31, 2010

724

724

    Series 3 shares issued and outstanding – 354

      Liquidation preference of $775 as of December 31, 2010

504

504

 Common stock, $.01 par value:

    Authorized shares – 80,000

    Issued shares – 11,828 in 2010 and 11,715 in 2009

    Outstanding shares – 11,818 in 2010 and 11,705 in 2009

118

117

 Common stock held in treasury, at cost – 10 shares

(362)

(362)

 Additional paid-in capital

55,570

55,545

 Accumulated deficit

(57,868)

(58,094)

 Accumulated other comprehensive loss

(226)

(179)

 Total stockholders’ deficit

(762)

(967)

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT

$

1,002

$

1,130

INTRUSION INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands except per share amounts)

Three Months Ended

Year Ended

December 31,

December 31,

2010

2009

2010

2009

Revenue

$ 938

$  1,519

$  5,588

$  4,920

Cost of revenue

364

517

2,060

1,662

Gross profit

574

1,002

3,528

3,258

Operating expenses:

  Sales and marketing

281

189

921

922

  Research and development

372

202

1,395

1,106

  General and administrative

214

213

992

980

Operating income (loss)

(293)

398

220

250

Other income

47

Interest expense, net                

(9)

(19)

(41)

(64)

Income (loss) before income taxes

(302)

379

226

186

Income tax provision

Net income (loss)

(302)

379

226

186

Preferred stock dividends accrued

(38)

(38)

(136)

(154)

Net Income (loss) attributable to common stockholders

$  (340)

$         341

$        90

$        32

Net income (loss) per share attributable to common stockholders:  

                                    Basic

$   (0.03)

$    0.03

$    0.01

$   0.00

                                    Diluted

$    (0.03)

$    0.03

$    0.01

$   0.00

Weighted average shares outstanding:

                                   Basic

11,798

11,705

11,745

11,678

                                   Diluted

11,798

13,206

13,366

12,873

Financial Contact

Michael L. Paxton, VP, CFO

972.301.3658, [email protected]

SOURCE Intrusion Inc.

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