Business
Intrusion Inc. Reports Fourth Quarter and Year 2019 Results
RICHARDSON, Texas, Feb. 24, 2020 (GLOBE NEWSWIRE) -- Intrusion Inc. (OTCQB: INTZ), (“Intrusion”) today announced financial results for the quarter and year
About this update from Intrusion Inc.
[{"type":"text","content":"RICHARDSON, Texas, Feb. 24, 2020 (GLOBE NEWSWIRE) -- Intrusion Inc. (OTCQB: INTZ), (“Intrusion”) today announced financial results for the quarter and year ended December 31, 2019.\n Intrusion’s net income for the fourth quarter 2019 was $0.3 million, compared to net income of $0.9 million for the fourth quarter 2018. Net income for the year 2019 was $4.5 million, compared to a net income of $2.3 million for 2018. Revenue for the fourth quarter 2019 was $2.6 million, compared to $3.0 million in the fourth quarter 2018. Revenue for the year 2019 was $13.6 million, compared to $10.3 million in 2018. Gross profit margin was 61% in the fourth quarter of 2019, compared to 63% in the fourth quarter 2018. For the year, the gross profit margin was 61%, compared to 63% in 2018. Intrusion’s fourth quarter 2019 operating expenses were $1.3 million, compared to $1.0 million in the fourth quarter 2018. For the year 2019, operating expenses were $3.8 million, compared to $4.0 million in 2018. As of December 31, 2019, Intrusion reported cash and cash equivalents of $3.3 million, and working capital of $3.1 million. Comparably, as of December 31, 2018, Intrusion reported cash and cash equivalents of $1.7 million, working capital of $0.5 million, and debt of $1.9 million. “Revenue in the fourth quarter was lower compared to last year primarily due to delays in orders expected but not received. Order delays were primarily due to customer funding not aligned with anticipated renewals, a trend we anticipate will continue through the first quarter 2020. Orders booked in the fourth quarter 2019 totaled $4.4 million consisting primarily from renewals of existing projects,” 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., CST today. Interested investors can access the call at 1-877-258-4925. For those unable to participate in the live conference call, a replay will be accessible beginning today at 7:00 P.M., CST until March 2, 2020 by calling 1-855-859-2056 or 1-404-537-3406. At the replay prompt, enter conference identification number 2281388. Additionally, a live and archived audio webcast of the conference call will be available at www.intrusion.com. About Intrusion Inc. Intrusion Inc. ...