2012 Q1 Form 10-Q Financial Statement

#000110465912036935 Filed on May 14, 2012

View on sec.gov

Income Statement

Concept 2012 Q1 2011 Q1
Revenue $1.398M $1.042M
YoY Change 34.17% -32.34%
Cost Of Revenue $615.0K $399.0K
YoY Change 54.14% -27.45%
Gross Profit $783.0K $643.0K
YoY Change 21.77% -34.39%
Gross Profit Margin 56.01% 61.71%
Selling, General & Admin $710.0K $644.0K
YoY Change 10.25% 40.0%
% of Gross Profit 90.68% 100.16%
Research & Development $398.0K $397.0K
YoY Change 0.25% 32.33%
% of Gross Profit 50.83% 61.74%
Depreciation & Amortization $36.00K $19.00K
YoY Change 89.47% -5.0%
% of Gross Profit 4.6% 2.95%
Operating Expenses $1.108M $1.041M
YoY Change 6.44% 35.19%
Operating Profit -$325.0K -$398.0K
YoY Change -18.34% -289.52%
Interest Expense -$27.00K -$4.000K
YoY Change 575.0% -60.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$352.0K -$402.0K
YoY Change -12.44% -301.0%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$352.0K -$402.0K
YoY Change -12.44% -301.0%
Net Earnings / Revenue -25.18% -38.58%
Basic Earnings Per Share -$0.03
Diluted Earnings Per Share -$0.03 -$33.84K
COMMON SHARES
Basic Shares Outstanding 11.95M shares 11.82M shares
Diluted Shares Outstanding 11.95M shares 11.82M shares

Balance Sheet

Concept 2012 Q1 2011 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $300.0K $100.0K
YoY Change 200.0% -75.0%
Cash & Equivalents $269.0K $103.0K
Short-Term Investments
Other Short-Term Assets $100.0K $0.00
YoY Change -100.0%
Inventory $5.000K $100.0K
Prepaid Expenses $113.0K
Receivables $543.0K $500.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $930.0K $700.0K
YoY Change 32.86% -22.22%
LONG-TERM ASSETS
Property, Plant & Equipment $249.0K $100.0K
YoY Change 149.0% -50.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $43.00K $0.00
YoY Change
Total Long-Term Assets $292.0K $100.0K
YoY Change 192.0% -50.0%
TOTAL ASSETS
Total Short-Term Assets $930.0K $700.0K
Total Long-Term Assets $292.0K $100.0K
Total Assets $1.222M $800.0K
YoY Change 52.75% -27.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $700.0K $700.0K
YoY Change 0.0% 0.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $1.500M $600.0K
YoY Change 150.0% -40.0%
Long-Term Debt Due $100.0K
YoY Change
Total Short-Term Liabilities $2.908M $1.900M
YoY Change 53.05% 0.0%
LONG-TERM LIABILITIES
Long-Term Debt $100.0K $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $100.0K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.908M $1.900M
Total Long-Term Liabilities $100.0K $0.00
Total Liabilities $3.000M $1.900M
YoY Change 57.89% 0.0%
SHAREHOLDERS EQUITY
Retained Earnings -$59.15M
YoY Change
Common Stock $120.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $362.0K
YoY Change
Treasury Stock Shares 10.00K shares
Shareholders Equity -$1.769M -$1.100M
YoY Change
Total Liabilities & Shareholders Equity $1.222M $800.0K
YoY Change 52.75% -27.27%

Cashflow Statement

Concept 2012 Q1 2011 Q1
OPERATING ACTIVITIES
Net Income -$352.0K -$402.0K
YoY Change -12.44% -301.0%
Depreciation, Depletion And Amortization $36.00K $19.00K
YoY Change 89.47% -5.0%
Cash From Operating Activities $60.00K -$740.0K
YoY Change -108.11% -470.0%
INVESTING ACTIVITIES
Capital Expenditures $6.000K $1.000K
YoY Change 500.0% -105.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$10.00K $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -90.00K 300.0K
YoY Change -130.0% -190.91%
NET CHANGE
Cash From Operating Activities 60.00K -740.0K
Cash From Investing Activities -10.00K 0.000
Cash From Financing Activities -90.00K 300.0K
Net Change In Cash -40.00K -440.0K
YoY Change -90.91% 193.33%
FREE CASH FLOW
Cash From Operating Activities $60.00K -$740.0K
Capital Expenditures $6.000K $1.000K
Free Cash Flow $54.00K -$741.0K
YoY Change -107.29% -436.82%

Facts In Submission

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hospitals and other healthcare providers, and</font></p> <p style="TEXT-INDENT: 3pt; MARGIN: 0in 0in 0pt 0.5in"><font style="FONT-FAMILY: Symbol; FONT-SIZE: 10pt" size="2">&#183;</font><font style="FONT-SIZE: 10pt" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; other customers.</font></p> <p style="TEXT-INDENT: 3pt; MARGIN: 0in 0in 0pt 0.5in"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" size="2">&#160;</font></p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" size="2">We were organized in Texas in September&#160;1983 and reincorporated in Delaware in October&#160;1995. For more than 15&#160;years, we provided local area networking equipment and were known as Optical Data Systems or ODS Networks. On April&#160;17, 2000, we announced plans to sell, or otherwise dispose of, our networking divisions, which included our Essential Communications division and our local area networking assets. On June&#160;1, 2000, we changed our name from ODS Networks,&#160;Inc. to Intrusion.com,&#160;Inc., and our ticker symbol from ODSI to INTZ to reflect our focus on intrusion prevention and detection solutions, along with information compliance and data privacy protection products. On November&#160;1, 2001, we changed our name from Intrusion.com,&#160;Inc. to Intrusion&#160;Inc.</font></p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" size="2">&#160;</font></p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" size="2">Our principal executive offices are located at 1101 East Arapaho Road, Suite&#160;200, Richardson, Texas 75081, and our telephone number is (972)&#160;234-6400.&#160; Our website URL is www.intrusion.com.&#160; References to &#8220;we&#8221;, &#8220;us&#8221;, &#8220;our&#8221; or &#8220;Intrusion&#160;Inc.&#8221; refer to Intrusion&#160;Inc. and its subsidiaries.&#160; Compliance Commander&#8482;, SecureNet&#8482; and TraceCop&#8482; are trademarks of Intrusion Inc.</font></p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" size="2">&#160;</font></p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" size="2">As of March&#160;31, 2012, we had cash and cash equivalents of approximately $269,000, down from approximately $308,000 as of December&#160;31, 2011.&#160; We generated net loss of $352,000 for the three months ended March&#160;31, 2012 compared to a net loss of $402,000 for the three months ended March&#160;31, 2011.&#160; As of March&#160;31, 2012, in addition to cash and cash equivalents of $269,000, we had $158,000 in funding available under our $0.625 million line of credit at Silicon Valley Bank (&#8220;SVB&#8221;) and $0.67 million funding available from a promissory note to borrow up to $2.2 million from G. Ward Paxton, the Company&#8217;s Chief Executive Officer.&#160; We are obligated to make payments of accrued dividends on all our outstanding shares of preferred stock that will reduce our available cash resources.&#160; Based on projections of growth in revenue and net income in the coming quarters, and the borrowings available previously mentioned, we believe that we will have sufficient cash resources to finance our operations and expected capital expenditures for the next twelve months.&#160; We expect to fund our operations through Company profits, our line of credit, borrowings from the Company&#8217;s CEO, and possibly additional investments of private equity and debt, which, if we are able to obtain, will have the effect of diluting our existing common stockholders, perhaps significantly.&#160; Any equity or debt financings, if available at all, may be on terms which are not favorable to us and, in the case of equity financings, may result in dilution to our stockholders. If our operations do not generate positive cash flow in the upcoming year, or if we are not able to obtain additional debt or equity financing on terms and conditions acceptable to us, if at all, we may be unable to implement our business plan, fund our liquidity needs or even continue our operations.</font></p></td></tr></table>
CY2012Q1 dei Entity Registrant Name
EntityRegistrantName
INTRUSION INC
CY2012Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000736012
CY2012Q1 dei Document Type
DocumentType
10-Q
CY2012Q1 dei Document Period End Date
DocumentPeriodEndDate
2012-03-31
CY2012Q1 dei Amendment Flag
AmendmentFlag
false
CY2012Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2012Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
CY2012Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2012Q1 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2012Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2012Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
11972017 shares
CY2010Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
540000 USD
CY2011Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
103000 USD
CY2012Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD

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