Financials

2003 Fourth-Quarter Financial Statements

ENTRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES

(in thousands, except per share data)
Three Months Ended
March 31

2004
2003
(unaudited)
Revenues:
  License $7,212 $12,089
  Services and maintenance 14,492
 15,434
Total revenues 21,704
 27,523
 
Cost of revenues:
  License 767 942
  Services and maintenance 7,942
 8,494
Total cost of revenues 8,709
 9,436
 
Gross profit 12,995
 18,087
 
Operating expenses:
  Sales and marketing 8,627 12,145
  Research and development 5,910 6,033
  General and administrative 3,414 3,506
  Amortization of purchased product rights 284
 284
Total operating expenses 18,235
 21,968
 
(Loss) from operations (5,240)
 (3,881)
 
Other income (expense):
  Interest income 489 932
  Loss from equity investment (105)
 -
Total other income (expense) 384
 932
 
(Loss) before income taxes (4,856) (2,949)
 
Provision for income taxes 174
 395
 
Net (loss) $(5,030)
 $(3,344)
 
Weighted average common shares used
  Basic 63,994 64,762
  Diluted 63,994 64,762
 
Net (loss) per share
  Basic ($0.08) ($0.05)
  Diluted ($0.08) ($0.05)

ENTRUST, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)
Mar 31, 2003
 Dec 31, 2002
(unaudited)

ASSETS
Cash and marketable investments   $124,266 $131,446
Accounts receivable, net of allowance for doubtful accounts   19,330 22,323
Other current assets   4,239 4,500
Property and equipment, net   12,172 12,795
Purchased product rights, net   1,418 1,702
Goodwill and other purchased intangibles, net   11,186 11,186
Long-term equity investment   1,159 1,264
Other long-term assets, net   4,310
4,355
 
  Total assets $178,080
$189,571
 

LIABILITIES AND SHAREHOLDERS' EQUITY

  
 
Accounts payable and accruals   $18,051 $21,766
Accrued restructuring charges   31,860 33,166
Deferred revenue   17,115 16,547
Long-term liabilities   239
227
 
  Total liabilities 67,265 71,706
 
Shareholders' equity   110,815
117,865
 
  Total liabilities and shareholders' equity $178,080
$189,571
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