Financials

2004 First-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	$6,506	$7,212
	Services and maintenance	16,503	14,492
Total revenues		23,009	21,704

Cost of revenues:
	License	508	767
	Services and maintenance	7,962	7,942
	Amortization of purchased product rights	-	284
Total cost of revenues		8,470	8,993

Total gross profit		14,539	12,711

Operating expenses:
	Sales and marketing	6,405	8,627
	Research and development	4,634	5,910
	General and administrative	3,332	3,414
Total operating expenses		14,371	17,951

Income (loss) from operations		168	(5,240)

Other income (expense):
	Interest income	264	530
	Foreign exchange gain (loss)	425	(41)
	Loss from equity investment	(209)	(105)
Total other income (expense)		480	384

Income (loss) before income taxes		648	(4,856)

Provision for income taxes		129	174

Net income (loss)		$519	$(5,030)

Weighted average common shares used
	Basic	63,582	64,805
	Diluted	65,695	64,805

Net income (loss) per share
	Basic	$0.01	($0.08)
	Diluted	$0.01	($0.08)

ENTRUST, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
		Mar 31, 2004	Dec 31, 2003
		(unaudited)
ASSETS
Cash and marketable investments		$108,536	$104,668
Accounts receivable, net of allowance for doubtful accounts		18,284	18,771
Other current assets		4,861	3,980
Property and equipment, net		6,608	7,678
Goodwill, net		11,186	11,186
Long-term equity investment		451	660
Other long-term assets, net		1,949	1,809

	Total assets	$151,875	$148,752

LIABILITIES AND SHAREHOLDERS' EQUITY

Accounts payable and accruals		$17,420	$15,811
Accrued restructuring charges		33,902	35,426
Deferred revenue		19,830	16,615
Long-term liabilities		228	228

	Total liabilities	71,380	68,080

Shareholders' equity		80,495	80,672

	Total liabilities and shareholders' equity	$151,875	$148,752

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