Financials

2004 Second-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
June 30		 Six Months Ended
June 30

2004
2003
2004
2003
(unaudited) (unaudited)
Revenues:
Product $4,645 $8,948 $11,889 $16,707
Services and maintenance 14,874
 13,492
30,639
27,437
Total revenues 19,519
 22,440
 42,528
 44,144
Cost of revenues:
Product 1,310 1,369 2,127 1,680
Services and maintenance 7,183 7,300 14,836 15,698
Amortization of purchased product rights 23
284
23
568
Total cost of revenues 8,516
8,953
16,986
17,946
Total gross profit: 11,003
13,487
25,542
26,198
Operating expenses
Sales and marketing 6,430 10,354 12,835 18,981
Research and development 4,282 6,319 8,916 12,229
General and administrative 3,156 3,436 6,488 6,850
Impairment of purchased product rights - 1,134 - 1,134
Restructuring charges and adjustments -
11,390
-
11,390
Total operating expenses 13,868
32,633
28,239
50,584
(Loss) from operations (2,865)
(19,146)
(2,697)
(24,386)
Other income (expense):
Interest income 281 502 545 1,032
Foreign exchange gain (loss) 133 (239) 558 (280)
Loss from equity investment (168) (133) (377) (238)
Write-down of long-term strategic investments -
(2,780)
-
(2,780)
Total other income (expense) 246
(2,650)
726
(2,266)
(Loss) before income taxes (2,619) (21,796) (1,971) (26,652)
Provision for (recovery of) income taxes (66)
146
63
320
Net (loss) $(2,553)
$(21,942)
$(2,034)
$(26,972)
Weighted average common shares used
Basic 63,147 63,401 63,364 64,697
Diluted 63,147 63,401 63,364 64,697
Net (loss) per share          
Basic ($0.04) ($0.35) ($0.03) ($0.42)
Diluted ($0.04) ($0.35) ($0.03) ($0.42)

ENTRUST, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)
December 31
2004
 2003
(unaudited)

ASSETS
Cash and marketable investments $99,319 $104,668
Accounts receivable, net of allowance for doubtful accounts 16,203 18,771
Other current assets 3,832 3,980
Property and equipment, net 5,168 7,678
Purchased product rights and purchased non-contractual customer relationships, net 2,887 -
Goodwill, net 12,713 11,186
Long-term equity investment 4,028 660
Other long-term assets, net 1,733
 1,809
Total assets $145,883
 $148,752

LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and accruals $15,394 $15,811
Accrued restructuring charges 30,090 35,426
Deferred revenue 22,975 16,615
Long-term liabilities 1,426
 228
Total liabilities 69,885 68,080
Shareholders' equity 75,998
 80,672
Total liabilities and shareholders' equity $145,883
 $148,752
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