Entrust Announces Preliminary Third Quarter Financial Results
03 Oct 2003
DALLAS - Entrust, Inc. [Nasdaq: ENTU], a world leader in securing digital identities and information, today announced preliminary financial results for its fiscal quarter ended September 30, 2003.
Entrust expects a third quarter net loss at the low end of the company's guidance. The third quarter net loss will be in the range of approximately $9.1 million to $8.7 million, or approximately $0.14 per share. The company also expects third quarter total revenue to be lower than the previous guidance range. Revenue for the quarter will be in the range of approximately $19.5 million to $20.0 million. The company also said that cash and marketable investments would be within the guidance range of $105 million, with no debt.
"While we met the earnings and cash management guidance, we are disappointed in the revenue attainment. We made progress on winning new accounts and solutions, but we were unable to convert any deals over a million dollars in the quarter," said Bill Conner, Entrust chairman, president and chief executive officer. "We are still targeting breakeven for year-end based on current customer interest and opportunities that we are working."
Entrust will provide complete third quarter financial results on its regularly scheduled conference call on October 29, 2003.
Entrust will host a live teleconference and Webcast on Wednesday, October 29, at 8:00 a.m. ET, featuring Chairman and CEO Bill Conner and CFO David Wagner discussing Entrust's Q3 results. The conference call is available by dialing 1-800-814-4859. Conference audio will also be available live via Webcast at a direct link at http://webevents.broadcast.com/cnw/entrust20031029 or through http://www.entrust.com/investor/calendar.htm. Please log on about 15 minutes prior to the call in order to register, download and install any necessary audio software. The Webcast will be accessible for 90 days at the above Internet addresses.
For those unable to attend the live conference call, an audio replay will be available beginning at 10:00 a.m. ET, Wednesday, October 29, through Wednesday, November 5th at 11:59 p.m. ET. The North American replay number is 877-289-8525 and the International replay number is 416-640-1917. Both numbers have a pass code of 21020575#.
This press release contains forward-looking statements relating to Entrust's projected revenue range, net loss range and net loss per share range for the third quarter of 2003, and cash and marketable investments balance. Such statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are unforeseen operating expenses, issues associated with revenue recognition, issues raised in connection with the review of quarterly financial results, and the risk factors detailed from time to time in Entrust's periodic reports and registration statements filed with the Securities and Exchange Commission, including without limitation Entrust's Annual Report on Form 10-K for the fiscal year ended December 31, 2002. While Entrust may elect to update forward-looking statements in the future, Entrust specifically disclaims any obligation to do so, even if its estimates change.