Financials

2005 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
	2005	2004
	(unaudited)
Revenues:
Product	$8,067	$7,244
Services and maintenance	16,839	15,765
Total revenues	24,906	23,009
Cost of revenues:
Product	971	817
Services and maintenance	8,711	7,653
Amortization of purchased product rights	195	-
Total cost of revenues	9,877	8,470
Total gross profit	15,029	14,539
Operating expenses:
Sales and marketing	7,194	6,405
Research and development	4,162	4,634
General and administrative	2,921	3,332
Total operating expenses	14,277	14,371
Income (loss) from operations	751	168
Other income (expense):
Interest income	528	264
Gain on sale of asset	200	-
Foreign exchange gain (loss)	89	425
Loss from equity investment	(230)	(209)
Total other income (expense)	587	480
Income before income taxes	1,338	648
Provision for income taxes	374	129
Net income	$964	$519
Weighted average common shares used
Basic	62,291	63,582
Diluted	63,318	65,695
Net income (loss) per share
Basic	$0.02	$0.01
Diluted	$0.02	$0.01
Reconciliation of net income per GAAP to Pro Forma net income:
Net income per GAAP	964	519
Adjustment to Pro Forma net income:
Amortization of Purchase Product Rights	195	-
Pro Forma net income:	$1,159	$519
Pro Forma net income per share
Basic	$0.02	$0.01
Diluted	$0.02	$0.01

ENTRUST, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
	Mar 31, 2005	Dec 31, 2004
	(unaudited)
ASSETS
Cash and marketable investments	$100,209	$99,319
Accounts receivable, net of allowance for doubtful accounts	19,129	16,203
Other current assets	5,003	3,832
Property and equipment, net	4,358	5,168
Purchased product rights and purchased non-contractual customer relationships, net	2,660	2,887
Goodwill, net	12,713	12,713
Long-term equity investment	4,157	4,028
Other long-term assets, net	1,692	1,733
Total assets	$149,921	$145,883
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and accruals	$18,117	$15,394
Accrued restructuring charges	29,056	30,090
Deferred revenue	25,529	22,975
Long-term liabilities	1,426	1,426
Total liabilities	74,128	69,885
Shareholders' equity	75,793	75,998
Total liabilities and shareholders' equity	$149,921	$145,883

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