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
December 31		 Year Ended
December 31

2003
2002
2003
2002
(unaudited) (unaudited)
Revenues:
  License $7,816 $9,710   $28,552 $42,252
  Services and maintenance 15,896
15,000
  59,342
60,495
Total revenues 23,712
 24,710
   87,894
 102,747
 
Cost of revenues:  
  License 1,210 906   3,771 3,674
  Services and maintenance 7,771 8,458   31,395 33,680
  Amortization of purchased product rights -
284
   568
 1,136
Total cost of revenues 8,981
 9,648
   35,734
 38,490
 
Total Gross profit 14,731
 15,062
   52,160
 64,257
 
Operating expenses:  
  Sales and marketing 7,246 10,208   34,985 44,128
  Research and development 4,384 5,815   22,566 24,151
  General and administrative 3,070 3,916   13,143 14,840
  Impairment of purchased product rights - -   1,134 -
  Restructuring charges and adjustments -
 -
   13,623
 (1,079)
Total operating expenses 14,700
 19,939
   85,451
 82,040
 
Income (loss) from operations 31
 (4,877)
   (33,291)
 (17,783)
 
Other income (expense):  
Interest income 271 622   1,680 3,346
Foreign exchange gain (loss) (59) 42   (431) (72)
Loss from equity investment (153) (97)   (603) (602)
Realized loss on investment - -   - (220)
Write-down of long-term strategic investments -
 -
   (2,780)
 (1,238)
 
Total other income (expense) 59
 567
   (2,134)
 1,214
 
Income (loss) before income taxes 90 (4,310)   (35,425) (16,569)
 
Provision for income taxes 30
 279
   441
 1,350
 
Net income (loss) $60
 $(4,589)
   $(35,866)
$(17,919)
 
Weighted average common shares used  
  Basic 63,551 64,805   63,588 64,946
  Diluted 65,562 64,805   63,588 64,946
 
Net (loss) per share  
  Basic $0.00 ($0.07)   ($0.56) ($0.28)
  Diluted $0.00 ($0.07)   ($0.56) ($0.28)

ENTRUST, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)
December 31
2003
 2002
(unaudited)

ASSETS
 
Cash and marketable investments   $104,668 $131,446
Accounts receivable, net of allowance for doubtful accounts   18,771 22,323
Other current assets   3,980 4,500
Property and equipment, net   7,678 12,795
Purchased product rights, net   - 1,702
Goodwill, net   11,186 11,186
Long-term equity investment   660 1,264
Other long-term assets, net   1,809
 4,355
 
  Total assets $148,752
 $189,571
 

LIABILITIES AND SHAREHOLDERS' EQUITY

  
 
Accounts payable and accruals   $15,811 $21,766
Accrued restructuring charges   35,426 33,166
Deferred revenue   16,615 16,547
Long-term liabilities   228
 227
 
  Total liabilities 68,080 71,706
 
Shareholders' equity   80,672
 117,865
 
  Total liabilities and shareholders' equity $148,752
 $189,571
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