 |
2003 Fourth-Quarter Financial Statements
• Condensed Consolidated Statements of Operations (view)
• Condensed Consolidated Balance Sheets (view)
ENTRUST, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
|
| (in thousands of dollars, 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
|
|
