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2004 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, except per share data) |
|
Three Months Ended
December 31 |
|
Year Ended
December 31 |
|
2004
|
2003
|
|
2004
|
2003
|
|
(unaudited) |
|
(unaudited) |
| Revenues: |
|
| |
Product |
$10,911
|
$8,479
|
|
$29,295
|
$30,974
|
| |
Services and maintenance |
16,180
|
15,233
|
|
61,662
|
56,920
|
| Total revenues |
27,091
|
23,712
|
|
90,957
|
87,894
|
| |
| Cost of revenues: |
|
| |
Product |
1,184
|
1,210
|
|
4,149
|
5,341
|
| |
Services and maintenance |
7,632
|
7,771
|
|
29,105
|
29,825
|
| |
Amortization of purchased product rights |
197
|
-
|
|
384
|
568
|
| Total cost of revenues |
9,013
|
8,981
|
|
33,638
|
35,734
|
| |
| Total Gross profit |
18,078
|
14,731
|
|
57,319
|
52,160
|
| |
| Operating expenses: |
|
| |
Sales and marketing |
7,730
|
7,246
|
|
26,322
|
34,985
|
| |
Research and development |
4,406
|
4,384
|
|
17,266
|
22,566
|
| |
General and administrative |
2,776
|
3,070
|
|
12,569
|
13,143
|
| |
Impairment of purchased product rights |
-
|
-
|
|
-
|
1,134
|
| |
Restructuring charges and adjustments |
-
|
-
|
|
-
|
13,623
|
| Total operating expenses |
14,912
|
14,700
|
|
56,157
|
85,451
|
| |
| Income (loss) from operations |
3,166
|
31
|
|
1,162
|
(33,291)
|
| |
| Other income (expense): |
|
| Interest income |
377
|
271
|
|
1,281
|
1,680
|
| Foreign exchange gain (loss) |
(11)
|
(59)
|
|
429
|
(431)
|
| Loss from equity investment |
(438)
|
(153)
|
|
(1,111)
|
(603)
|
| Write-down of long-term strategic investments |
-
|
-
|
|
-
|
(2,780)
|
| Total other income (expense) |
(72)
|
59
|
|
599
|
(2,134)
|
| |
| Income (loss) before income taxes and minority interest |
3,094
|
90
|
|
1,761
|
(35,425)
|
| |
| Minority interest in subsidiary |
6
|
-
|
|
4
|
-
|
| |
| Income (loss) before income taxes |
3,100
|
90
|
|
1,765
|
(35,425)
|
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| Provision for income taxes |
481
|
30
|
|
687
|
441
|
| |
| Net income (loss) |
$2,619
|
$60
|
|
$1,078
|
$(35,866)
|
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| Weighted average common shares used |
|
| |
Basic |
62,492
|
63,551
|
|
62,976
|
63,588
|
| |
Diluted |
62,963
|
63,551
|
|
64,127
|
63,588
|
| |
| Net income (loss) per share |
|
| |
Basic |
$0.04
|
$0.00
|
|
$0.02
|
($0.56)
|
| |
Diluted |
$0.04
|
$0.00
|
|
$0.02
|
($0.56)
|
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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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