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Financials

2003 Third-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
September 30		 Nine Months Ended
September 30

2003
2002
2003
2002
(unaudited) (unaudited)
Revenues:          
  License $5,159 $8,548   $20,736 $32,542
  Services and maintenance 14,879
15,460
  43,446
45,495
Total revenues 20,038
24,008
  64,182
78,037
             
Cost of revenues:          
  Licenses 881 803   2,561 2,768
  Services and maintenance 7,926
8,177
  23,624
25,222
Total cost of revenues 8,807
8,980
  26,185
27,990
             
Gross profit:          
  Licenses 4,278 7,745   18,175 29,774
  Services and maintenance 6,953
7,283
  19,822
20,273
Total gross profit 11,231
15,028
  37,997
50,047
             
Operating expenses:          
  Sales and marketing 8,758 11,043   27,739 33,920
  Research and development 5,953 5,827   18,182 18,336
  General and administrative 3,223 3,525   10,073 10,924
  Amortization of purchased product rights - 284   568 852
  Impairment of purchased product rights - -   1,134 -
  Restructuring charges 2,233
-
  13,623
(1,079)
(Loss) from operations (8,936)
(5,651)
  (33,322)
(12,906)
             
Other income (expense):          
  Interest income 377 754   1,409 2,504
  Foreign exchange gain (loss) (92) 96   (372) (114)
  Loss from equity investment (212) (135)   (450) (505)
  Write-down of long-term strategic investments -
-
   (2,780)
 (1,238)
Total other income (expense) 73
715
   (2,193)
 647
             
(Loss) before income taxes (8,863) (4,936)   (35,515) (12,259)
             
Provision for income taxes 91
276
  411
1,071
             
Net (loss) $(8,954)

 $(5,212)

   $(35,926)

 $(13,330)
             
Weighted average common shares used          
  Basic 63,407 65,115   63,600 64,993
  Diluted 63,407 65,115   63,600 64,993
             
Net (loss) per share          
  Basic ($0.14) ($0.08)   ($0.56) ($0.21)
  Diluted ($0.14) ($0.08)   ($0.56) ($0.21)

ENTRUST, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)
Sep 30, 2003
 Dec 31, 2002
(unaudited)
Cash and marketable investments   $110,392 $131,446
Accounts receivable, net of allowance for doubtful accounts   16,315 22,323
Other current assets   4,072 4,500
Property and equipment, net   8,603 12,795
Purchased product rights, net   - 1,702
Goodwill and other purchased intangibles, net   11,186 11,186
Long-term equity investment   814 1,264
Other long-term assets, net   1,701
4,355
       
  Total assets $153,083
$189,571
       
       

LIABILITIES AND SHAREHOLDERS' EQUITY

      
       
Accounts payable and accruals   $15,885 $21,766
Accrued restructuring charges   38,341 33,166
Deferred revenue   18,419 16,547
Long-term liabilities   225
227
       
  Total liabilities 72,870 71,706
       
Shareholders' equity   80,213
117,865
       
  Total liabilities and shareholders' equity $153,083
$189,571
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