ENTRUST TECHNOLOGIES INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands of dollars, except per share data)
Three Months Ended Nine Months Ended
September 30 September 30
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2000 1999 2000 1999
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(unaudited)(unaudited)(unaudited)(unaudited)
Revenues:
License $ 25,451 $ 16,515 $ 65,120 $ 42,056
Services and
Maintenance 16,736 6,108 35,445 17,147
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Total revenues 42,187 22,623 100,565 59,203
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Cost of revenues:
Licenses (b) 787 603 2,677 1,412
Services and
Maintenance 9,982 3,385 20,614 9,476
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Total cost of revenues 10,769 3,988 23,291 10,888
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Gross profit
Licenses 24,664 15,912 62,443 40,644
Services and
Maintenance 6,754 2,723 14,831 7,671
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Total gross profit 31,418 18,635 77,274 48,315
Sales and marketing 21,337 10,478 49,099 28,857
Research and development 8,454 4,225 19,272 12,111
General and administrative 3,745 1,993 8,659 5,369
Acquisition related costs:
Acquired in-process
research & development - - 29,614 -
Amortization of purchased
product rights 1,377 - 1,377 -
Amortization of goodwill
and other intangibles 28,836 178 31,112 534
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(32,331) 1,761 (61,859) 1,444
Interest income 3,767 966 9,380 2,733
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Income (loss) before
income taxes (28,564) 2,727 (52,479) 4,177
Provision for income
Taxes 212 682 1,921 927
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Net income (loss) $ (28,776) $ 2,045 $ (54,400) $ 3,250
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Weighted average
common shares used
Basic 62,507 44,106 55,112 43,504
Diluted 62,507 54,690 55,112 54,598
Net income (loss)
per share
Basic ($0.46) $0.05 ($0.99) $0.07
Diluted ($0.46) $0.04 ($0.99) $0.06
Supplemental Data:
Net earnings from
operations (a) $ 1,154 $ 2,034 $ 6,737 $ 3,298
Net earnings from
operations per
diluted share $ 0.02 $ 0.04 $ 0.11 $ 0.06
Weighted average common
shares used 67,093 54,690 61,044 54,598
(a) Net earnings from operations excludes Acquisition Related Costs,
utilizing a 30% tax rate.
(b) Excludes amortization of purchased product rights.
ENTRUST TECHNOLOGIES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands of dollars)
Sept. 30 Dec. 31
2000 1999
--------- ---------
(unaudited)
Cash and marketable investments $ 242,905 $ 89,271
Accounts receivable, net of
allowance for doubtful accounts 38,795 21,817
Other current assets 4,212 4,195
Long-term marketable investment 5822,405
Property and equipment, net 16,939 6,904
Purchased product rights, net 20,633 -
Goodwill and other purchased
intangibles, net 415,129 2,948
Other long-term assets 19,274 2,980
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Total assets $ 758,469 $ 130,520
--------- ---------
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LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and accruals $ 39,918 $ 15,805
Deferred income 16,113 10,761
Due to related party 799 799
Long-term liabilities 528 -
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Total liabilities 57,358 27,365
Shareholders' equity 701,111 103,155
--------- ---------
Total liabilities and
shareholders' equity $ 758,469 $ 130,520
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*T
--30--jsk/in*
CONTACT: Entrust Technologies
David Thompson, 972/943-733id.thompson@entrust.com
Web Site: www.entrust.com
or
Entrust Technologies
Ian Curry, 613/247-2571
E-mail: ian.curry@entrust.com
or
Entrust Technologies
Carrie Bendzsa, 613/247-3455
E-mail: carrie.bendzsa@entrust.com
or
Blanc and Otus
Sean Gibson, 415/912-2353
E-mail: sgibson@blancandotus.com
KEYWORD: TEXAS
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS E-COMMERCE EARNINGS
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