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Entrust Announces Financial Results for Fourth-Quarter and Fiscal 2008
Date:1/29/2009

in the quarter and year. Our focus on providing 'Trusted Security for Less' is serving us well in this market, and should help us amid shrinking IT budgets in 2009."

Entrust recorded a Q4 2008 net income, calculated in accordance with GAAP, of $1.8 million, or $0.03 per share, compared to Q4 2007 net income of $969,000, or $0.02 per share. On a non-GAAP basis, the company recorded a Q4 2008 non-GAAP income of $2.4 million, or $0.04 per share, compared to Q4 2007 non-GAAP income of $2.2 million or $0.04 per share. Adjusted for currency impact, non-GAAP income was $3.1 million or $0.05 per share. See the financial table below reconciling these non-GAAP figures to GAAP.

For the full year ended December 31, 2008, Entrust recorded a net loss, calculated in accordance with GAAP, of $1.0 million, or $0.02 per share, compared to 2007 net loss of $6.2 million, or $0.10 per share. On a non-GAAP basis, the company recorded a non-GAAP income of $4.3 million, or $0.07 per share, compared to 2007 non-GAAP income of $46,000, or $0.00 per share. Adjusted for currency impact, non-GAAP income was $5.4 million or $0.09 per share. The non-GAAP figures exclude amortization of purchased intangibles, stock-option based compensation expense, the write-down of long-term assets and adjustments to restructuring accruals. See the financial table below reconciling these non-GAAP figures to GAAP.

Entrust was also cash-flow-from-operations positive by $12.0 million for 2008, net of change in accrued restructuring charges. Entrust ended the quarter with cash and cash equivalents of over $24.3 million and no debt.

"I am pleased with the continued progress we made in 2008 at increasing our subscription revenue and decreasing our reliance on large transactions," said David Wagner, Entrust senior vice president of finance and chief financial officer. "We generated 92 percent of our product revenue from transactions less than $500,000
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SOURCE Entrust, Inc.
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