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

and grew our subscription product revenue 22 percent. We also initiated cost reduction measures early in 2008, which not only improved 2008 earnings and cash flow from operations but also has us well positioned to double our 2009 earnings over 2008."

Financial Outlook:

Entrust is guiding first-half 2009 revenue of between $44.0 million and $46.0 million. Entrust is guiding a net income, in accordance with GAAP, of between $0.03 and $0.05 per share for the first half of 2009. On a non-GAAP basis, the company is guiding a profit of between $0.05 and $0.07 per share for the first half of 2009. For the full year 2009, Entrust is targeting a net income, in accordance with GAAP, of approximately $0.11 per share. On a non-GAAP basis, the company is guiding a full-year profit of $0.15 per share. The company's Q1 2009 total expenses on a non-GAAP basis are expected to be between $20.0 and $21.0 million.

The Company expects to be cash-flow positive from operations before adjustments to exclude the effects of the net change in accrued restructuring charges for the full year by more than $15.0 million. The Company is also targeting bookings from subscription-based products of more than $20.0 million. See the financial table below reconciling the non-GAAP figures to GAAP. All guidance is predicated on current exchange rates.

"As I look ahead to our 2009 objectives, we are focused on meeting our earnings goals, generating cash and continuing to build our market share in risk-based authentication, subscription-based PKI solutions and global government," said Conner. "We are in very uncertain times; however, we are optimistic in our ability to execute our earnings plan. In a year where earnings and cash flow will be most important, we have removed costs from the business to enable the company to continue to drive increased earnings and cash flow in an uncertain top-line environment."


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SOURCE Entrust, Inc.
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