Entrust (ENTU) Reports Preliminary Q2 Sales, Guides Earnings
Entrust, Inc. (Nasdaq: ENTU) reports preliminary Q2 sales of about $22.4 million, down 9% from $24.5 million in Q208. Product revenue decreased 7% to $8.4 million during the quarter.
Services accounted for approximately 63 percent ($14.0 million) of total revenue in the quarter, a decrease of 10 percent from $15.5 million in Q2 2008. Declines in professional services revenues and the impact on the Company's Support and Maintenance stream by a strong U.S. dollar accounted for the decrease in overall service in the quarter. Services revenue decreased to $27.2 million in the first half of 2009, a decrease of 14 percent from $31.7 million in the first half of 2008.
"In this difficult environment, and busy corporate activity, I am pleased with our financial performance for the first half of the year," said Bill Conner, Entrust president and chief executive officer. "In an environment where many companies were not providing guidance, we guided for the first half of the year, and I am pleased to say we achieved those targets. While also handling the demands of the potential acquisition by Thoma Bravo, we were able increase our non-GAAP earnings per share by six cents and generate positive cash flow from operations net of change in accrued restructuring charges of over $10.0 million in the first half of 2009."
Sees Q2 non-GAAP EPS of $0.03, compared to a gain of $0.01 in the same quarter last year.
Entrust ended the quarter with cash and cash equivalents of approximately $31.7 million and no debt. The company did have GAAP expenses in the second quarter associated with the proposed acquisition by Thoma Bravo of approximately $3.1 million that are planned to be paid in the third quarter.
Services accounted for approximately 63 percent ($14.0 million) of total revenue in the quarter, a decrease of 10 percent from $15.5 million in Q2 2008. Declines in professional services revenues and the impact on the Company's Support and Maintenance stream by a strong U.S. dollar accounted for the decrease in overall service in the quarter. Services revenue decreased to $27.2 million in the first half of 2009, a decrease of 14 percent from $31.7 million in the first half of 2008.
"In this difficult environment, and busy corporate activity, I am pleased with our financial performance for the first half of the year," said Bill Conner, Entrust president and chief executive officer. "In an environment where many companies were not providing guidance, we guided for the first half of the year, and I am pleased to say we achieved those targets. While also handling the demands of the potential acquisition by Thoma Bravo, we were able increase our non-GAAP earnings per share by six cents and generate positive cash flow from operations net of change in accrued restructuring charges of over $10.0 million in the first half of 2009."
Sees Q2 non-GAAP EPS of $0.03, compared to a gain of $0.01 in the same quarter last year.
Entrust ended the quarter with cash and cash equivalents of approximately $31.7 million and no debt. The company did have GAAP expenses in the second quarter associated with the proposed acquisition by Thoma Bravo of approximately $3.1 million that are planned to be paid in the third quarter.
You May Also Be Interested In
- UPDATE: Bristow Group (BRS) Reports Better-Than-Expected Q4 Results; Offers FY13 Outlook
- Jiayuan.com (DATE) Reports In-Line Q1 EPS of 5c; Guides Q2 Revs
- Mentor Graphics Corp (MENT) Beats Q1 EPS View by 5c; Lifts FY13 Outlook
Create E-mail Alert Related Categories
GuidanceSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
