Entrust Reports 1Q Loss

Entrust Financial Services Inc., the Denver-based holding company for Entrust Mortgage Inc., has reported a net loss of $319,267 ($0.13 per share) for the first quarter, compared with net income of $183,728 ($0.09 per share) a year earlier.Scott Sax, Entrust's president and chief executive officer, said the first quarter is typically the worst of the year for Entrust. "Additionally, the company made a decision in late 2002 to restructure the management team to develop the infrastructure and base necessary to achieve the desired growth over the next few years," Mr. Sax said. "Toward the goal of accomplishing the projected growth, the company borrowed $2 million at the end of 2002 to ensure adequate cash reserves to finance the growth." Mr. Sax said wholesale production in April exceeded $20 million for the first time in company history. Entrust can be found online at http://www.entrustfs.com.