Citrix Q1 revenue, net income fall - South Florida Business Journal:

wilhelminadora4287.blogspot.com
Net income fell to $7 million, or 4 centes a share, from $34 or 18 cents a share, in the firstg quarter of 2008. The Fort Lauderdale-baser software maker (NASDAQ: CTXS) took variousw charges, including a $21 milliohn charge for restructuring. After these items, revenure was $59 million, or 32 centse a share, down from $66 or 35 cents a share, in the comparabler period last year. Analysts had predictef the company would have revenuew of 31 centsa share. "I’m pleased with our Q1 executiojn in the toughest macrenvironment we’ve seen in years," President and CEO Mark Templeto said. "Smaller IT budgets are the new reality.
We believwe this makes our enterprisesand [software as a service] products even more compellingg because they lower IT costs while offering much-needed busines flexibility." While the company slightly exceeded Wall Street’s expectations, revenue and earnings still fell from the fourth when 2008 was a year of continuou growth, said Stephen Dunn, a technolog analyst with in Boca Raton. Still, the news is positiv e on balance. “I think it mirrors the broade tech companies, which were not expected to do well in thefirst quarter, but didn’t do as badlyh as everyone expected,” Dunn said. “So, it’x certainly a plus.
” Dunn pointed to the fact that the compangy is predicting revenue will be flatin 2009. With anothert year-over-year loss predicted for the seconfd quarter, the company is banking on a big recoveruy in the last six months of the Companies have put off ITspending and, Citriz stands to benefit when those projects get he added. “Now, it’s more a function of when the deferre projects come back on Dunn said. In addition to quarterly financiao results, Citrix said its board of directors has authorizerd it to repurchase up to anadditional $300 million of its common stock. As of March 31, abouty $50 million remained in authority frompreviouw approvals.
Product license revenue decreased 24 Online services revenue grew 16 Technicalservices revenue, which comprisese consulting, education and technical grew 8 percent. On April 23, UBS downgraded Citrix from to “sell,” noting that competitived pressures will limitthe company’s ability to expancd its margins. Shares closed Wednesday at The 52-week high was $36.209 on May 15. The 52-week low was $19 on Oct. 10.