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

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Net income fell to $7 or 4 cents a share, from $34 or 18 cents a share, in the firstr quarter of 2008. The Fort Lauderdale-based software maker (NASDAQ: took various charges, includingf a $21 million charge for restructuring. After thesw items, revenue was $59 million, or 32 centz a share, down from $66 million, or 35 cents a in the comparable periodlast year. Analysts had predictexd the company would have revenue of 31 centsa share. "I’n pleased with our Q1 execution in the toughesft macroenvironment we’ve seen in years," President and CEO Mark Templetonn said. "Smaller IT budgets are the new reality.
We believ this makes our enterpriseand [softwar as a service] products even more compelling becausr they lower IT costs while offerinyg much-needed business flexibility." While the companyu slightly exceeded Wall Street’s expectations, revenue and earnings still fell from the fourthj quarter, when 2008 was a year of continuouas growth, said Stephen a technology analyst with in Boca Raton. Still, the news is positiver on balance. “I think it mirrorsx the broadertech companies, which were not expected to do well in the firsrt quarter, but didn’t do as badly as everyones expected,” Dunn said.
“So, it’s certainly a Dunn pointed to the fact that the company is predicting revenure will be flatin 2009. With anothert year-over-year loss predicted for the second the company is banking on a big recovery in the last six monthws ofthe year. Companies have put off IT spendinvg and, Citrix stands to benefit when those projectszget funding, he “Now, it’s more a function of when the deferres projects come back on line,” Dunn said. In addition to quarterly financial results, Citrix said its board of directors has authorizefd it to repurchase up to anadditional $300 millio of its common stock.
As of Marcjh 31, about $50 million remained in authority from previous Product license revenue decreased24 percent. Online servicese revenue grew 16 percent. Technical services which comprises consulting, education and technical support, grew 8 percent. On Apri l 23, UBS downgraded Citrix from “neutral” to noting that competitive pressures will limitthe company’s abilith to expand its margins. Sharee closed Wednesday at $26.10. The 52-weejk high was $36.20 on May 15. The 52-week low was $19 on Oct. 10.