Net revenues total $132.8 million
Adjusted earnings per share of $0.17
Citrix Systems, Inc. today reported results for the first quarter ended
Net revenues for the first quarter ending 31 March 2001 were $132.8
up 7.7% sequentially from $123.4 million in the fourth quarter, and up
from $127.5 million in the comparable period of the prior year. Net
was $28.9 million for the first quarter of 2001, or $0.15 per share, as
compared with net income of $19.4 million, or $0.10 per share, in the
quarter, and compared to $38.5 million, or $0.19 per share, in the
comparable period of the prior year. Net income, adjusted to exclude the
amortisation of intangible assets relating to business combinations, was
$33.9 million for the first quarter, or $0.17 per share, as compared to
$31.7 million, or $0.16 per share, in the fourth quarter (which also
excluded the effect of a technology write-down), and $43.9 million, or
per share, in the comparable period of the prior year.
"We are extremely pleased with the positive results reported for this
quarter, especially, given the ongoing volatility in the marketplace,"
Mark Templeton, Citrix president. "In addition to meeting our financial
objectives, we made significant progress in Q1 with our strategic goals
launching our MetaFrame XP family of products, announcing our intention
acquire leading portal software provider Sequoia, and bolstering the
management team with the hiring of a new Chief Technology Officer and a
Vice President for the Europe/Middle East/Africa region."
* The company experienced sequential quarterly revenue growth of
and comparable quarterly year-over-year revenue growth of 4.2%.
* Electronic delivery of licenses this quarter amounted to 19% of
product sales compared to 24% in the previous quarter.
* Operating margins, excluding the amortisation of intangible
relating to business combinations and technology write-down, increased
during the quarter to 31.6%.
* Cash flow from operations was $56.9 million for the quarter.
* The company's cash and investments totaled $877.6 million at the
of the quarter.
* The company repurchased approximately 1.6 million shares of its
common stock during the quarter.
The company entered into customer agreements across a broad range of
industry segments as a testament to the value provided to its diverse
customer base. Significant customer deals and implementations during the
quarter include Shell, Voicestream Wireless, Hilton Hotel Corporation,
Cleveland Clinic, Dana Corporation, Mercury Insurance Services, Bravida
Norge ASA, Statoil, and Maersk.
PRODUCT ANNOUNCEMENTS & AWARDS
During the quarter, Citrix introduced the next generation of
for Windows® operating systems with the launch of MetaFrame XP(tm) - the
company's most powerful application serving and management platform to
During the quarter, Citrix received notable recognition for its
including the following:
* Citrix® NFuse(tm), which enables existing, interactive
to be quickly published without rewrites via a Web portal to users on
standard browser, won a Crossroads 2001 A-List award from Open Systems
Advisors in January.
* Citrix NFuse software was also awarded the Editor's Choice
designation by Network Computing Magazine in a 19 February 2001
review of Web browser-based thin-client software.
* Citrix won the Midsize Enterprise Innovation Award for
Technology for its new Citrix MetaFrame XP for Windows family of
server software and for Citrix NFuse 1.5 application portal software.
was selected for the award from a field of 60 technology vendors by 300
senior-level IT executives who attended the Midsize Enterprise Summit,
featured sessions led by Gartner Group analysts.
PENDING ACQUISITION OF SEQUOIA SOFTWARE
* On 21 March 2001, Citrix and Sequoia Software Corporation
that the two companies signed a definitive agreement for Citrix to
Sequoia. By adding Sequoia's portal products and technology to Citrix'
existing application serving software, Citrix will be better positioned
deliver a more complete application services platform - one that
users with secure access to any information source, business process or
application, whether it's a Web, Windows or UNIX® application. The
transaction is expected to close in the second quarter.
* From a partnership perspective, the company announced that it
a mySAP.com global Technology Partner Agreement with SAP AG. The
encompasses coordination of worldwide marketing and technical support
activities, as well as technical integration and joint development work
optimise the performance of SAP's cross-industry solution, mySAP
deployed on Citrix technology.
* In the wireless arena, Citrix is to provide application serving
software for the Nokia 9210 Communicator, offering customers higher
performance access to business applications running on Citrix MetaFrame
servers over wireless connections.
* Additionally, Citrix and Ericsson Mobile Communications
licensing agreement to incorporate Citrix ICA technology in Ericsson's
mobile information devices, offering high-performance mobile Internet
multimedia communication - with access to applications running on Citrix
MetaFrame servers over wireless connections.
* Citrix also announced it is strengthening support for wireless
information access with a new Citrix ICA client for Symbian, providing
high-performance access to mission-critical applications and information
next-generation Symbian-based Wireless Information Devices.
Founded in 1989, Citrix Systems, Inc. is a global leader in application
server software and services that offer "Digital Independence" - the
to run any application on any device over any connection, wireless to
Its products, including MetaFrame application server software, NFuse
application portal software and Independent Computing Architecture
core application-server technology, have been widely adopted by the
corporate mainstream to achieve key business goals. The firm, which
its solutions through value-added resellers, system integrators and OEM
licensees, is headquartered in Fort Lauderdale, Florida. Citrix is
The Nasdaq Stock MarketSM under the symbol CTXS and is part of the
& Poor's 500 Index.
For Citrix Investors
This release contains forward-looking statements which are made pursuant
the safe harbor provisions of Section 21E of the Securities Exchange Act
1934. The forward-looking statements in this release do not constitute
guarantees of future performance. Investors are cautioned that
this press release which are not strictly historical statements,
without limitation, statements regarding current or future financial
performance, management's plans and objectives for future operations,
product plans and performance, management's assessment of market
well as statements regarding the strategy and plans of the company and
strategic partners, constitute forward-looking statements. Such
forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results to differ materially from
those anticipated by the forward-looking statements, including, without
limitation, risks associated with the following: the success of the
company's MetaFrame product line and the acceptance of the company's ICA
protocol; the company's ability to develop and commercialise new
and services; the company's success in expanding into new geographic
markets; the company's ability to expand its core business in large
enterprise accounts; the company's ability to succeed in the transition
paper/electronic licensing model; the size, timing and recognition of
revenue from significant orders; increased competition, including
competition from Microsoft and other companies; the results of the
iBusiness and other new licensing programs; the rate of growth of the
market, and the company's ability to continue to develop and market
to meet the requirements of this market; the proportion of revenues
from distributors, OEMs and other channels; changes in the company's
policies or those of its competitors, including Microsoft; the costs of
developing, acquiring, or integrating new technologies or enhancement to
existing products; the company's ability to successfully integrate and
manage merged or acquired companies, including Sequoia Software
the company's ability to develop new products, extend existing products,
maintain or develop such company's customer and employee relationships
result of such merger or acquisition; the company's reliance upon its
strategic relationships with Microsoft and other strategic partners;
management of growth; the possibility of undetected software errors;
dependence on proprietary technology; risks that the company's portal
strategy will not succeed in the manner anticipated; as well as risks of
downturns in economic conditions generally, and in the software industry
specifically, and other risks detailed in the company's filings with the
Securities and Exchange Commission. Citrix assumes no obligation to
any forward-looking information contained in this press release or with
respect to the announcements described herein.
Citrix®, ICA®, MetaFrame(tm), MetaFrame XP(tm), NFuse(tm) and Digital
Independence(tm) are registered trademarks or trademarks of Citrix
Inc. in the U.S. and other countries. All other trademarks and
trademarks are property of their respective owners.
Direct: +44 (0)20 8600 4659
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T: +44 (0)20 8600 4600 F: +44 (0)20 8600 4620
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