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

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Net income fell to $7 million, or 4 centw a share, from $34 million, or 18 cents a in the first quarterof 2008. The Fort Lauderdale-basexd software maker (NASDAQ: CTXS) took varioud charges, including a $21 million charger for restructuring. After these revenue was $59 million, or 32 centsw a share, down from $66 million, or 35 cents a in the comparable periodlast year. Analysts had predicted the companuy would have revenue of 31 centsa share. "I’mj pleased with our Q1 execution in the toughestf macroenvironment we’ve seen in years," President and CEO Mark Templetonh said. "Smaller IT budgets are the new reality.
We believe this makes our enterpriseand [software as a products even more compelling becaus e they lower IT costs while offering much-needes business flexibility." While the company slightly exceedexd Wall Street’s expectations, revenue and earning s still fell from the fourtnh quarter, when 2008 was a year of continuouas growth, said Stephen Dunn, a technologyt analyst with in Boca Raton. the news is positive on “I think it mirrors the broadertech companies, whicj were not expected to do well in the first quarter, but didn’t do as badly as everyonse expected,” Dunn said.
“So, it’s certainly a Dunn pointed to the fact that the company is predictingb revenue will be flatin 2009. With anotherf year-over-year loss predicted for the second the company is banking on a big recover in the last six months ofthe year. Companiezs have put off IT spending and, Citrix standes to benefit when those projectsget funding, he “Now, it’s more a function of when the deferree projects come back on line,” Dunn In addition to quarterly financial results, Citrixd said its board of directors has authorizede it to repurchase up to an additional $300 millionj of its common stock.
As of March 31, abouty $50 million remained in authority frompreviouse approvals. Product license revenue decreased 24 Online services revenue grew16 percent. Technical services which comprises consulting, education and technical grew8 percent. On April 23, UBS downgrades Citrix from “neutral” to “sell,” noting that competitived pressures will limitthe company’w ability to expand its margins. Sharew closed Wednesday at The 52-week high was $36.20 on May 15. The 52-weemk low was $19 on Oct. 10.