Citrix Systems Reports Results for First Quarter 2002; First Quarter Revenues Total $142.3 Million; First Quarter Adjusted Earnings Per Share of $0.16.Business Editors/High-Tech Writers FORT LAUDERDALE Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla.--(BUSINESS WIRE)--April 24, 2002 Citrix Systems Citrix Systems' (NASDAQ: CTXS) is an American technology company, based in Fort Lauderdale, Florida, with subsidiary operations in California and Massachusetts, with additional development centers in Australia, India and the UK. , Inc. (Nasdaq:CTXS CTXS Citrix Systems (NASDAQ stock ticker symbol) ) today reported results for the first quarter ended March 31, 2002. Financial Results Net revenues for the first quarter ended March 31, 2002 were $142.3 million, up 7% from $132.8 million in the comparable period of the prior year. Net income was $26.7 million for the first quarter of 2002, or $0.14 per share, as compared to $28.9 million, or $0.15 per share, in the comparable period of the prior year. Net income, adjusted to exclude the effects of amortization of intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. primarily relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc business combinations, was $29.3 million for the first quarter, or $0.16 per share, as compared to $33.9 million, or $0.17 per share, in the comparable period of the prior year. "While we recognize the challenges related to the current IT spending environment, we remain confident about our opportunity in the marketplace and will continue delivering the information-access solutions that customers need today as we work to be best positioned for a recovery when it occurs," said Mark B. Templeton Mark B. Templeton is the CEO of Citrix Systems, Inc. He attended North Carolina State University, where he was a member of Lambda Chi Alpha Fraternity. He has an MBA from Darden Graduate School of Business Administration. External links
Financial Highlights -- Citrix announced a multifaceted agreement with Computer Sciences Corporation (CSC) enabling CSC to incorporate Citrix(R) MetaFrame application serving software as part of CSC's application outsourcing solution for customers across a number of vertical industries; to embed MetaFrame into CSC's leading reinsurance administration software, SICS/nt; and to deploy MetaFrame internally across CSC's organization to facilitate the delivery of business applications to enterprise users. -- Mercury Interactive Corporation and Citrix announced an expanded relationship whereby the two companies will combine Citrix technology with Mercury Interactive's LoadRunner and Topaz to enable organizations to simulate, test and monitor the performance of applications deployed with Citrix MetaFrame. -- Citrix was named to Microsoft's Windows Embedded Partner (WEP) Program as a Gold-level member, the highest level granted to Microsoft's best-in-class Windows Embedded Partners. The objective of WEP Gold is to accelerate Windows Powered solutions by readily linking key OEM prospects with Microsoft's system integrator, independent hardware vendor and independent software vendor partners worldwide. Product Family Introduction During the first quarter, Citrix announced its new access portal product family and the branding of its first associated offering, NFuse Earlier software from Citrix that enabled Windows and Unix applications to be launched from an ICA-enabled browser. It evolved into Citrix MetaFrame Secure Access Manager and then the Advanced Access Control option, which is part of the Citrix Access Gateway in the Citrix Access Suite. (R) Elite. The Citrix Access Portal product line will initially consist of three core products: -- Citrix announced a multifaceted agreement with Computer Sciences Corporation (CSC) enabling CSC to incorporate Citrix(R) MetaFrame application serving software as part of CSC's application outsourcing solution for customers across a number of vertical industries; to embed MetaFrame into CSC's leading reinsurance administration software, SICS/nt; and to deploy MetaFrame internally across CSC's organization to facilitate the delivery of business applications to enterprise users. -- Mercury Interactive Corporation and Citrix announced an expanded relationship whereby the two companies will combine Citrix technology with Mercury Interactive's LoadRunner and Topaz to enable organizations to simulate, test and monitor the performance of applications deployed with Citrix MetaFrame. -- Citrix was named to Microsoft's Windows Embedded Partner (WEP) Program as a Gold-level member, the highest level granted to Microsoft's best-in-class Windows Embedded Partners. The objective of WEP Gold is to accelerate Windows Powered solutions by readily linking key OEM prospects with Microsoft's system integrator, independent hardware vendor and independent software vendor partners worldwide. Additionally, -- Citrix previewed new leading-edge capabilities in its upcoming release of MetaFrame See Citrix Presentation Server. XP(TM) for Windows, Feature Release 2, which will tightly integrate with Citrix NFuse Elite and will offer new capabilities allowing user collaboration Working together on a project. See collaborative software. for purposes such as sharing information, presenting and training. Strategic Relationships & Alliances -- Citrix announced a multifaceted agreement with Computer Sciences Corporation (CSC) enabling CSC to incorporate Citrix(R) MetaFrame application serving software as part of CSC's application outsourcing solution for customers across a number of vertical industries; to embed MetaFrame into CSC's leading reinsurance administration software, SICS/nt; and to deploy MetaFrame internally across CSC's organization to facilitate the delivery of business applications to enterprise users. -- Mercury Interactive Corporation and Citrix announced an expanded relationship whereby the two companies will combine Citrix technology with Mercury Interactive's LoadRunner and Topaz to enable organizations to simulate, test and monitor the performance of applications deployed with Citrix MetaFrame. -- Citrix was named to Microsoft's Windows Embedded Partner (WEP) Program as a Gold-level member, the highest level granted to Microsoft's best-in-class Windows Embedded Partners. The objective of WEP Gold is to accelerate Windows Powered solutions by readily linking key OEM prospects with Microsoft's system integrator, independent hardware vendor and independent software vendor partners worldwide. Conference Call Information Citrix will host a conference call today at 4:45 p.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT to discuss its financial results, quarterly highlights, and business outlook. The call will include a slide presentation and participants are encouraged to listen to and view the presentation via webcast at http://www.citrix.com/investors. The audio portion of the conference call may also be accessed by dialing (888) 799-0519 or (706) 634-0155, using passcode: CITRIX. A replay of the conference call will be available through May 3, 2002, by dialing (706) 645-9291 or (800) 642-1687 (passcode required: 3827320) and via webcast at http://www.citrix.com/investors. About Citrix Citrix Systems, Inc. is a global leader in virtual workplace software and services that provide access to applications, information, processes and people on any device, over any network, anywhere, anytime. Citrix makes today's digital office completely virtual -- instead of having to go to your office, the office follows you. Working with the world's top industry, integration and consulting partners, Citrix delivers enterprise-ready solutions to business challenges including application deployment Installing, setting up, testing and running. This military term, which means the placement of troops and equipment in the field, is widely used with computers as an alternate to the word "implementation. , remote office connectivity A generic term for connecting devices to each other in order to transfer data back and forth. It often refers to network connections, which embraces bridges, routers, switches and gateways as well as backbone networks. , workforce mobility and business continuity. More than 120,000 companies worldwide use Citrix Solutions for the Virtual Workplace to give users more mobility, give IT organizations more flexibility and reduce the cost of computing computing - computer . Citrix offers two families of products that enable virtual access to information: Application Server software, including MetaFrame XP(TM), MetaFrame for Windows and MetaFrame for UNIX UNIX Operating system for digital computers, developed by Ken Thompson of Bell Laboratories in 1969. It was initially designed for a single user (the name was a pun on the earlier operating system Multics). ; and Access Portal software Portal Software was founded in 1985 as Portal Information Network, one of the first ISPs in the San Francisco Bay Area. It was founded by John Little. The company offered its own interface through modem access that featured Internet email. , including NFuse Elite, NFuse Classic and Enterprise Services for NFuse. The company markets its products through a well-established indirect channel comprising more than 7,000 resellers, integrators and consultants. In fiscal 2001, the company had net revenues of $591.6 million. Citrix is traded on the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. (SM) under the symbol CTXS, and is part of the Standard and Poor's Noun 1. Standard and Poor's - a broadly based stock market index Standard and Poor's Index 500 Index. Citrix is headquartered in Fort Lauderdale, Florida Fort Lauderdale, known as the "Venice of America" due to its expansive and intricate canal system, is a city in Broward County, Florida, United States. The city's population is described as metropolitan, where diverse culture is commonplace. According to 2006 U.S. . For more information, please visit the Citrix Web site at http://www.citrix.com. For Citrix Investors This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. which are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release, which are not strictly historical statements, including, without limitation, statements regarding planned product introductions, management's plans, objectives and strategies, and management's assessment of market factors, 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, acceptance of the company's MetaFrame and portal software product line; the company's product concentration and its ability to develop and commercialize new products and services; the company's success in expanding into new geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. and vertical markets; the company's ability to expand its core business in large enterprise accounts; the size, timing and recognition of revenue from significant orders and other revenue recognition changes; increased competition, including potential competition from Microsoft (Microsoft Corporation, Redmond, WA, www.microsoft.com) The most successful and influential software company. Microsoft's software and Intel's hardware pioneered the PC and revolutionized the computer industry. and other companies; the results of the company's new licensing programs; changes in the company's pricing policies or those of its competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. , including Microsoft; the costs and risks of developing, acquiring, or integrating new technologies or enhancements to existing products; the risks associated with third party licensing arrangements; the company's reliance upon its strategic relationships with Microsoft and other strategic partners; management of growth and higher operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. ; the possibility of undetected software errors; dependence on proprietary technology; charges in the event of the impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of assets; the maintenance of the company's growth rate; 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 update any forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. information contained in this press release or with respect to the announcements described herein. Citrix(R), MetaFrame(R), MetaFrame XP(TM), NFuse(R)Classic and NFuse(R) Elite are registered trademarks or trademarks of Citrix Systems, Inc. in the U.S. and other countries. All other trademarks and registered trademarks are property of their respective owners.
CITRIX SYSTEMS, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data - unaudited)
Three Months Ended March 31,
2002 2001
----------------------------
Revenues $132,438 $122,940
Other revenues 9,872 9,872
-------- --------
Total net revenues 142,310 132,812
Cost of revenues 4,752 7,312
Cost of other revenues -- --
-------- --------
Total cost of revenues 4,752 7,312
-------- --------
Gross margin 137,558 125,500
Operating expenses:
Research and development 18,849 16,173
Sales, marketing and support 61,199 49,412
General and administrative 23,237 18,015
Amortization of intangible assets 3,331 6,304
-------- --------
Total operating expenses 106,616 89,904
Income from operations 30,942 35,596
Other income, net 2,842 4,591
-------- --------
Income before income taxes 33,784 40,187
Income taxes 7,095 11,252
-------- --------
Net income $ 26,689 $ 28,935
======== ========
Earnings per share - diluted $ 0.14 $ 0.15
======== ========
Weighted average shares outstanding
- diluted 187,465 195,669
======== ========
Adjusted net income $ 29,321 $ 33,939
======== ========
Adjusted earnings per share - diluted $ 0.16 $ 0.17
======== ========
Note: The above presentation of adjusted net income and adjusted
earnings per share has been adjusted to exclude the effects of
amortization of intangible assets primarily acquired from
purchase business combinations and licenses of $3,331 and
$6,304 for the three months ended March 31, 2002 and 2001,
respectively. For the three months ended March 31, 2002,
amortization of intangible assets was comprised primarily of
amortization of core technologies. For the three months ended
March 31, 2001, amortization was comprised primarily of
amortization of goodwill, acquired workforce and core
technologies.
Condensed Consolidated Balance Sheets
(In thousands - unaudited)
March 31, December 31,
2002 2001
--------- ------------
Cash and short-term investments $ 185,038 $ 216,771
Accounts receivable, net 79,504 65,032
Other current assets 69,412 64,252
---------- ----------
Total current assets 333,954 346,055
Long-term investments 515,900 529,894
Property and equipment, net 89,465 90,110
Intangible assets, net 185,845 188,977
Other assets 52,324 53,194
---------- ----------
Total assets $1,177,488 $1,208,230
========== ==========
Accounts payable $ 17,253 $ 10,635
Accrued liabilities 84,243 101,293
Current portion of deferred revenue 77,888 80,573
---------- ----------
Total current liabilities 179,384 192,501
Convertible subordinated debentures 345,498 346,214
Long-term portion of deferred revenue 6,345 5,631
Put warrants 4,983 16,554
Stockholders' equity 641,278 647,330
---------- ----------
Total liabilities and stockholders'
equity $1,177,488 $1,208,230
========== ==========
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