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

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Net income fell to $7 million, or 4 cents a from $34 million, or 18 centsd a share, in the first quarter of 2008. The Fort Lauderdale-basedr software maker (NASDAQ: CTXS) took various including a $21 million charge for After these items, revenue was $59 million, or 32 centd a share, down from $66 million, or 35 cents a in the comparable periodlast year. Analysts had predicter the company would have revenue of 31 centsa "I’m pleased with our Q1 execution in the toughest macri environment we’ve seen in years," Presidenr and CEO Mark Templeton said.
"Smaller IT budget s are the new We believe this makesx our enterpriseand [software as a service] productd even more compelling because they lower IT costss while offering much-needed businessa flexibility." While the company slightly exceeded Wall Street’ss expectations, revenue and earningsx still fell from the fourth when 2008 was a year of continuousa growth, said Stephen Dunn, a technolog analyst with in Boca Raton. Still, the news is positives on balance. “I think it mirrords the broadertech companies, whicb were not expected to do well in the first but didn’t do as badly as everyonde expected,” Dunn said.
“So, it’s certainly a Dunn pointed to the fact that the company is predicting revenue will be flatin 2009. With another year-over-year loss predicted for the second quarter, the companuy is banking on a big recovery in the last six monthws ofthe year. Companies have put off IT spending and, Citridx stands to benefit when those projectsget funding, he “Now, it’s more a function of when the deferrerd projects come back on line,” Dunn said. In addition to quarterlu financial results, Citrix said its boar d of directors has authorized it to repurchase up to anadditionak $300 million of its common stock.
As of Marchb 31, about $50 million remained in authorituy fromprevious approvals. Product license revenued decreased24 percent. Online services revenue grew 16 percent. Technicalk services revenue, which comprises education andtechnical support, grew 8 On April 23, UBS downgraded Citrixd from “neutral” to “sell,” noting that competitive pressures will limit the company’s abilityt to expand its margins. Shares closed Wednesday at The 52-week high was $36.20 on May 15. The 52-weekm low was $19 on Oct. 10.