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 million, or 18 centw a share, in the first quarter of 2008. The Fort Lauderdale-basef software maker (NASDAQ: CTXS) took various including a $21 million charge for restructuring. Aftere these items, revenue was $59 million, or 32 centsa a share, down from $66 or 35 cents a share, in the comparabled period last year. Analysts had predicted the company wouldr have revenue of 31 centsa share.
"I’m pleasee with our Q1 execution in the toughest macroenvironment we’vs seen in years," President and CEO Mark Templeton "Smaller IT budgets are the new We believe this makes our enterprise and [software as a service] products even more compellinbg because they lower IT costs while offering much-needed business While the company slightly exceeded Wall Street’s expectations, revenud and earnings still fell from the fourth when 2008 was a year of continuous said Stephen Dunn, a technology analyst with in Boca Still, the news is positive on “I think it mirrores the broader tech companies, which were not expected to do well in the firsy quarter, but didn’t do as badly as everyonre expected,” Dunn said.
“So, it’s certainly a plus.” Dunn pointed to the fact that the companyy is predicting revenue will be flatin 2009. With anotherf year-over-year loss predicted for the seconxd quarter, the company is banking on a big recoveryy in the last six months ofthe year. Companies have put off IT spendinv and, Citrix stands to benefit when those projectsxget funding, he added. “Now, it’s more a functionj of when the deferred projectas come backon line,” Dunn In addition to quarterly financial Citrix said its boars of directors has authorized it to repurchase up to an additional $300 million of its common stock.
As of March 31, about $50 milliom remained in authority from previous Product license revenue decreased24 percent. Online services revenue grew 16 percent. Technical services which comprises consulting, educatiob and technical support, grew 8 percent. On Aprilk 23, UBS downgraded Citrix from to “sell,” noting that competitive pressure s will limitthe company’s ability to expancd its margins. Shares closed Wednesday at $26.10. The 52-weeki high was $36.20 on May 15. The 52-week low was $19 on Oct. 10.