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May 4, 2009

Citrix Q1 profit plummets to $7m

The company repurchased 1.1 million shares at an average price of $22.66

By CBR Staff Writer

Citrix Systems has reported an 80% decline in net income to $7m for the first quarter 2009, compared to a profit of $34.37m in the year-ago quarter, on revenue down 2% at $369.05m.

Operating income during the quarter grew 83% to $5m, while diluted EPS fell 78% to $0.04. The company generated cash flow from operations of $82m and repurchased 1.1 million shares at an average price of $22.66.

The company said product license revenue fell 24% to $112m, while license updates revenue grew 11% to $148.19m. Online services revenue grew 16% to $72m, while technical services revenue grew 8% to $37m. Geographically, Pacific revenue fell 9%, Americas revenue fell 1%, and EMEA revenue fell 11%.

The company also announced it will repurchase up to an additional $300m worth of its common stock.

Mark Templeton, president and chief executive at Citrix Systems, said: Smaller IT budgets are the new reality. We believe this makes our enterprise and SaaS products even more compelling because they lower IT costs while offering much-needed business flexibility.

Looking ahead to the second quarter 2009, the company expects revenue to be flat to slightly down. For fiscal 2009, it expects net revenue to be flat.

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