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Technology Stocks : Citrix Systems (CTXS) -- Ignore unavailable to you. Want to Upgrade?

To: Chuzzlewit who wrote (6669)	6/11/1999 4:55:00 AM
From: MikeM54321	Read Replies (2) \| Respond to of 9068

"The additional 6,001,000 shares should be considered part of the fully diluted shares calculation -- approximately 7% dilution." CTC, Thanks for your detailed response. I knew you would be the one to ask. You and I previously had a very slight disagreement on the ASND thread. I was very impressed with your detailed financial analysis of ASND's Q1 results. On to other questions. First, and I'm sure the devil is in the details here, but I wanted to see if CTXS is basing their current fundamentals on the 7% dilution you mention. So I went back to the hard copy 1998 Annual Report and made certain all splits were adjusted for. It turns out at year end 1998 there were 85,923,000 outstanding (dilutive considering all warrants and stock options). Then I checked todays outstanding shares via MSN Investor and Yahoo. They both cross check at around 87,300,000. So apparently they may not have added the 6,001,000 extra shares as a result of the convertible offering. But the devil being in the details, and again not being as well-versed in financial analysis as you are, can you tell me/us how would a share buyback from the company effect the "shares outstanding" figure? I'm asking because (and you probably caught this) somewhere not too long ago, CTXS said they were authorizing a $200 hundred million, stock repurchase program. That would be very roughly 4.4 million shares. If they did the complete buyback, this would put all the numbers from your post and today's figures in check (assuming they retire these shares). Secondly, what do you make of CTXS doing a convertible offering raising around $300 million, then turning right around and authorizing a share buyback of $200 million? Not that I'm saying anything is wrong with it, but the timing is unusual. In your opinion would a company actually plan for this type of transaction? If so, you would have thought that they wouldn't have done a "convertible," right? Thanks, MikeM(From Florida) PS After I did the complete post above, I just realized that CTXS in announcing Q1, shows 93,682,000 share outstanding. Geez you can't trust any figures anymore. Both Yahoo and MS Investor were wrong. But it still would be interesting to hear your answers to my now, theoretical questions.