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

To: Redman who wrote (6778)	7/19/1999 4:34:00 PM
From: rtalley55	Respond to of 9068

Citrix Systems Reports Record Second Quarter Results Revenues Increase 68% on the Strength of Second Quarter Demand for Server-Based Computing System Software July 19, 1999 04:15 PM FORT LAUDERDALE, Fla., July 19 /PRNewswire/ -- Citrix Systems, Inc. CTXS today reported record revenues for its second quarter ended June 30, 1999. Net revenues for the second quarter of 1999 were $94.4 million, up 68% from $56.2 million in the comparable period of the prior year. Net income, excluding the amortization of intangible assets, was $30.2 million for the second quarter, or $0.32 per share, as compared to $17.4 million or $0.19 per share for the second quarter of 1998. Net income for the second quarter of 1999, was $27.8 million or $0.29 per share, as compared with net income of $9.6 million or $0.11 per share for the second quarter of 1998. For the first half of 1999, net revenues were $179.5 million, up 70% from $105.5 million for the comparable six months of 1998. Net income, excluding the amortization of intangible assets, was $58.4 million or $0.62 per share. Net income was $53.6 million or $0.57 per share. In March 1999, Citrix effected a two-for-one stock split. All share and per share information has been restated to reflect the effect of the split. In addition, all earnings per share amounts represent diluted earnings per share as defined within Statement of Financial Accounting Standards No. 128. Commenting on the company's performance, Mark B. Templeton, Citrix's president and chief executive officer stated, "Our quarterly results reveal that server-based computing is garnering an increasing level of visibility within the market as our customers continue to embrace our system software to deploy and manage their most critical business applications. Similarly, as we look forward to the next generation of applications based on web and n-tier architectures, our recently announced acquisition of technologies in this area should enable us to develop products to deploy and manage these applications within our established framework of a server-based computing environment." Commenting on further market developments, Edward Iacobucci, Citrix's chairman and chief technical officer said, "Computing complexity has continued to grow as corporations focus on delivering more sophisticated applications to their users. This has been exacerbated by new challenges for the information technology (IT) organization predicated by trends in today's business environment which have been created by globalization, consolidation and the Internet. Today's IT organization must balance these issues in conjunction with managing the demands of their expanding user population which may potentially include suppliers and customers as members of their extended enterprise. Server-based computing addresses these issues by providing the independence and flexibility to extend the reach of applications to users around the globe both within and outside of the company while simultaneously reducing the cost and complexity of computing." In conclusion, Templeton noted, "Looking ahead, we plan to continue our focused effort at creating an application delivery and management platform targeted at extending any application to anyone, anywhere while simultaneously accelerating the time to impact of our customer's information technology investments." Founded in 1989, Citrix Systems, Inc. is a leader in system software for server-based computing. The MetaFrame(TM) and WinFrame(R) product lines and ICA(R) thin-client/server technology are marketed through a worldwide business alliance of value-added resellers, system integrators, OEM licensees and industry associates. Citrix is based in Fort Lauderdale, Florida and is traded on the Nasdaq National Market under the symbol CTXS. Forward-looking statements in this release are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Investors are cautioned that statements in this press release which are not strictly historical statements, including, without limitation, statements regarding current or future financial performance, management's plans and objectives for future operations, product plans and performance, management's assessment of market factors, as well as statements regarding the strategy and plans of the company and its strategic partners, constitute forward-looking statements which involve risks and uncertainties, including, without limitation, risks associated with the company's reliance upon its strategic relationships with Microsoft and other strategic partners, dependence upon broad-based acceptance of the company's ICA protocol, management of growth, the possibility of undetected software errors, and dependence on proprietary technology, as well as risks of downturns in economic conditions generally, and in the software industry specifically, and risks associated with competition and competitive pricing pressures, year 2000 compliance efforts of the company and third parties on which the company is dependent, and other risks detailed in the company's filings with the Securities and Exchange Commission. In addition, revenues and earnings in the software industry are subject to fluctuation and the growth rates recently experienced by the company do not necessarily represent future operating results. The company's future operating results may fluctuate as a result of a number of factors, including the success of the company's MetaFrame and WinFrame product lines and the acceptance of the company's ICA protocol; the size, timing and recognition of revenue from significant orders and royalty payments from Microsoft and others; increased competition; the proportion of revenues derived from distributors, OEMs and other channels; changes in the company's pricing policies or those of its competitors; costs of developing, acquiring, or integrating new technologies or enhancements to existing products; and other factors. Investors should not use any one period's results as a benchmark for future growth. For a more detailed description of the risk factors associated with the company, please refer to the company's Annual Report or Form 10-K for the year ended December 31, 1998 and the Quarterly Report or Form 10-Q for the quarter ended March 31, 1999 on file with the Securities and Exchange Commission, and its Form 10-Q for the quarter ended June 30, 1999 to be filed in close to one month with the Commission. Citrix assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.

To: Redman who wrote (6778)	7/19/1999 4:35:00 PM
From: rtalley55	Read Replies (2) \| Respond to of 9068

CITRIX SYSTEMS, INC. Condensed Consolidated Statements of Income (In thousands, except per share data - unaudited) Three Months Six Months Ended June 30, Ended June 30, 1999 1998 1999 1998 Net revenues $94,415 $56,204 $179,454 $105,506 Cost of goods sold 3,101 4,681 7,622 9,530 Gross margin 91,314 51,523 171,832 95,976 Operating expenses: Research and development 8,913 4,211 17,121 7,489 Sales, marketing and support 29,291 18,583 53,938 33,471 General and administrative 8,226 4,101 14,957 7,806 Amortization of Intangibles 3,764 1,446 7,542 2,220 In-process research and development -- 10,700 -- 15,984 Total operating expenses 50,194 39,041 93,558 66,970 Income from operations 41,120 12,482 78,274 29,006 Other income, net 2,294 2,550 5,403 5,209 Income before income taxes 43,414 15,032 83,677 34,215 Income taxes 15,629 5,412 30,124 12,318 Net income $27,785 $9,620 $53,553 $21,897 Earnings per share $.29 $0.11 $0.57 $0.24 Weighted average shares outstanding 94,491 90,837 94,090 90,214 Adjusted net income $30,194 $17,394 $58,380 $33,549 Adjusted net income per share-diluted $0.32 $0.19 $0.62 $0.37