FORT LAUDERDALE, Fla., Oct 18 (Reuters) -
CITRIX SYSTEMS, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data - unaudited)
Three Months Ended Sept 30 Nine Months Ended Sept 30
1999 1998 1999 1998
Net revenues $105,780 $67,621 $285,233 $173,127
Cost of goods sold 3,303 3,909 10,925 13,439
Gross margin 102,477 63,712 274,308 159,688
Operating expenses:
Research and development
9,524 7,939 26,644 15,427
Sales, marketing
and support 31,214 19,868 85,352 53,339
General and
administrative 11,169 5,326 25,927 13,133
Amortization of
Intangibles 5,235 4,168 12,776 6,388
In-process research
and development 2,300 2,432 2,300 18,416
Total operating
expenses 59,442 39,733 152,999 106,703
Income from operations
43,035 23,979 121,309 52,985
Other income, net 2,818 2,424 8,221 7,634
Income before income
taxes 45,853 26,403 129,530 60,619
Income taxes 16,507 9,505 46,631 21,823
Net income 29,346 16,898 82,899 38,796
Earnings per share 0.30 0.18 0.87 0.43
Weighted average
shares outstanding 96,568 91,818 94,918 90,725
Adjusted net income 34,168 21,122 92,548 54,671
Adjusted net income
per share 0.35 0.23 0.98 0.60
Note: The above presentation of adjusted net income and
adjusted net income per share has been adjusted to exclude the
pre-tax effects of:
1)Acquired in-process research and development of about $2,300
for the three months and nine months ended September 30, 1999 and
about $2,432 and $18,416 for the three and nine months ended
September 30, 1998, respectively.
2)Amortization of intangible assets acquired from purchases,
business combinations, and licenses of about $5,235 and $4,168 for
the three months ended September 30, 1999 and 1998, respectively
and about $12,776 and $6,388 for the nine months ended Sept. 30,
1999 and 1998, respectively.
These intangible assets include goodwill, workforce in place,
customer base, software patents, licenses and trademarks.
Copyright 1999, Reuters News Service |
