Citrix Systems Reports Results for Fourth Quarter and Year Ended December 31, 2001
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FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Jan. 23, 2002--Citrix Systems, Inc. (Nasdaq:CTXS):
Fourth quarter revenues total $158.0 million
Fourth quarter adjusted earnings per share of $0.21
Citrix Systems, Inc. (Nasdaq:CTXS - news) today reported results for the fourth quarter and fiscal year ended December 31, 2001.
FINANCIAL RESULTS
Net revenues for the fourth quarter ended December 31, 2001, were $158.0 million, up 28.1% from $123.4 million in the comparable period of the prior year. Net income was $25.6 million for the fourth quarter of 2001, or $0.13 per share, as compared to $19.4 million, or $0.10 per share, in the comparable period of the prior year. Net income, adjusted to exclude the effects of amortization of intangible assets relating to business combinations, was $39.4 million for the fourth quarter, or $0.21 per share, as compared to $31.7 million, or $0.16 per share, in the comparable period of the prior year, which also excludes the write-down of technology.
Net revenues for fiscal 2001 were $591.6 million, up 25.8% from $470.4 million for fiscal 2000. Net income for fiscal 2001 was $105.3 million, or $0.54 per share, as compared with net income of $94.5 million, or $0.47 per share, for fiscal 2000. Net income, adjusted to exclude the effects of write-offs for in-process research and development and amortization of intangible assets relating to business combinations, was $151.0 million, or $0.78 per share, for fiscal 2001, as compared to $123.9 million, or $0.62 per share, in the same period last year, which also excludes the write-down of technology.
``This quarter completes a tremendous year in which we demonstrated our resilience during challenging times in the marketplace and our ability to effectively meet customer needs related to information access,'' said Mark B. Templeton, Citrix president and chief executive officer. ``While we remain cautious about the economic uncertainties that are beyond our control, we feel we have great momentum in our core business with strong adoption of our new MetaFrame XP software already accounting for two-thirds of MetaFrame product licensing. We also believe our positive performance in the quarter and the year positions us well for 2002, where we are focused on adding value on top of Microsoft's .NET server platform, launching our portal product codenamed 'South Beach,' and continuing to provide virtual workplace software and information access solutions for our customers that allow them to better manage computing costs and more easily extend the reach of their IT services.''
FINANCIAL HIGHLIGHTS
The company reported comparable quarterly year-over-year revenue growth of 28%.
International revenue was 49% for the quarter, compared to 42% in the same quarter of the previous year.
Electronic delivery of licenses this quarter amounted to 28% of product sales.
Operating margin, excluding the effect of amortization of intangible assets relating to business combinations, was 31% for the quarter.
Cash flow from operations was approximately $62.4 million for the quarter.
The company repurchased approximately 2.6 million shares of its common stock during the quarter.
Cash and investments totaled $746.7 million at the end of the quarter.
CUSTOMER WINS
``Citrix continued its momentum in the international arena, where a majority of the larger deals during the quarter were done outside of the United States,'' commented John Burris, Citrix's senior vice president of worldwide sales and services. ``The Citrix value proposition resonates extremely well, not just with our U.S. customers, but with organizations across the globe that are continually facing the challenges of managing information technology.''
Significant customer agreements signed during the quarter included AT&T Wireless, the Bank of Nova Scotia, Care Tech Solutions, the Commonwealth Bank of Australia, Compagnie Generale de Eaux-Vivendi, Ericsson Global IT, France Telecom, New York State Electric & Gas Corp., Petroleo Brasileiro S/A (Petrobras), Telecomputing-Norway and Telefonica Moviles Espana.
``During the past quarter, our customers have been focused on business continuance and the ability to access their applications and information regardless of location,'' continued Burris. ``As IT organizations move to a more centralized model of providing application and information access, Citrix is providing the framework to help them realize the virtual workplace.''
PRODUCT ANNOUNCEMENTS
Feature Release 1 for the Citrix® MetaFrame XP(TM) family for Microsoft® Windows®, which further extends the capabilities of virtual workplace solutions, was introduced during the quarter. Feature Release 1 offers additional features such as Secure Socket Layer (SSL) encryption, content publishing, support for Computer Associates' Unicenter, auto client reconnect, and the Citrix Web Console, all designed to ease the administrative burden for Citrix administrators while maintaining simple yet flexible information access any time, anywhere, from any device.
Feature Release 1 for MetaFrame® for UNIX® Operating Systems, which offers significant enhancements to performance, usability and management capabilities, was introduced during the quarter. New features include support for the latest version of Citrix NFuse(TM) application portal software, SSL encryption, and the latest compression and persistent caching techniques, as well as the ability to connect to applications using large resolutions and up to 16 million colors.
Citrix Secure Gateway (CSG), which offers simple and secure delivery of applications and content over the Internet, is now available to Subscription Advantage customers. CSG secures all MetaFrame traffic traveling across the Internet via industry-standard SSL encryption between MetaFrame clients and servers. CSG makes firewall traversal easier, provides heightened security, simplifies application deployment and enables tight integration with MetaFrame and NFuse.
``Jardine'', a new technology that adds enhanced portal access, flexibility, manageability, and security for remote connections to Windows XP Professional desktops, was introduced as Citrix announced comprehensive support for Microsoft's release of its Windows XP desktop operating system.
STRATEGIC RELATIONSHIPS & ALLIANCES
Microsoft (Nasdaq:MSFT - news) joined the Citrix Business Alliance(TM) at the highest level as a premier-plus member, furthering the efforts of both companies to provide enhanced application server computing solutions to customers.
Citrix announced an agreement with Computer Associates (NYSE:CA - news) enabling organizations to leverage Citrix NFuse software to more easily integrate Web-based and client/server applications with Computer Associates' CleverPath Enterprise Information Portal. Working in conjunction with Citrix MetaFrame application server software, Citrix NFuse provides organizations with greater manageability and lower costs through centralized deployment and management of applications.
Citrix and Documentum (Nasdaq:DCTM - news) announced a multi-tiered alliance that will bring content management functionality to portal users across the enterprise. By using Documentum eContent Services for Portals to expose content management capabilities through the portal interface, portal users will be able to manage business-critical content and participate in business workflows.
Citrix and Business Objects (Nasdaq:BOBJ - news) announced an expanded alliance offering Citrix portal software customers plug-in access to Business Objects' business intelligence solutions. This product will let users access, analyze, and share business-critical information, all from a secure and personalized portal -- ultimately enhancing their relationships with customers, suppliers and partners.
Citrix and ScreamingMedia (Nasdaq:SCRM - news) announced a strategic alliance providing Citrix portal software customers with a wide range of customized content solutions for all enterprise platforms -- from stock quotes and weather reports to local, national, and international content.
Korea-based Cyberbank Corp. selected Citrix MetaFrame application server software for use in its latest cutting-edge mobile phone/palmtop device. The Citrix solution will allow smooth and full-featured PC wireless application services to be accessed and displayed on the device -- even at transmission speeds as low as 10-20 kilobits per second.
COMPANY AWARDS AND OTHER HIGHLIGHTS
Citrix announced that 35 million users have adopted its Independent Computing Architecture (ICA®). With over 148,000 companies using Citrix technology, nearly 9 million concurrent user licenses are deployed worldwide, providing a proven competitive advantage for organizations deploying Windows, UNIX and Java(TM) applications across enterprise networks regardless of user location, client hardware, or available bandwidth.
Citrix and Compaq (NYSE:CPQ - news) announced record performance benchmark test results for Citrix MetaFrame XP application serving software running on industry-standard Compaq Proliant(TM) servers and Microsoft Windows 2000 software. Measurement of key user performance variables have demonstrated that the solution is designed to scale to more than 1,000 servers in a single server farm and to support more than 100,000 concurrent users.
Citrix introduced the Application Computing Environment (ACE) Cost Analyzer, a Web-based analysis tool that quantifies the economic value of Citrix-based solutions. Available free at acecostanalyzer.com, the ACE Cost Analyzer assists customers and prospects in evaluating the potential cost savings associated with implementing a Citrix-based IT solution. |
