Wednesday, application delivery infrastructure provider Citrix Systems, Inc. (CTXS), Wednesday reported a plunge in profit for the first quarter from the similar quarter of the preceding year. Result included restructuring charges and a 2% decrease in revenue. The company provided its revenue outlook for the second quarter and backed revenue forecast for full fiscal 2009.
For the first quarter, the Fort Lauderdale, Florida-based company's net income plunged to $7 million or $0.04 per share from $34 million or $0.18 per share in the first quarter last year. Results for the quarter include a restructuring charge of about $21 million.
Adjusted net income for the first quarter was $59 million or $0.32 per share, down from $66 million or $0.35 per share in the comparable period last year.
On average, 29 analysts polled by Thomson Reuters expected the company to report earnings of $0.31 per share for the quarter. Analysts' estimates typically exclude special items.
Income from operations for the first quarter was $5 million, down from $30.3 million in the same quarter of preceding year.
Quarterly revenues were $369 million, down 2% from $377 million in the year-ago quarter. Twenty-six Wall Street analysts expected revenues of $359.15 million for the quarter.
Revenue decreased in the America's region by 1%; the EMEA region by 11%, and the Pacific region by 9%.
Segment wise, product license business revenue fell 24% to $111.9 million from $147 million last year, license updates business revenue grew 11% to $148.2 million from $134 million, online services revenue gained 16% to $72 million from $62 million, and technical services revenue that comprised of consulting, education and technical support, grew 8% to $37 million from $34.1 million, respectively last year.
Looking forward to the second quarter, the company expects revenue to be flat to slightly down compared to net revenue reported for the second quarter of 2008.
Further, for the fiscal year 2009, the company still expects net revenue to be flat as compared to 2008.
Citrix said that its board of directors has authorized it to repurchase up to an additional $300 million of its common stock.
CTXS closed its Wednesday's trading at $25.65, down $0.19 or 0.74% on avolume of 7 million shares. In after hours the stocks are currently trading at $27.25, up $1.60 or 6.24% on the Nasdaq.
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