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Citrix Reports First Quarter Financial Results

Stocks in this article: CTXS

Citrix Systems, Inc. (NASDAQ:CTXS) today reported financial results for the first quarter of fiscal year 2014 ended March 31, 2014.

FINANCIAL RESULTS

For the first quarter of fiscal year 2014, Citrix achieved revenue of $751 million, compared to $673 million in the first quarter of fiscal year 2013, representing 12 percent revenue growth.

GAAP Results

Net income for the first quarter of fiscal year 2014 was $56 million, or $0.30 per diluted share, compared to $60 million, or $0.32 per diluted share, for the first quarter of fiscal year 2013. The current quarter GAAP results include a restructuring charge of approximately $10 million for severance costs incurred to better align resources to strategic initiatives. Net income for the first quarter of fiscal year 2013 includes net tax benefits of approximately $9 million, or $0.05 per diluted share.

Non-GAAP Results

Non-GAAP net income for the first quarter of fiscal year 2014 was $119 million, or $0.64 per diluted share, compared to $117 million, or $0.62 per diluted share, for the first quarter of fiscal year 2013. Non-GAAP net income for the first quarter of fiscal year 2013 includes net tax benefits of approximately $9 million, or $0.05 per diluted share. Non-GAAP net income excludes the effects of amortization of acquired intangible assets, stock-based compensation expenses and the tax effects related to these items. In addition, non-GAAP net income for the first quarter of fiscal year 2014 also excludes the effect of the restructuring program implemented in the first quarter of fiscal year 2014.

In addition to quarterly financial results, Citrix also announced that its Board of Directors has authorized it to repurchase up to an additional $1.5 billion of its common stock. As of March 31, 2014, approximately $429 million remained for repurchases from previous authorizations.

“Our customers are looking for ways to embrace mobility, the cloud, IT consumerization and BYOD,” said Mark Templeton, CEO for Citrix. “Those needs are right in our sweet spot. As a leading provider in infrastructure and cloud services, we are uniquely positioned to help our customers deliver secure, managed, mobile workspaces.”

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