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Citrix Sales Rise, to Restate

The company does not report first-quarter EPS because of its ongoing stock options probe.
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Citrix Systems'

(CTXS) - Get Free Report

revenue rose 18% year over year, and the company gave a solid revenue forecast for the coming year.

But the infrastructure software and services company said Wednesday that it is not providing full GAAP or non-GAAP financial statements for the first quarter of fiscal 2007 because of its nearly completed investigation into its stock option granting practices for the years 1996 through 2006.

Citrix added that its audit committee found that "incorrect measurement dates were used to account for certain historical stock option grants during the years under review" and that the company expects this to result in a "restatement of previously issued financial statements."

Citrix stock recently lost 1.8% to $33.50 after hours.

Revenue for the quarter ended March 31 rose to $308 million from $260 million last year, beating Wall Street's forecast of $303.95 million.

Product license revenue climbed 7%, while revenue from license updates gained 20%.

Citrix said that costs and expenses reported Wednesday do not include any stock-based compensation expense.

CEO Mark Templeton said that the company "generated great momentum in our product lines" and is "off to a solid start to 2007."

Citrix forecast second-quarter revenue in the range of $317 million to $324 million, topping analysts' mean estimate of $316.98 million.

The Fort Lauderdale, Fla.-based company said it will release full first-quarter results when its voluntary review is completed.