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Citrix Takes Stock Expense Charge

The company wraps up its restatement.
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SAN FRANCISCO -- Citrix Systems (CTXS) wrapped up its earnings restatements late Friday, taking a pretax charge to prior years.

The Fort Lauderdale, Fla., software company said it was taking a cumulative charge of $165.7 million in its consolidated statements through 2005 for expenses on stock options granted since 1995.

The company also reported that earnings came in just below analysts' expectations for the first half of 2007.

EPS was 49 cents and net income was $91 million for the first two quarters of 2007. The company had previously reported revenue of $642.5 million for the first half of the year.

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Excluding items, EPS for the first six months was 69 cents on net income of $126.6 million. Analysts had expected EPS, less items, of 71 cents, and net income of $134.2 million according to Thomson Financial.

Shares of Citrix were recently up 63 cents, or 1.8%, to $36.

The company conducted a voluntary investigation into misdating of stock-option awards. Citrix said that $156.3 million of the pretax charge is from prior to 2004. The company also filed its annual report for 2006.