Citrix Reports 28 Percent Sales Growth In Q4

Citrix Systems on Wednesday reported 28 percent revenue growth for its fourth quarter and beat earnings estimates by a penny.

"The quarter finished as expected, and the year was a good one," said Mark Templeton, president and CEO of Citrix, Fort Lauderdale, Fla. "We have a lot of confidence in this business and the market we're driving with some real opportunity to grow in both the core business and in a new product line."

For the quarter ended Dec. 31, Citrix earned $25.6 million, or 13 cents per share, up from $19.4 million, or 10 cents per share, the same quarter a year ago.

Excluding amortization of intangible assets related to business combinations, the company reported earnings of $39.4 million, or 21 cents per share, up from $31.7 million, or 16 cents per share, the same quarter last year.

Revenue for the quarter reached $158 million, up from $123.4 million in the same quarter last year.

Wall Street analysts expected the company to earn 20 cents per share on revenue of $156.3 million, according to First Call/Thompson Financial.

For 2001, Citrix reported earnings of $105.3 million, or 54 cents per share, up from $94.5 million, or 47 cents per share, in 2000.

Revenue for the year was $591.6 million, up from $470.4 million in 2000.

Citrix expects to grow sales 11 percent to 14 percent during the first quarter year over year, executives said

While the company expects the economic downturn to remain challenging in 2002, it expects to grow sales of its MetaFrame XP application delivery platform by 15 percent to 30 percent annually for the next three years, said Templeton.

Citrix is also counting heavily on solution provider partners to push sales of its forthcoming portal server product, code-named South Beach, which is scheduled to launch late in the second quarter, Templeton said.

"Our goals in 2002 for South Beach are very straightforward: to release it on time to a trained channel and to get revenue traction to begin to benefit us in the second half of the year," said Templeton.

Citrix plans to provide training to a select group of 500 solution providers under a program, dubbed Fast Track 500, which is expected to launch in March at the Citrix Solutions Summit in Florida, he said.

Shares of Citrix closed up 80 cents at $20.31 prior to the announcement.

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