Citrix Systems saw second quarter revenue rise 21 per cent, driven by growth in product license revenue, online services and technical services.
Revenue for the quarter was $334m, up from $275m in the same quarter last year.
The company didn't report earnings due to a recently completed review into its stock options granting practices. As a result, the company plans to restate its issued financial statements and reports for fiscal years 2004 and 2005 and quarterly statements between '05 and '06. The investigation concluded in June that there was no intentional wrongdoing by a current executive at Citrix.
The Florida-based software maker's operating expenses during the quarter were approximately $268m. The figure includes about $3m in accounting, legal and tax fees related to the stock option review.
Product license revenue increased 16 per cent year-over-year to $136.6m from $117.8m. Revenue from license updates grew 18 per cent from last year to $118.2m. Online services jumped 47 per cent year-over-year to $51.8m from $22.1m.
Does Citrix CEO Mark Templeton have fueled optimism? Let's go to the release:
“The combination of our results, our strong market traction and the relevancy of Application Delivery Infrastructure to our customers, fuels my optimism for the rest of the year.”
Optimism fueled. Check. We're good for forward-looking statements.
Citrix expects third quarter revenue to be in the range of $335m to $343m — that's up from $278m in the third quarter of '06. Operating costs are forecast to be between $266m and $272m, including $2m for stock option review expenses.
For the fiscal year '07, the company expects net revenue to be in the range of $1.34bn to $1.36bn, compared to an '06 figure of $1.13bn. ®