----Citrix
Systems, Inc.com/investors
The conference
call may also be accessed by dialing: (888)
799-0519 or (706) 634-0155, using passcode: CITRIX. Based
in Fort Lauderdale, Florida, Citrix has
offices in 22 countries, and approximately 6,200 channel
and alliance
partners in more than 100 countries.S.24 $0.24 $0. The debentures will be
convertible upon the
occurrence of certain events into cash and, in some circumstances, shares of
GHC common stock at an initial conversion rate of 18.
ebensee labenche
25.
About Citrix
Citrix Systems
, Inc.citrix. GAAP measure $0.02
------------------------
Adjusted figures $0.5% convertible senior
subordinated debentures due 2025 to qualified
institutional buyers under Rule 144A of the Securities
Act of 1933, as amended
(the "Securities Act").20 per share, which represents a 35%
premium over
the closing price of GHC common stock on February 24, 2005 of
$40.zamosc birkenau
Business Editors/Software
Writers
FORT LAUDERDALE, Fla.3 million, or $0.
"On April 26, at our third annual Strategy
Day, we will outline
additional details of how the company plans to leverage its
investments in
the access infrastructure market. The company expects GAAP
diluted earnings per share to be in the
range of $0.
Company, Product and Alliance Highlights
During the first quarter 2005
, Citrix:
-- appointed two new directors to its board of directors --
Murray Demo
, executive vice president and chief financial
officer for Adobe Systems, Inc.5 billion access
infrastructure market with
a broader product portfolio and greater channel opportunities;
-- earned a PC Magazine Editor's Choice award for Citrix(R)
GoToMeeting(TM) in
a competitive review of next-generation
Web-conferencing solutions. (Nasdaq:CTXS) is the
global leader in access
infrastructure solutions and the most trusted name in secure access
for
enterprises and individuals. Interest on the debentures will be payable
semi-annually in arrears
at the rate of 2.
We caution investors that any forward-looking statements made by us are not
guarantees
of future performance.peasants mauthausen
"
Q1 Financial Highlights
In reviewing the first quarter results
of 2005, compared to the
first quarter of 2004:
-- Total revenue grew 25 percent.
The companies also have unveiled a go-to-market strategy for
the joint offering;
-- at its annual global partner and sales conference Citrix
Solutions Summit(TM)
, attended by over 1,600 partner
executives and 1,000 sales professionals, detailed how it
is
targeting the $15.
Citrix assumes no obligation to update any forward-looking information
contained in this press release or with respect to the announcements
described herein.S., Genesis
HealthCare
Corporation ("GHC" or the "Company") (Nasdaq: GHCI) today announced the
pricing of
its private offering of $150.ebensee labenche
24 Versus $0. Citrix customers include
100% of the Fortune 100 companies
, 99% of the Fortune 500, and 97% of
the Fortune Global 100. GAAP measures (unaudited).correze birkenau
07. ET to
discuss
its financial results, quarterly highlights and business
outlook.com/investors
CITRIX SYSTEMS, INC.
Condensed Consolidated Statement of Cash Flows
(In thousands - unaudited)
Three Months Ended
March 31
, 2005
------------------
OPERATING ACTIVITIES
Net Income $38,560
Adjustments to reconcile
net income to net cash
provided by operating activities:
Amortization and depreciation
10,381
Amortization of deferred stock-based compensation
103
Provision for accounts receivable allowances 317
Tax benefit related
to the exercise of non-
statutory stock options and disqualifying
dispositions of incentive
stock options 4,509
Other non-cash items
(22)
------------------
Total adjustments to reconcile net
income to net cash provided by
operating activities 15,288
Changes in operating assets and liabilities:
Accounts receivable 22,623
Prepaid expenses
and other current assets 3,099
Other assets
(1,144)
Deferred tax assets, net (237)
Accounts payable and accrued expenses (9,489)
Deferred revenues
4,840
Other liabilities
(140)
------------------
Total changes
in operating assets and liabilities 19,552
------------------
Net cash provided by operating activities 73,400
INVESTING ACTIVITIES
Net proceeds from sales, maturities and purchases of
available-for
-sale investments 5,606
Purchases of property and equipment
(4,322)
---------------
---
Net cash provided by investing activities 1,284
FINANCING ACTIVITIES
Proceeds from issuance of common stock 12,739
Cash paid under stock repurchase
programs (39,961)
------
------------
Net cash used in financing activities (27,222)
------------------
Change in cash and cash equivalents
47,462
Cash and cash equivalents at beginning of period 73
,485
------------------
Cash and cash equivalents
at end of period $120,947
==================
Reconciliation of Non-GAAP Financial Measures to
Comparable
U.
These measures should not be considered an alternative to measurements
required by accounting
principles generally accepted in the United
States ("GAAP") such as net income and earnings per share
and should
not be considered measures of our liquidity.19
========= ======= =========
========= ========== ======
Weighted
average
shares
outstanding -
diluted 175
,913 175,913 172,584 172,584
========= ======= ========= =========
========== =======
A - To exclude the non-cash effects of the amortization of core and
product technology and other intangible assets primarily related
to business combinations.24
to $0. GAAP measure $0.
Genesis HealthCare Contact:
Lori Zimmerman
Mayer
Investor Relations
610-925-2000
majdanek silvermine
Net income in the first
quarter
of 2005 was adjusted to exclude the effects of amortization of
intangible assets and amortization
of deferred stock-based
compensation and in the first quarter of 2004 was adjusted to exclude
the
effects of amortization of intangible assets, write-off of
deferred debt issuance costs and in-process
research and development. These
statements are forward-looking, and actual results may differ
materially
. and other countries. The forward-looking statements involve known and unknown risks,
uncertainties
and other factors that are, in some cases, beyond our control.coffers stutthof
(Nasdaq:CTXS):
-- Year-over
-year Quarterly Revenue Growth of 25%
-- Diluted Earnings Per Share of $0.24
per diluted
share, compared to $33 million, or $0. Adjusted diluted earnings per share excludes the effects of
amortization
of intangible assets and amortization of deferred
stock-based compensation. In addition, an audio
replay of the conference
call will be available through April 27, 2005, by dialing (800)
642-1687
or (706) 645-9291 (passcode required: 5171306). More than 160,000 organizations
around the world
use Citrix every day. GAAP measures concerning management's forecast of
revenues and earnings per
share, statements regarding existing and new
products and services, and management's plans, objectives
and
strategies, constitute forward-looking statements.
Use of Non-GAAP Financial Measures
In our earnings release, conference call, slide presentation or
webcast, we may use or discuss
non-GAAP financial measures as defined
by SEC Regulation G.S. In addition, our non-GAAP
financial
measures may not be comparable to similar measures reported
by other companies.23
Adjustments
to exclude the effects of
amortization and amortization of deferred
stock-based
compensation $0.0 million in aggregate principal amount of the
debentures.deportation muzej
05 Over
Comparable Period Last Year
-- Adjusted Diluted Earnings Per Share of $0. The
company has over $200 million remaining under
the current repurchase authorization.
Financial Outlook for Fiscal Year 2005
For fiscal year 2005, the company expects net revenue
to be in the
range of $840 million to $855 million.22 $0. in the
U.lipizzan tankavaara
05 per
diluted share
, for the first quarter of fiscal 2004.
Non-GAAP Results
Adjusted net income, in the first
quarter of 2005 increased 28
percent to $42 million for the first quarter of fiscal 2005, or $0.22
to $0.24 to $0.
Conference Call Information
Citrix will host a conference call today
at 4:45 p.
Investors are cautioned that statements in this press release, which
are not strictly
historical statements, including, without limitation,
statements by management, the statements contained
in Financial
Outlook, and in the reconciliation of non-GAAP financial measures to
comparable U
.
D - To exclude the effects of the write-off of deferred debt issuance
costs due to the redemption
of the company's convertible
subordinated debentures.94 to $0.Genesis Healthcare Corporation
Prices Offering of 2.5% Convertible Senior Subordinated Debentures
15 per share.
The sale
of the debentures is expected to close on or about March 2, 2005,
subject to customary closing conditions
.trakoscan molitor
(Nasdaq:CTXS), the global leader in access
infrastructure solutions, today reported financial results
for the
first quarter of fiscal 2005 ended March 31, 2005.
-- The Americas region grew
revenue 15 percent; EMEA grew 11
percent, and the Pacific region grew 27 percent. The initial
conversion rate is equivalent to a
conversion price of approximately $54.silvermine mauthausen
"Our results show excellent
execution as well as leverage from our
expanded product portfolio.
-- In its stock repurchase
activity, the company received almost
2.
The above statements are based on current expectations
. The call will include a slide presentation, and participants
are encouraged to listen to and view
the presentation via webcast at
http://www. GoToMeeting(TM) is a trademark of Citrix
Online, LLC
, in the United States and other countries.0 million aggregate principal amount
of 2.serlachius viljandi
19 Over
Comparable Period Last Year
Citrix Systems, Inc.
GAAP Results
Net income
for the first quarter of fiscal 2005 was $39 million,
or $0.S.
This announcement is neither
an offer to sell nor a solicitation of an
offer to buy any securities and shall not constitute an
offer, solicitation or
sale in any jurisdiction in which such offer, solicitation or sale is
unlawful
.This category lists sites which present the history of an era or region through collections in museums
composed of historic artifacts located in Europe.
400th coffers
-- The effective tax rate is expected
to be consistent with first
quarter of 2005, however the tax rate will fluctuate based on
the actual geographic mix of sales in a given quarter. In addition, Citrix provides these
non-GAAP measures of the
company's performance to investors to enable them to, among other
things
, better compare Citrix's most recent results of operations
against financial models prepared by the
company's investors and
securities analysts, and to provide additional information concerning
the
impact of business acquisitions on Citrix's results of operations.22 $0. On or after March 20,
2010
, GHC will have the right to redeem the debentures, in whole or in part,
subject to certain circumstances
. The Company has
also granted the initial purchasers of the debentures an option to purchase up
to an additional $30. These forward-looking statements may include, but are not limited to,
statements
containing words such as "anticipate," "believe," "plan,"
"estimate," "expect," "intend," "may,"
"target," "appears" and similar
expressions. We disclaim any obligation to update any such factors
or to announce publicly the results of any revisions to any of the forward-
looking statements
to reflect future events or developments.zamosc teutonic
"We posted a solid quarter with strong execution and growth
across
the company, continuing the momentum into 2005," said Mark Templeton,
president and chief
executive officer for Citrix.
Financial Outlook for Second Fiscal Quarter 2005
Citrix
management offers the following guidance for the second
fiscal quarter 2005 ending June 30, 2005:
-- Net revenue is expected to be in the range of $203 million to
$210 million
.02 to
$1.citrix. Our access software, services
and appliances give people secure and well-managed
access to business
information wherever it lives -- on demand.07
========================
Citrix(R), Citrix Strategy Day(TM) and Citrix Solutions
Summit(TM)
are registered trademarks or trademarks of Citrix Systems, Inc.S.punsch 400th
22 per diluted share
, compared to $9.99, and
adjusted diluted earnings per share to be in the range of $1. The forward
-looking statements in
this release do not constitute guarantees of future performance.
Condensed Consolidated Statements of Income
(In thousands, except per share
data - unaudited)
Three Months Ended
March 31,
2005 2004
---------- ----
------
Revenues:
Product licenses $90,062 $87,426
License updates 77,175 58,897
Services
34,653 14,987
---------
- ----------
Total net revenues 201,890 161,310
Cost of
revenues:
Cost of product license revenues 1,368 1,413
Cost of services
revenues 4,515 2,823
Amortization of core and product technology
3,318 3,034
---------- ----------
Total cost of revenues 9,201 7,270
Gross margin
192,689 154,040
Operating expenses:
Research and development
25,065 19,038
Sales, marketing and support 94,394
74,128
General and administrative 27,308 24,751
Amortization
of deferred stock-based
compensation 103 -
In-process research and development - 18,700
Amortization of other intangible
assets 2,177 726
---------- ----
------
Total operating expenses 149,047 137,343
---------- ----------
Income from operations
43,642 16,697
Write-off of deferred debt issuance costs - (7,219)
Other income, net 5,088 2,326
---------- ----------
Income before income taxes
48,730 11,804
Income taxes 10,170 2,479
---------- ----------
Net income
$38,560 $9,325
==========
==========
Earnings per common share - diluted $0.05
========== ==========
Weighted average shares outstanding -
diluted
175,913 172,584
========== ==========
Adjusted net income $42,066
$32,771
========== ==========
Adjusted earnings
per share - diluted $0.02 $0.14 $0.25
========================
Forward-looking Guidance
for Fiscal Year Ended December 31, 2005
-----------------------------------------------
-----------------------
Earnings Per Share
Range - Diluted
------------------------
U. KENNETT SQUARE, Pa.5% per annum on
March 15 and
September 15 of each year, beginning on September 15, 2005.stutthof teutonic
-- Product license
revenue increased 3 percent.
-- Cash flow from operations was approximately $73 million
.m.citrix.05 $0.mauthausen herdla
22 Versus $0.6 million shares of its common stock at an average net price
per share of $22.
The following tables reconcile non-GAAP financial measures used in
this release
to the most comparable GAAP measure for the respective
periods (in thousands, except for per share
information and
percentages):
CITRIX SYSTEMS, INC.
B - To exclude
the effects of amortization of deferred stock-based
compensation.0 million of the proceeds of
the offering to repurchase shares of its
common stock from purchasers of the debentures in negotiated
transactions
concurrently with the offering, (ii) approximately $119. In particular, there can be
no assurance
that the proposed offering will be completed or that the proceeds will be used
as
presently intended.molitor trakoscan
Citrix Reports First Quarter Earnings Results
Financial Results
In
the first quarter of fiscal 2005, Citrix achieved revenue of
$202 million, compared to $161 million
in the first quarter of fiscal
2004, representing 25 percent revenue growth.
-- GAAP
diluted earnings per share is expected to be in the range
of $0.23, and adjusted diluted
earnings per share is
expected to be in the range of $0. A replay of the
webcast can be
viewed by visiting the Investor Relations section of
the Citrix corporate Web site at http://www
. Such
forward-looking statements are subject to a number of risks and
uncertainties that could
cause actual results to differ materially
from those anticipated by the forward-looking statements
, including,
without limitation, the success of the company's product lines; the
company's product
concentration and its ability to develop and
commercialize new products and services; the success
of investments in
foreign operations and vertical and geographic markets; the company's
ability
to successfully integrate the operations and employees of
acquired companies, and the possible failure
to achieve anticipated
revenues and profits from acquisitions; the company's ability to
maintain
and expand its core business in large enterprise accounts;
the company's ability to attract and retain
small sized customers; the
size, timing and recognition of revenue from significant orders; the
effect
of new accounting pronouncements on revenue and expense
recognition; the company's reliance on and
the success of the
company's independent distributors and resellers for the marketing and
distribution
of the company's products and the success of the
company's marketing and licensing programs, including
the Advisor
Rewards program; increased competition; changes in the company's
pricing policies
or those of its competitors; management of operations
and operating expenses; charges in the event
of the impairment of
assets acquired through business combinations and licenses; the
management
of anticipated future growth and the recruitment and
retention of qualified employees; competition
and other risks
associated with the market for our Web-based access, training and
customer assistance
products; as well as risks of downturns in
economic conditions generally; political and social turmoil;
and the
uncertainty in the IT spending environment; and other risks detailed
in the company's
filings with the Securities and Exchange Commission.citrix.trakoscan tankavaara
-- Services revenue, which is
comprised of consulting, education
and technical support, excluding Citrix Online, grew 17
percent.
In addition, in the first quarter:
-- Citrix Online contributed
$20 million of revenue.S.
RECONCILIATION OF CONDENSED CONSOLIDATED STATEMENTS OF INCOME
TO THE NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands
, except per share data - unaudited)
Three Months Ended Three
Months Ended
March 31, 2005 March 31, 2004
-
-------------------------- ---------------------------
GAAP Adjust- Non-GAAP
GAAP Adjust- Non-GAAP
ments ments
--------- ------- --------- --------- ---------- ------
Revenues:
Product
licenses
$90,062 - $90,062 $87,426 - $87,426
License
updates 77,175
- 77,175 58,897 - 58,897
Services 34,653 - 34,653 14,987
- 14,987
--------- ------- --------- --------- ---------- -------
Total
net
rev-
enues $201,890 - $201,890 $161,310 - $161
,310
Cost of
revenues:
Cost of
product
license
revenues 1,368
- 1,368 1,413 - 1,413
Cost of
services
revenues 4,515
- 4,515 2,823 - 2,823
Amort- (3,318)
(3,034) A
ization A
of core
and
product
technology
3,318 - 3,034 -
--------- ------- -------
-- --------- ---------- -------
Total
cost of
revenues 9,201 (3,318) 5
,883 7,270 (3,034) 4,236
Gross margin 192,689 3,318 196,007 154,040 3,034
157,074
Operating
expenses:
Research
and
develop-
ment 25
,065 - 25,065 19,038 - 19,038
Sales,
marketing
and
support
94,394 - 94,394 74,128 - 74,128
General
and admin-
istrative
27,308 - 27,308 24,751 - 24,751
Amort- (103) B
ization
of
deferred
stock-
based
compen-
sation 103
- - - -
In-process
research
and
develop-
ment
18,700 (18,700) C
--------- ------- ---------
--------- ---------- -------
Amort- (2,177) (726) A
ization A
of other
intangible
assets 2,177
- 726 -
--------- ------- --------- --------- --------
-- -------
Total
oper-
ating
expenses 149,047 (2,280) 146,767 137,343
(19,426) 117,917
Income from
operations 43,642 5,598 49,240 16,697 22,460
39,157
Write-off of 7,219 D
deferred debt
issuance
costs (7,219)
--------- ------- ---------
--------- ---------- -------
Other income,
net 5,088 - 5,088 2,326
- 2,326
--------- ------- --------- --------- ---------- -------
Income
before
income taxes 48,730 5,598 54,328 11,804 29,679 41,483
Income taxes
10,170 2,092 12,262 2,479 6,233 8,712
--------- ------- ------
--- --------- ---------- -------
Net Income $38,560 $3,506 $42,066 $9,325 $23,446 $32
,771
========= ======= ========= ========= ========== =======
Earnings per
common share
- diluted $0.05
-----------
-------------
Adjusted figures $1.02 to $1. All other
trademarks
and registered trademarks are property of their respective
owners.
punsch birkenau
19 per diluted
share
, in the comparable period last year.
-- Revenue from license updates grew 31 percent.74
, for a total value of approximately $58
million.
-- Total operating expenses
are expected to increase 2 percent to
4 percent sequentially.
The securities have
not been registered under the Securities Act or any
state securities laws, and unless so registered
, may not be offered or sold in
the United States except pursuant to an exemption from the registration
requirements of the Securities Act and applicable state laws.labenche muzej
-- Other income is expected
to be $4 million.
The above statements are based on current expectations. These
statements
are forward-looking, and actual results may differ
materially.94 to $0.
CITRIX SYSTEMS, INC.
Condensed Consolidated Balance Sheets
(In thousands - unaudited)
March
31, December 31,
2005 2004
------------- -------------
ASSETS:
Cash and cash equivalents
$120,947 $73,485
Short-term investments 189,691
159,656
Accounts receivable, net 85,459 108,399
Other current
assets 76,218 85,040
------------- -------------
Total current assets 472,315 426,580
Restricted cash equivalents and
investments 147,176
149,051
Long-term investments 147,385 183,974
Property and
equipment, net 68,235 69,281
Goodwill and other intangible assets, net
443,796 448,624
Other long-term assets 11,318 8,574
------------- -------------
Total assets
$1,290,225 $1,286,084
=============
=============
LIABILITIES AND
STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses
120,037 $131,287
Current portion of deferred revenues 216,422 210
,872
------------- -------------
Total current
liabilities 336,459 342,159
Long-term portion of deferred revenues
13,561 14,271
Other liabilities 4,540 4,749
Stockholders' equity 935,665 924,905
------------- -------------
Total liabilities and stockholders'
equity $1,290,225 $1,286,084
============= =============
CITRIX SYSTEMS, INC. We
consider these measures important indicators of our
success.punsch mauthausen
"Compared to the first quarter of
2004, we saw double-digit growth
in all regions, including the Americas; impressive momentum from
Citrix Online, including strong growth from Citrix GoToMeeting; and
growth in new product revenue
, especially with the Access Suite.
-- Operating margin was 22 percent; adjusted operating
margin was
24 percent, excluding the effects of amortization of
intangible assets
and amortization of deferred stock-based
compensation. Additionally, Citrix announced that
Tom Bogan, a current
board member and the former president and chief operating
officer of Rational Software, will become chairman of the
Citrix board effective May 5,
2005;
-- announced that its board of directors has authorized the
company to
repurchase up to an additional $200 million of
Citrix common stock;
-- strengthened
its strategic alliance with SAP AG by offering a
joint solution for small and mid-size businesses
(SMB) that
bundles SAP Business One with Citrix(R) Presentation Server.com/investors
through
May 4, 2005. For more information visit
http://www.19
========== ==========
Note: See accompanying reconciliation of non-GAAP financial measures
to comparable U.99
Adjustments to exclude the effects of
amortization and amortization
of deferred
stock-based compensation $0. GHC intends to use (i) approximately
$20.
Statements made in this release, our website and in our other public
filings and
releases, which are not historical facts contain "forward-looking"
statements (as defined in the
Private Securities Litigation Reform Act of
1995) that involve risks and uncertainties and are subject
to change at any
time.silvermine labenche
and Godfrey Sullivan,
president and chief executive officer for
Hyperion Solutions
Corp. The GAAP financial measure most directly
comparable to each non
-GAAP financial measure used or discussed and a
reconciliation of the differences between each non
-GAAP financial
measure and the comparable GAAP financial measure are included in this
press release
after the condensed consolidated financial statements
and can be found on the Investor Relations
page of the Citrix
corporate Web site at http://www. GAAP Measures
(Unaudited)
We utilize certain non-GAAP financial measures to evaluate our
performance
.
C - To exclude the effects of the write-off of in-process research
and development. Holders
of the debentures will have the right to require
that GHC repurchase the debentures on specified
dates, the earliest of which
is March 15, 2012, or upon certain designated events.7 million of the
proceeds to repay outstanding borrowings under the term loan portion of its
senior credit facility
, and (iii) the balance for general corporate purposes,
which may include repurchases of additional
shares of common stock from time
to time under GHC's share repurchase program.herdla labenche
-- Weighted
average diluted shares outstanding is expected to be
in the range of 175 million to 177 million
.com
For Citrix Investors
This release contains forward-looking statements which are made
pursuant to the safe harbor provisions of Section 21E of the
Securities Exchange Act of 1934.
Forward-looking Guidance
for the Three Months Ended
June 30, 2005
----------------------------------------------------------------------
Earnings Per Share
Range - Diluted
-------------------
-----
U.22 to $0.4493 shares of GHC common
stock per $1,000 principal amount of
debentures, subject to adjustment in
certain circumstances.trakoscan molitor
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