Citrix Systems has reported results for the first quarter ending 31 March. Revenue for the three months were $161.3m, compared with $143.5m for the same period the previous year.
Net income was $9.3m, compared with $30.3m.
As expected, GAAP net income was down in the first quarter of 2004.
Citrix said this was because of a charge for in-process research and development of $18.7m, in connection with the acquisition of Expertcity and a charge of approximately $7.2m for the write-off of deferred debt issuance costs associated with the redemption of the company's convertible subordinated debentures.
The company reports net income - adjusted to exclude the effects of these charges and the amortisation of intangible assets primarily related to business combinations - was $32.8m for the first quarter.
"We are reporting solid results for the first quarter, and I am quite pleased," said Citrix president and chief executive officer Mark Templeton.
"Our results for the first quarter demonstrate that we are building on the progress and momentum we established last year. Our focus is paying off - access is a growing strategic priority for organisations, and Citrix access infrastructure is a compelling solution.
"The integration of Expertcity as the Citrix Online Division is on track, giving us new access products, broader customer reach and additional subscription revenue.We will continue to focus on defining, building and leading the access infrastructure market."
The company noted that net revenues for the first quarter increased by approximately 12.4% over the same period the previous year.
Deferred revenue increased by $18.6m to a total of $183.7m.
Written by Computing SA staff