Citrix Systems Q4 Profit Tops Estimates; Announces Restructuring - Quick Facts

(RTTNews) - Citrix Systems, Inc. (CTXS) reported fourth-quarter net income of $95.23 million or $0.58 per share, compared to $138.64 million or $0.74 per share, prior year. GAAP results for the fourth quarter of fiscal year 2014 include impairment charges of $30 million related to certain intangible assets, which are included in amortization of product related and other intangible assets, as well as a restructuring charge of $3 million for severance costs related to a restructuring program implemented in the first quarter of 2014. Adjusted earnings per share was $1.10, for the quarter.

On average, 32 analysts polled by Thomson Reuters expected the company to report profit per share of $1.03 for the quarter. Analysts' estimates typically exclude special items.

Revenue increased to $851.48 million from $802.42 million last year. Analysts expected revenue of $844.07 million for the quarter.

For the fiscal year ending December 31, 2015, the company expects: net revenue to be in the range of $3.29 billion to $3.33 billion; GAAP earnings per share to be in the range of $2.10 to $2.15; and non-GAAP earnings per share in the range of $3.60 to $3.65. Analysts expect the company to report fiscal year earnings per share of $3.69 on revenue of $3.36 billion.

for the first quarter of fiscal year 2015 ending March 31, 2015, the company expects: net revenue to be in the range of $780 million to $790 million; GAAP earnings per share to be in the range of $0.20 to $0.22; and Non-GAAP earnings per share to be in the range of $0.70 to $0.72. Analysts expect the company to report first-quarter earnings per share of $0.80 on revenue of $796.69 million.

Citrix also announced the implementation of a restructuring program. The restructuring will affect approximately 700 full-time and 200 contractor positions, and is expected to result in annualized pre-tax savings in the range of approximately $90 million to $100 million. Citrix expects to incur pre-tax charges in the range of approximately $40 million to $45 million related to employee severance arrangements and $9 million to $10 million related to the consolidation of leased facilities during fiscal year 2015.