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Citrix beats earnings estimates, plans split

The developer of connectivity software posts fourth-quarter earnings a penny ahead of analysts' estimates and said its board has approved a 2-for-1 stock split.

Citrix Systems, a developer of connectivity software, today posted fourth-quarter earnings a penny ahead of analysts' estimates and said its board has approved a 2-for-1 stock split.

For the quarter, Fort Lauderdale, Fla.-based Citrix said net income was $37.7 million, or 38 cents a share, compared to $24.7 million, or 27 cents, for the same quarter a year ago.

Analysts polled by First Call expected the company to earn 37 cents a share.

Citrix has also announced a 2-for-1 split of the company's common stock to be effected in the form of a stock dividend. The dividend is payable on or about Feb. 16 to shareholders on record as of Jan. 31. Upon completion of the split, Citrix said it will have approximately 181 million shares of common stock outstanding.

Revenues for the quarter were $118.1 million, an increase of 56 percent from $75.5 million in the year-ago period, the company said in a statement. For the fiscal year ending Dec. 31, 1999, Citrix said revenues jumped 62 percent to $403.3 million from $248.6 million for 1998.

Net income for fiscal 1999 was $116.9 million, or $1.21 per share, compared to $61.1 million, or 67 cents per share, for 1998. The company missed First Call's consensus estimate of $1.34 a share for fiscal 1999.

Additionally, Citrix said it plans to extend its flagship product, MetaFrame, to a larger market by making it available on Unix operating systems, the first being Sun Microsystems' Solaris. MetaFrame is software used to connect client computers to Windows and Unix-based servers. Citrix MetaFrame for the Solaris operating system will be available by the second quarter of this year, the companies said. Final pricing and packaging details will be announced at that time.

During the fourth-quarter, Citrix said 31 additional application service providers (ASPs) have joined the Citrix ASP program, bringing the total number of members of its application licensing program to 45. Citrix is targeting ASPs with MetaFrame to allow them to deliver applications to customers on a pay-per-use model.