Citrix announces Q4 and fiscal year 2014 results

Citrix announced its financial results for fourth quarter and fiscal year 2014, ended December 31, 2014.

Citrix announced a total revenue for Q4 of $851 million, for an increase of 6% compared to Q4 2013. The total revenue of fiscal year 2014 has been of $3.14 billion, for an increase of 8% compared to $2.92 billion for fiscal year 2013.

Net income registered a slight decrease with $95 million, or $0.58 diluted share, compared to 2013 where it was $139 million, or $0.74 diluted share. GAAP results for Q4 2014 include impairment charges of $30 million related to 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. Total of annual net income for fiscal year 2014 was $252 million, or $1.47 per diluted share, compared to $340 million, or $1.80 per diluted share for fiscal year 2013. GAAP results for fiscal year 2014 include impairment charges of $60 million related to intangible assets, a charge of $21 million related to a previously disclosed patent lawsuit and a restructuring charge of $20 million for severance costs related to a restructuring program implemented in the first quarter of 2014.

Furthermore Citrix also announced the implementation of a restructuring program designed to increase strategic focus and operational efficiency which will involve about 700 full-time and 200 contractor positions. Citrix expects to incur pre-tax charges for about $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

Mark Templeton, president and CEO, Citrix, commented on the results:

We hear every day from customers about the dual pressures they face – to deliver business results, while creating an engaging work-life experience for their people, our focus on enabling a software-defined workplace is putting Citrix in front of this strategic challenge through the unique integration of our delivery networking solutions, workspace services and mobility apps. I’m proud of our 2014 performance, but we’re not satisfied. We are looking ahead to 2015 with a focus on innovation that delivers a better experience, more flexibility and greater security to our customers, and a more focused organizational footprint that enables profitable growth.