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Citrix Reports 14% Annual Growth for Fiscal Year

Plans to reduce operating expenses by approximately $50 million annually

Citrix reported financial results for the fourth quarter and fiscal year ended December 31, 2008, and announced a restructuring program to reduce its annual operating expenses.

In the fourth quarter of fiscal 2008, Citrix achieved revenue of $416 million, compared to $400 million in the fourth quarter of fiscal 2007, representing four percent revenue growth. For the fiscal year 2008, Citrix reported annual revenues of $1.58 billion, compared to $1.39 billion in the previous year, a 14 percent increase.

Net income for the fourth quarter of fiscal 2008 declined, going from $63 million in 2007 to $60 million in Q4 2008. Annual net income also declined in 2008, representing $178 million for the year compared with $214 million in 2007. Despite the decrease, Citrix's CEO is reportedly happy with the year's financial results.

"I'm pleased with our Q4 results and performance for 2008 - especially in the face of an extraordinary worldwide environment," said Mark Templeton, Citrix president and chief executive officer. "While being fiscally cautious, we are more confident than ever in our vision and business strategy. Citrix products have a long track record of reducing IT costs, while simplifying enterprise computing - exactly what customers need."

Citrix also announced the implementation of a restructuring program and steps to reduce its headcount by approximately 10 percent of the company's global workforce. Citrix also expects to incur cash and non-cash charges related to the consolidation of facilities as part of the restructuring program.

Because the details of its facilities consolidation are not yet final, the company is unable to estimate the amount of charges it may incur from the upcoming consolidation.

Looking ahead, the company expects flat net revenues in 2009 as compared to 2008, non-GAAP operating margin to increase by as much as one percent as compared to non-GAAP operating margin from the prior year, and restructuring charges. Citrix, however, realizes these predictions may differ materially.

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