Exhibit 99.1
Citrix Provides Update on Nasdaq Listing Qualification
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Aug. 14, 2007--Citrix Systems, Inc.
(Nasdaq:CTXS), the global leader in application delivery infrastructure, today
announced that, as expected, it has received an additional Nasdaq Staff
Determination notice stating that the Company is not in compliance with Nasdaq
Marketplace Rule 4310(c)(14), which requires timely filing of periodic reports
with Nasdaq for continued listing. As anticipated, the letter was issued in
accordance with Nasdaq's procedures as a result of the delayed filing of the
Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2007.
As previously disclosed, Nasdaq initially informed the Company on March 15,
2007 that its securities would be delisted due to the Company's delay in filing
its Annual Report on Form 10-K for the year ended December 31, 2006 unless the
Company requested a hearing in accordance with applicable Nasdaq Marketplace
Rules. The Company subsequently requested and was granted a hearing before the
Nasdaq Listing Qualifications Panel. Prior to the Panel rendering its decision,
on May 11, 2007, as previously disclosed, the Company received an additional
Nasdaq Staff Determination Notice as a result of the Company's delay in filing
its Quarterly Report on Form 10-Q for the quarter ended March 31, 2007.
Currently, the Panel has rendered decisions granting Citrix's request for
continued listing on the Nasdaq Global Select Market, subject to, among other
things, Citrix being current in its public filings prior to August 30, 2007.
Citrix intends to make a submission to the Nasdaq Listing and Hearing Review
Council to address the delayed filing of its second quarter Form 10-Q.
On June 13, 2007, Citrix announced the findings of the voluntary
investigation of its historical stock option granting practices and related
accounting conducted by the Audit Committee of its Board of Directors. As a
result of the voluntary investigation, and as previously announced by Citrix,
Citrix intends to restate its previously issued financial statements and reports
thereon for the fiscal years 2004 and 2005 and for the interim quarterly periods
for 2005 and 2006 to reflect the additional non-cash stock-based compensation
expense and related tax effects that should have been recorded with respect to
stock option grants whose accounting measurement dates are being revised.
Further, as previously announced, Citrix intends to shortly submit a request for
consultation on certain interpretive issues to the Office of Chief Accountant of
the Securities and Exchange Commission (the "OCA"). Because of the pending OCA
consultation, Citrix has not yet become current in its public filings or
determined conclusively the amount of additional non-cash compensation expense
to be recorded as a result of the investigation of Citrix's historical stock
option granting practices or the resulting tax impact. Citrix intends to file
its annual and quarterly reports as soon as practicable after completion of the
OCA consultation process.
About Citrix
Citrix Systems, Inc. (Nasdaq:CTXS) is the global leader and the most
trusted name in application delivery infrastructure. More than 180,000
organizations worldwide rely on Citrix to deliver any application to users
anywhere with the best performance, highest security and lowest cost. Citrix
customers include 100% of the Fortune 100 companies and 98% of the Fortune
Global 500, as well as hundreds of thousands of small businesses and prosumers.
Citrix has approximately 6,200 channel and alliance partners in more than 100
countries. Annual revenue in 2006 was $1.1 billion.
For Citrix Investors
This release contains forward-looking statements which are made pursuant to
the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934
and Section 27A of the Securities Act of 1933. The forward-looking statements in
this release do not constitute promises or guarantees of future performance, but
involve a number of risks and uncertainties that could cause actual results to
differ materially from such statements. Factors that could cause actual results
to differ materially from such statements include, but are not limited to, the
continued listing of the Company's common stock on the Nasdaq Global Select
Market, regulatory review of the Company's continued listing, review by the
Company's independent outside auditors and possible regulatory review of the
financial accounting determinations ultimately made by the Company with respect
to the measurement dates used for stock option grants issued by the Company, and
the preliminary nature of the information contained in this press release, as
well as other risks detailed in the Company's filings with the Securities and
Exchange Commission. In addition, the review by the Nasdaq Listing and Hearing
Review Council and its possible conclusions may adversely affect the Company and
its stockholders. Citrix assumes no obligation to update any forward-looking
information contained in this press release or with respect to the announcements
described herein.
Citrix(R) is a registered trademark of Citrix Systems, Inc. in the U.S. and
other countries. All other trademarks and registered trademarks are property of
their respective owners.
CONTACT: Citrix Systems, Inc., Fort Lauderdale
Media inquiries: Eric Armstrong, 954-267-2977
eric.armstrong@citrix.com
or
Investor inquiries: Eduardo Fleites, 954-229-5758
eduardo.fleites@citrix.com