ComScore, Citrix report Q1 results

Internet measurement and market research firm comScore found something to be happy about in the first quarter: a 23% boost in subscription revenues as compared to a year ago.

In results released late last week, comScore reported first-quarter revenue of $30.6 million, up 16% from the first quarter of 2008. Net income, however, plummeted to $300,000 compared to $2.5 million a year ago.

ComScore’s net income took a higher-than-expected hit related to the payout of stock awards that vested during the quarter. On a non-GAAP basis, the company’s net income was $4.2 million, well above management guidance of $2.6 million to $3.1 million.

In addition to its revenue gains, comScore enjoyed solid renewal activity in Q1. Its contract renewal rate continued to exceed 90% on a dollar basis, according to president and CEO Magid Abraham. “As anticipated, we continue to experience higher levels of attrition among our smallest customers, but this was largely offset by continued strong renewal activity at medium and large customers, consistent with our experience in prior quarters,” Abraham said in a statement.

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Internet measurement and market research firm comScore found something to be happy about in the first quarter: a 23% boost in subscription revenues as compared to a year ago.

In results released late last week, comScore reported first-quarter revenue of $30.6 million, up 16% from the first quarter of 2008. Net income, however, plummeted to $300,000 compared to $2.5 million a year ago.

ComScore’s net income took a higher-than-expected hit related to the payout of stock awards that vested during the quarter. On a non-GAAP basis, the company’s net income was $4.2 million, well above management guidance of $2.6 million to $3.1 million.

In addition to its revenue gains, comScore enjoyed solid renewal activity in Q1. Its contract renewal rate continued to exceed 90% on a dollar basis, according to president and CEO Magid Abraham. “As anticipated, we continue to experience higher levels of attrition among our smallest customers, but this was largely offset by continued strong renewal activity at medium and large customers, consistent with our experience in prior quarters,” Abraham said in a statement.

Looking ahead, comScore is forecasting revenue growth of 10% to 12% for the full year. Efforts to cut costs are expected to save the company roughly $9.8 million annually.

Meanwhile, Citrix Systems’ revenue fell slightly in its first quarter, ended March 31. Net income plunged nearly 80%, thanks in large part to a restructuring charge of $21 million.

Revenue came in at $369 million, a decline of 2% compared to $377 million reported in the first quarter of 2008. Citrix reported net income of $7 million, down from $34 million reported a year earlier. (Non-GAAP net income was $59 million, compared to $66 million last year.)

Looking closely, product license revenue decreased 24% - but revenue from license updates grew 11%, online services revenue grew 16%, and technical services revenue (consulting, education and technical support) grew 8%.

“I’m pleased with our Q1 execution in the toughest macro environment we’ve seen in years,” said Mark Templeton, Citrix’s president and CEO, in a statement. “Smaller IT budgets are the new reality. We believe this makes our enterprise and SaaS products even more compelling because they lower IT costs while offering much-needed business flexibility.”

For the full year, Citrix expects net revenue to be flat as compared to 2008.

During the first quarter of 2009, Citrix upgraded its flagship XenApp application delivery product line. It also unveiled a new version of its XenServer virtualization platform and extended its virtualization management capabilities for Microsoft Hyper-V’s platform.

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