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Progress Software Reports 2013 Fiscal First Quarter Results

Stocks in this article: PRGS

Progress Software Corporation (NASDAQ: PRGS), a global software company that simplifies and enables the development, deployment and management of business applications, announced today results for its fiscal first quarter ended February 28, 2013.

Revenue was $89.3 million compared to $87.2 million, a year over year increase of 3% on a constant currency basis, or an increase of 2% using actual exchange rates.

On a GAAP basis in the fiscal first quarter of 2013:

  • Income from operations was $14.7 million compared to $19.2 million in the same quarter last year;
  • Income from continuing operations was $9.1 million compared to $12.0 million in the same quarter last year;
  • Net income was $31.1 million compared to $7.5 million in the same quarter last year, and includes the gains on the divestitures of the Actional, Artix, DataXtend, ObjectStore, Orbacus, Orbix, Savvion and Sonic product lines of $35.1 million; and
  • Diluted earnings per share from continuing operations was $0.16 compared to $0.19 in the same quarter last year.

On a non-GAAP basis in the fiscal first quarter of 2013:

  • Income from operations was $21.1 million compared to $26.7 million in the same quarter last year;
  • Operating margin was 24%;
  • Income from continuing operations was $13.5 million compared to $18.4 million in the same quarter last year; and
  • Diluted earnings per share from continuing operations was $0.23 compared to $0.29 in the same quarter last year.

Phil Pead, President and Chief Executive Officer of Progress Software, said, “Our performance in the quarter reflects continued momentum as we execute on our strategic plan. Our initiatives to improve our operating margin are well under way and I am pleased with our early progress. In addition, we have begun to focus on building our foundation for future revenue growth by releasing new and innovative functionality across our solution suites and significantly increasing our customer engagement.”

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