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.
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