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Progress Software Reports Strong 2013 Fiscal Second Quarter Results

Progress Software Corporation (NASDAQ: PRGS), a global software company that simplifies and enables the development, deployment and management of business applications, today announced strong results for its fiscal second quarter ended May 31, 2013.

As previously announced on June 13, 2013, the company entered into a definitive purchase and sale agreement to divest the Apama product line. The sale is expected to close in July. As a result, the Apama product line results are reported in discontinued operations for all periods presented.

Revenue from continuing operations was $81.7 million compared to $74.1 million, a year over year increase of 12% on a constant currency basis, or an increase of 10% using actual exchange rates.

Additional financial highlights included:

On a GAAP basis in the fiscal second quarter of 2013:
  • Income from operations was $14.4 million compared to $12.8 million in the same quarter last year;
  • Income from continuing operations was $8.1 million compared to $8.9 million in the same quarter last year;
  • Net income was $3.9 million compared to $(1.9) million in the same quarter last year; and
  • Diluted earnings per share from continuing operations was $0.15 compared to $0.14 in the same quarter last year.

On a non-GAAP basis in the fiscal second quarter of 2013:
  • Income from operations was $23.7 million compared to $25.2 million in the same quarter last year;
  • Operating margin was 29% compared to 34% in the same quarter last year;
  • Income from continuing operations was $15.0 million compared to $17.3 million in the same quarter last year; and
  • Diluted earnings per share from continuing operations was $0.27 compared to $0.27 in the same quarter last year.

Phil Pead, President and Chief Executive Officer of Progress Software, said, “Our focus this year has been on improving the operating performance of the company and building a foundation for future revenue growth. We are pleased that we remain on track to achieve efficiencies previously outlined and that revenue growth is beginning to take hold. The second fiscal quarter results reflect our efforts to energize our customer and partner base through improved product functionality and targeted marketing activities. In addition, we benefited from closing a number of opportunities sooner than expected.”

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