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Progress Software Reports 2013 Fiscal Fourth Quarter And Year End 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, today announced results for its fiscal fourth quarter and fiscal year ended November 30, 2013.

Revenue from continuing operations was $91.0 million compared to $86.6 million in the same quarter last year, a year over year increase of 5% on an actual and constant currency basis.

Additional financial highlights included:

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

  • Income from operations was $23.9 million compared to $18.7 million in the same quarter last year;
  • Income from continuing operations was $14.6 million compared to $12.5 million in the same quarter last year;
  • Net income was $15.0 million compared to $36.0 million in the same quarter last year; and
  • Diluted earnings per share from continuing operations was $0.28 compared to $0.20 in the same quarter last year.

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

  • Income from operations was $33.5 million compared to $24.2 million in the same quarter last year;
  • Operating margin was 37% compared to 28% in the same quarter last year;
  • Income from continuing operations was $22.5 million compared to $16.0 million in the same quarter last year; and
  • Diluted earnings per share from continuing operations was $0.43 compared to $0.25 in the same quarter last year.

Phil Pead, president and chief executive officer at Progress Software, said, “2013 was a year of significant accomplishments and exceeded expectations for Progress, both in terms of our commitments to improving the company’s efficiency and building a foundation for future growth. We completed our divestitures ahead of schedule, reorganized our company, and successfully introduced innovative new technologies in our core businesses. As we enter 2014, Progress is well positioned to meet the needs of the on-premise market as well as to take advantage of the rapid growth of cloud application development with our Pacific platform.”

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