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Progress Software Reports 2014 Fiscal First 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 results for its fiscal first quarter ended February 28, 2014.

Revenue from continuing operations was $74.5 million compared to $83.7 million in the same quarter last year, a year over year decrease of 11% on an actual currency basis and 10% on a constant currency basis.

Additional financial highlights included:

On a GAAP basis in the fiscal first quarter of 2014:

  • Income from operations was $14.0 million compared to $15.8 million in the same quarter last year;
  • Income from continuing operations was $11.1 million compared to $9.8 million in the same quarter last year;
  • Net income was $11.1 million compared to $31.1 million in the same quarter last year; and
  • Diluted earnings per share from continuing operations was $0.21 compared to $0.17 in the same quarter last year.

On a non-GAAP basis in the fiscal first quarter of 2014:

  • Income from operations was $21.4 million compared to $21.6 million in the same quarter last year;
  • Operating margin was 29% compared to 26% in the same quarter last year;
  • Income from continuing operations was $14.6 million compared to $13.9 million in the same quarter last year; and
  • Diluted earnings per share from continuing operations was $0.28 compared to $0.24 in the same quarter last year.

Phil Pead, president and CEO, Progress Software, said, “While our first quarter financial results fell short of our expectations, we remain confident in our strategy and in the value that our technologies provide to customers and partners. We continue to invest in our business as we review areas where we can improve our execution. We remain committed to creating shareholder value and achieving our goal of becoming a leading PaaS and on-premise solutions provider.”

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