posted an increase in third-quarter earnings and beat analysts' estimates by a penny, thanks to a surge in sales from its Sonic Software messaging business.
For the quarter ended Aug. 31, the company earned $7.3 million, or 19 cents a share, compared with a profit of $5.5 million, or 14 cents a share, in the same quarter a year ago. Analysts were expecting 18 cents a share.
Total revenue was $77.7 million, an increase of 13%. Revenue from the Sonic business increased by 64% to $5.8 million, and software license revenue rose 19% to $27.2 million, the company said.
During the quarter, the company purchased about 344,000 shares of its stock for $6.8 million. On Sept. 9, the company's board of directors authorized the repurchase of up to 10 million more shares.
Progress Software was down 10 cents, or 0.5%, at $22.07 in recent trading.