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PROGRESS SOFTWARE REPORTS SECOND QUARTER RESULTS
Revenue up 17% to Record High; Net Income and EPS up Sharply
BEDFORD, Mass., June 17, 2004Progress Software Corporation (PSC)
(Nasdaq: PRGS), a leading supplier of technology to develop, deploy,
integrate and manage business applications, today announced results for
its second quarter ended May 31, 2004. Revenue for the quarter was a
record $90.8 million, up 17 percent (11 percent at constant currency)
from $77.6 million in the second quarter of 2003. Software license
revenue, also a record, increased 36 percent (30 percent at constant
currency) to $36.9 million from $27.1 million in the same quarter last
year.
On a generally accepted accounting principles (GAAP) basis, operating
income increased 25 percent to $11.5 million from $9.2 million in the
second quarter of fiscal 2003. Net income increased 21 percent to $8.1
million from $6.7 million in the same quarter last year. Diluted
earnings per share increased 17 percent to 21 cents from 18 cents in
second quarter of 2003. These results include after-tax charges for
amortization of acquired intangibles of $1.3 million for the second
quarter of fiscal 2004 and $0.4 million for the second quarter of 2003.
On a pro forma basis, excluding the charges for amortization of acquired
intangibles, operating income increased 36 percent to $13.3 million from
$9.8 million in the second quarter of fiscal 2003. Pro forma net
income increased 31 percent to $9.4 million from $7.1 million in the
same quarter last year. Pro forma diluted earnings per share increased
26 percent to 24 cents from 19 cents in the second quarter of fiscal
2003.
The companys cash and short-term investments at the end of the quarter
totaled $175.6 million. During the second quarter, the company purchased
approximately 152,000 shares of its stock at a cost of $3.3 million. The
companys existing repurchase authorization, under which 9.8 million
shares remain available for repurchase, expires on September 30, 2004.
Progress Software Corporation continues to outperform other major
software companies, and we are pleased with the significant revenue
contributions from DataDirect and ObjectStore, which complement the
growth achieved by Progress Software and Sonic Software, said Joseph W.
Alsop, co-founder and chief executive officer of PSC. We continue to
leverage our growth to deliver greater operating margins and sharply
increased pro forma operating income, net income and EPS.
Significant New Customer and Partner Wins, New Technology Adoptions, and
Major Deployments
Significant new partners and customers adopting technology from PSC
companies, or deploying solutions using PSC technology, include: Best
Software, Inc., Agenzia Nazionale Stampa Associata, Australian Bakels
Pty. Ltd., Belfield Furnishings Ltd., Bourse de Luxembourg, Century
Drills & Tool Company, Inc., The Church of Jesus Christ of Latter-day
Saints, Clays Limited, CommScope, Inc., Demco Worldwide Ltd., Digital
Globe, Inc., FGM, Inc., Free State Legislature, Kelly-Goodwin Company,
Lean Logistics, Inc., Perfect Commerce, Inc., VAL Informatique, and
Wintergreen Orchard House.
Significant existing partners and customers adopting technology from
different PSC companies, or making substantial additional deployments of
PSC technology, include: Acer Computer Australia Pty, Ltd., Bear
Stearns & Co. Inc., Berkshire Securities, Inc., Borland Software
Corporation, Charter One Bank, Deutsche Post, Hyperion, International
Steel Group, JP Morgan Chase, Lockheed Martin, Lucent Technologies,
Peugeot Citroen Automobiles, Prebon Yamane, Progressive Casualty
Insurance Company, Merck & Co. Inc., Sovereign Bank, Sun Microsystems
and Teradata (NCR Corporation).
Other Recent Highlights
Progress Software announced the expansion of its award-winning Progress®
Partner Program with enhanced Business, Technical and Operational
Empowerment offerings designed to help their Application Partners (APs)
grow their businesses. Since the Partner Program inception,
participants have averaged revenue growth more than 20 percent higher
than those who have not participated.
http://www.progress.com/index/pressrelease_278330/pritem.ssp
DataDirect Technologies announced the availability of a suite of new
database connectivity products. The suite includes, DataDirect Connect®
for ODBC release 5.0, DataDirect Connect® for .NET release 2.1 and
DataDirect Connect® for JDBC release 3.4, and offers unmatched
functionality, performance and database support, providing users with
the most reliable connection to data from virtually any application and
platform to all major databases.
http://www.datadirect.com/news/releases/20040524_c/index.ssp
Sonic Software released Sonic ESB 5.5. Sonic ESB makes it possible for
companies to build out an event-driven, service-oriented architecture
(SOA) that can adapt to ever-changing business requirements. Sonic ESB
5.5 incorporates Sonic Continuous Availability Architecture (CAA) to
deliver highly available communications between applications in an
enterprise SOA.
http://www.sonicsoftware.com/news_events/press/pressitem/
pressrelease_284663/index.ssp?
In April, Progress Software announced that 13 of its customers were
named Laureates for the 2004 Computerworld Honors 21st Century
Achievement Awards, which recognize the worlds most creative and
innovative uses of information technology in society.
http://www.progress.com/index/pressrelease_248501/pritem.ssp? Out of
this field of Progress customers, two were named finalists: Kirchner
Corporation and Perkins School for the Blind. Last week, the
Progress-based wireless application used by Kirchner Corporation, and
built by Progress AP, Jargon Software, was named the winner of the
Computerworld Honors Award for innovation in manufacturing.
http://www.progress.com/index/pressrelease_290497/pritem.ssp?
ObjectStore announced ObjectCache(TM) Version 2.0, with its new Data
Source Synchronization (DSS) capability to integrate with corporate
databases. ObjectCache extends corporate databases non-invasively to
improve the scalability and performance of the systems that depend on
them, and to add new services based on high performance access to
existing data.
http://www.progress.com/company_info/news_views/pressrelease_228353/
pritem.ssp
Progress Software announced the results of the Aberdeen Groups
Executive White Paper, Embedded Infrastructure and Mass-Deployment
Cost-of-Ownership Study: 2003 Update. Aberdeen demonstrated that over a
five-year period, the Progress® OpenEdge Platform is 40 percent less
expensive than Microsoft, 50 percent less than IBM, and 90 percent less
than Oracle in a mass-deployment architecture. The savings are
attributed to the OpenEdge platforms combined strength of low
deployment costs in a Web-based environment, low ongoing fees and low
database administration costs.
http://www.progress.com/company_info/news_views/pressrelease_221282/
pritem.ssp?
Business Outlook
The company is providing the following guidance for the fiscal third
quarter ending August 31, 2004:
· Revenue is expected to be in the range of $88 million to $90 million.
GAAP operating income is expected to be in the range of $11 million to
$12 million, including amortization of acquired intangibles of $1.8
million.
· GAAP diluted earnings per share are expected to be in the range of 20
cents to 21 cents.
· On a pro forma basis, operating income is expected to be in the range
of $13 million to $14 million excluding amortization of acquired
intangibles of $1.8 million.
· On a pro forma basis, diluted earnings per share are expected to be in
the range of 23 cents to 24 cents excluding approximately 3 cents per
share for amortization of acquired intangibles.
The company is providing the following guidance for the fiscal year
ended November 30, 2004:
· Revenue is expected to be in the range of $360 million to $365
million. GAAP operating income is expected to be in the range of $43
million to $45 million, including amortization of acquired intangibles
of $7 million and in-process research and development of $2.6 million.
· GAAP diluted earnings per share are expected to be in the range of 77
cents to 80 cents.
· On a pro forma basis, operating income is expected to be in the range
of $53 million to $55 million excluding amortization of acquired
intangibles of $7 million and in-process research and development of
$2.6 million.
· On a pro forma basis, diluted earnings per share are expected to be in
the range of 94 cents to 97 cents excluding approximately 12 cents per
share for amortization of acquired intangibles and approximately 5 cents
per share for an acquisition-related charge for in-process research and
development.
Legal Notice Regarding Pro Forma Financial Information
The company provides pro forma operating income, net income and earnings
per share as additional information for investors. These measures are
not in accordance with, or an alternative to, generally accepted
accounting principles in the United States (GAAP). Such measures are
intended to supplement GAAP and may be different from pro forma measures
used by other companies. The company believes that the pro forma
results described in this release are useful for an understanding of its
ongoing operations and provide additional detail and an alternative
method of assessing its operating results. Management of the company
uses these pro forma results to compare the companys performance to
that of prior periods for analysis of trends, and for budget and
planning purposes. A reconciliation of pro forma adjustments to the
companys GAAP financial results is included in the tables below.
Conference Call
PSCs conference call to discuss its second quarter results will be
Webcast live today at 9:00 a.m. Eastern via CCBN on the companys Web
site, located at www.progress.com/investors. The call will also be
Webcast live via Yahoo (www.yahoo.com), Motley Fool (www.fool.com),
Streetevents (www.streetevents.com), TD Waterhouse
(www.tdwaterhouse.com) and Fidelity.com (www.fidelity.com). An archived
version of the conference call will be available for replay.
About Progress Software Corporation
Progress Software Corporation (Nasdaq: PRGS) is a $300+ million global
software industry leader. PSC supplies technologies for all aspects of
the development, deployment, integration and management of business
applications through its operating companies: Progress Software, Sonic
Software Corporation, DataDirect Technologies, ObjectStore and
PeerDirect. Headquartered in Bedford, Mass., PSC can be reached on the
Web at http://www.progress.com or by phone at +1-781-280-4000.
Safe Harbor Statement
Except for the historical information and discussions contained herein,
statements contained in this release may constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements involve a number of risks,
uncertainties and other factors that could cause actual results to
differ materially, including but not limited to the following: the
receipt and shipment of new orders, the timely release of enhancements
to the company's products, the growth rates of certain market segments,
the positioning of the company's products in those market segments,
variations in the demand for customer service and technical support,
pricing pressures and the competitive environment in the software
industry, business and consumer use of the Internet, and the company's
ability to penetrate international markets and manage its international
operations. The company undertakes no obligation to update information
contained in this release. For further information regarding risks and
uncertainties associated with the company's business, please refer to
the company's filings with the Securities and Exchange Commission.
Progress, OpenEdge, ObjectCache, and Progress OpenEdge are trademarks or
registered trademarks of Progress Software Corporation in the U.S. and
other countries. SonicMQ, Sonic ESB, and Sonic Continuous Availability
Architecture are trademarks or registered trademarks of Sonic Software
Corporation in the U.S. and other countries. DataDirect Connect is a
registered trademark of DataDirect Technologies in the U.S. Any other
trademarks or service marks contained herein are the property of their
respective owners.
Pressekontakte:
Progress Software GmbH
Susanne Schuppel
Konrad-Adenauer-Str. 13
50996 Köln
Tel. (+49) (221) 93579-0
Fax: (+49) (221) 93579-78
mailto:Susanne.Schuppel@progress.com
PR-COM GmbH
Silke Paulussen
Sonnenstraße 25
80331 München
Tel.(+49) (89) 59997-701
Fax (+49) (89) 59997-999
mailto:Silke.Paulussen@pr-com.de
Web: http://www.progress.com
Für den Inhalt der Pressemitteilung ist der Einsteller, Ulrike Glogger, verantwortlich.
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