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Progress Software Reports Third Quarter Results -- Enterprise Infrastructure Revenue up 24%
BEDFORD, Mass.--(BUSINESS WIRE)-September 20, 2007-- Progress Software Corporation (PRGS), a provider of leading application infrastructure software to develop, deploy, integrate and manage business applications, today announced results for its third quarter ended August 31, 2007. Revenue for the quarter was $122 million, up nine percent (five percent at constant currency) from $111 million in the third quarter of fiscal 2006. Software license revenue increased four percent (flat at constant currency) to $44 million from $42 million in the same quarter last year.
On a generally accepted accounting principles (GAAP) basis, operating income increased 46 percent to $17.8 million from $12.2 million in the third quarter of fiscal 2006. Net income increased 47 percent to $13.0 million from $8.9 million in the same quarter last year. Diluted earnings per share increased 43 percent to 30 cents from 21 cents in the third quarter of fiscal 2006.
On a non-GAAP basis, operating income increased 19 percent to $27.2 million from $22.8 million in the same quarter last year. Non-GAAP net income increased 22 percent to $19.4 million from $15.9 million in the same quarter last year and non-GAAP diluted earnings per share increased 19 percent to 44 cents per share from 37 cents in the third quarter of fiscal 2006.
The non-GAAP results in the third quarter of fiscal 2007 exclude after-tax charges of $2.9 million for stock-based compensation, $2.9 million for amortization of acquired intangibles and $0.6 million for professional services fees associated with the investigation and shareholder derivative lawsuits related to the company's historical stock option grant practices. The non-GAAP results in the third quarter of fiscal 2006 exclude after-tax charges of $3.4 million for stock-based compensation, $2.8 million for amortization of acquired intangibles and $0.8 million for professional services fees associated with the investigation and shareholder derivative lawsuits related to the company's historical stock option grant practices.
The company's cash and short-term investments at the end of the quarter totaled $307 million. The company purchased no shares in the third quarter of fiscal 2007. On September 11, 2007, the board of directors authorized the repurchase of up to 10 million shares of the company's outstanding common stock, at such times when the company deems such purchases to be an effective use of cash, during the period from October 1, 2007, through September 30, 2008. The company's existing repurchase authorization, under which approximately 9.3 million shares remain available for repurchase, expires on September 30, 2007.
"We achieved nine percent growth in revenue for the third quarter, with a 19 percent increase in non-GAAP earnings per share. Our Enterprise Infrastructure product lines performed particularly well in the third quarter, and year to date our newer product lines have achieved around 20% growth while our Progress(r) OpenEdge(r) products have achieved solid results," stated Joseph Alsop, co-founder and chief executive officer of Progress Software. "We are pleased to see continuing signs of success as we pursue our strategy of achieving growth in our OpenEdge business while looking to our newer high-growth product lines to accelerate our growth as they become a larger portion of our revenue."
Progress Software announced that the Financial Services Authority (FSA), the independent non-governmental body that regulates the financial services industry in the UK, will use the Progress Apama(r) Event Processing Platform to power SABRE II, its transaction monitoring and market abuse detection system in order to monitor trading on UK markets and transactions reported to the FSA in accordance with the requirements of the European Union Markets in Financial Instruments Directive (MiFID) (http://www.progress.com/fsa).
Progress Software announced that Pacific Blue Cross, British Columbia's largest provider of extended health and dental benefits, has implemented the Progress Sonic ESB(r) (enterprise service bus) to deliver new business services, reduce processing times, and offer competitive services to its clients (http://www.progress.com/pacificblue).
DataDirect Technologies, an operating company of Progress Software Corporation, introduced the DataDirect Connect64(r) for SSIS product, which provides support for every phase of the SQL Server Integration Services (SSIS) application life cycle and enables the development, deployment and 32-bit or 64-bit runtime execution of Microsoft SSIS packages for non-SQL Server databases including Sybase, Oracle and DB2 (http://www.progress.com/highperformance).
DataDirect Technologies announced that its DataDirect Connect(r) family of database drivers for JDBC(tm) and ODBC and data providers for ADO.NET was named as best-in-class middleware in a new technology assessment report by Ken North Computing, one of the industry's foremost authorities on data access and database connectivity (http://www.progress.com/bestofbreed).
Progress Software announced that it had won a 2007 World BSS (Business Support Systems) Award in the category of Innovation in Billing and Information Management based on a major CRM IT transformation project, which included the implementation of a common front-end to operations support systems/business support systems (OSS/BSS). For this task, Progress Software provided a shared information/data (SID) based data integration solution using the Progress DataXtend(tm) Semantic Integrator. The World BSS Awards are widely regarded as the highest industry recognition of business support systems excellence and acknowledge best billing practices within the telecommunications industry (http://www.progress.com/worldbss).
Progress Software announced the launch of the PowerAlgo product, a Korean-language version of the Progress Apama Algorithmic Trading Platform. The PowerAlgo product was created by Koscom, a leading Korean financial IT vendor and Apama strategic partner. It was the first commercially-available algorithmic trading platform in Korea and is seamlessly integrated with Koscom's existing Order Management System. It enables Koscom customers to algorithmically and automatically trade equities, futures and options on the Korean Exchange (KRX) (http://www.progress.com/poweralgo).
Progress Software launched the Progress Apama FX Market Aggregation Accelerator. Combining a set of FX (foreign exchange) integration adapters with pre-built Apama trading dashboards and foundation FX algorithms, the Apama FX Market Aggregation Accelerator helps both sell- and buy-side traders develop and deploy high-frequency foreign exchange trading strategies that capitalize on proprietary trading techniques. The product will enable traders to accelerate the deployment of trading strategies that can access multiple FX liquidity sources to identify best price and market depth (http://www.progress.com/apamafx).
Progress Software announced the newest version of Progress EasyAsk(r) search, navigation and merchandising software designed to significantly improve e-commerce performance. The new 64-bit platform enhancement delivers a dramatic increase in both performance and scalability, and will support online catalogues consisting of several million items that can be easily searched, found and purchased. Cache performance has also been improved so that browsers and online shoppers experience a faster return to previously searched items. Additionally, the size of the search index has been compressed by 30%, and up to 50% less memory is required, both of which contribute significantly to overall improved performance (http://www.progress.com/eaupgrades).
Progress Software announced the availability of version 7.0 of the Progress ObjectStore(R) Enterprise platform (http://www.progress.com/objectstore7).
Significant New and Existing Customer and Partner Wins, New Technology Adoptions and Major Deployments
Significant new and existing partners and customers adopting technology from Progress Software, or deploying solutions using Progress technology, include: Administración Fiscal de Ingresos Públicos, Alberta Motor Association, ALTICOR, American Airlines, Astera Software, Bank Tokyo Mitsubishi, Barclays Global Investors, BBA Aviation, Beauty Alliance, Berkheimer Outsourcing, Bioware, Boehringer Ingelheim do Brasil, Brentwood Public Schools, BTicino, Camfil Farr (Canada) Inc, Carlson Companies, CB Richard Ellis, Cencosud, Cia Energetica Rio das Antas, CitiGroup, Colgate-Palmolive Company, CPW Network Services, Crown Casino, DB Balance, Denso do Brasil, Deutsche Bank, Deutsches Zentrum für Luft-und Raumfahrt e.V., Disney, DMSi, Document Sciences, Duas Rodas Industrial, E*Trade Financial, Essex Group, Evaluadora De Credito, Farmers Alliance Mutual Insurance, Financial Medical Systems, First Bank, FWU Malaysia, GE Money Bank, Genworth Financial, Global Mobile Tech Philippines, Grupo Financiero Ve por Más, Hendrickson International, Highbridge Capital Management, Hospital San Agustin, Hughes Network Systems, INSERM, Iron Mountain, Island One, Jlt Management Services, JPMorgan Chase Bank, KBC Financial Products, LEAPFROG, MAHLE Group, Manuvis, Menards, Ministerio de Hacienda de la Provincia de La Pampa, Mitsubishi Electronics, Municipalidad de Salta, NCR, Nedbank Limited, New York Mercantile Exchange, New York Stock Exchange, Nirvaco, Nordisk Mobiltelefon, Norfolk Southern, Northern Trust, Nutrisystem, Otto (GmbH & Co KG), Pearson, Peninsula Hose & Hydraulics, Produban Servicios Informáticos, Reclassering Nederland, Reed Hycalog Singapore, Renner Herrmann, Rutgers University, Sam Ellis Store, Sancor CUL, Sherwin-Williams, Technoplast, Telstra, Telvent Farradyne, Textbooks.com, The Citco Group, The Home Depot Mexico, The Pepsi Bottling Group Mexico, Time, T-Systems do Brasil, TTI, Royal Appliance Mfg. Co, Unibanco AIG Seguros, Vermont Systems, Wetzel.
The company is providing the following guidance for the fourth fiscal quarter ending November 30, 2007:
* Revenue is expected to be in the range of $127 million to $129 million.
* GAAP diluted earnings per share are expected to be in the range of 36 cents to 38 cents.
* On a non-GAAP basis, diluted earnings per share are expected to be in the range of 51 cents to 53 cents.
* The non-GAAP projections exclude after-tax charges of approximately $3.6 million (eight cents per share) for stock-based compensation, approximately $2.5 million (six cents per share) for amortization of acquired intangibles and approximately $0.5 million (one cent per share) for professional services fees associated with the stock option accounting investigation and shareholder derivative lawsuits related to the company's historical stock option grant practices.
The company is providing the following guidance for the fiscal year ending November 30, 2007:
* Revenue is expected to be in the range of $484 million to $486 million.
* GAAP diluted earnings per share are expected to be in the range of $1.05 to $1.07.
* On a non-GAAP basis, diluted earnings per share are expected to be in the range of $1.73 to $1.75.
* The non-GAAP projections exclude after-tax charges of approximately $16 million (36 cents per share) for stock-based compensation, approximately $11 million (25 cents per share) for amortization of acquired intangibles and an estimate of approximately $3 million (seven cents per share) for professional services fees associated with the investigation and shareholder derivative lawsuits related to the company's historical stock option grant practices.
The company is also providing the following guidance for the fiscal year ending November 30, 2008:
* Revenue is expected to be in the range of $505 million to $515 million.
* GAAP diluted earnings per share are expected to be in the range of $1.33 to $1.41.
* On a non-GAAP basis, diluted earnings per share are expected to be in the range of $1.85 to $1.93.
* The non-GAAP projections exclude after-tax charges of approximately 30 cents per share for stock-based compensation and approximately 22 cents per share for amortization of acquired intangibles.
Legal Notice Regarding Non-GAAP Financial Information
The company provides non-GAAP 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 non-GAAP measures used by other companies. The company believes that the non-GAAP 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 non-GAAP results to compare the company's performance to that of prior periods for analysis of trends and for budget and planning purposes. Compensation of the company's management and its employees is based in part on the performance of the business based on these non-GAAP measures. A reconciliation of non-GAAP adjustments to the company's GAAP financial results is included in the tables below.
The Progress Software conference call to discuss its third quarter results will be Webcast live today at 9:00 a.m. Eastern Daylight Time on the company's 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.
Progress Software Corporation
Progress Software Corporation (PRGS) provides application infrastructure software for the development, deployment, integration and management of business applications. Our goal is to maximize the benefits of information technology while minimizing its complexity and total cost of ownership. Progress can be reached at www.progress.com or +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; unanticipated consequences of the recent restatement of the company's financial statements; the risk that the NASDAQ Stock Market will de-list the company's common stock; risks associated with the SEC's formal investigation of the company's option-grant practices; the risk that the company will face additional claims and proceedings in connection with those stock option grant practices, including additional shareholder litigation and additional proceedings by the other governmental agencies; and the financial impact of the foregoing, including potentially significant litigation defense costs and claims for indemnification and advancement of expenses by directors, officers and others. 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, DataDirect Connect64, Apama, DataDirect Connect, EasyAsk, OpenEdge, Sonic ESB, ObjectStore, and Progress OpenEdge are trademarks or registered trademarks of Progress Software Corporation or one of its subsidiaries or affiliates in the U.S. and other countries. Any other trademarks or service marks contained herein are the property of their respective owners
Diese Presseinformation kann unter www.pr-com.de abgerufen werden.
Progress Software (NASDAQ: PRGS) mit Hauptsitz in Bedford, Massachusetts, USA, bietet Applikations-Infrastruktur-Software für die Entwicklung, Implementierung, Integration und das Management von Geschäftsanwendungen. Das Ziel dabei ist, den Nutzen der IT und der damit gesteuerten Geschäftsprozesse zu maximieren, und gleichzeitig die damit verbundene Komplexität und die Total Cost of Ownership zu minimieren. Hauptsitz von Progress Software in Deutschland ist Köln. Weitere Informationen: www.progress.de oder +49-221-935 79-0
Progress Software GmbH
Tel. (+49) (221) 93579-0
Fax: (+49) (221) 93579-78
Tel. (+49) (89) 59997-803
Fax (+49) (89) 59997-999
Für den Inhalt der Pressemitteilung ist der Einsteller, Ulrich Schopf, verantwortlich.
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