Progress Software sales up
Progress Software Corp., a maker of infrastructure for business software, said today that fiscal third-quarter sales rose 12 percent but did not disclose earnings due to an ongoing review of its practices related to stock options.
The company, based in Bedford, said revenue grew 12 percent in the third quarter ended Aug. 31 to $111.4 million, up from $99.5 million a year ago. Software license revenue increased 11 percent to $42.3 million from $38 million at the same time. At constant currency, total sales and software license revenue each grew 10 percent.
The company -- whose development tools are used by software vendors and IT departments to create business applications -- announced on Aug. 29 that it would restate past financial reports to correct errors related to its accounting for stock compensation. The company said it expects to book additional costs of $20 million to $30 million from 1995 to February 2006.
As a result, Progress said it would not release its full financial results for the third quarter ended Aug. 31 or file its quarterly report with the Securities and Exchange commission, until it has determined the final costs of its stock compensation program.
For the fourth quarter, Progress forecast revenue of $115 million to $118 million. The company expects sales to range from $440 million to $443 million for the fiscal year ending Nov. 30. (AP)
