Progress Software profit jumps 72 percent

Business management software company Progress Software Corp. of Bedford said today that its second quarter profit jumped 72 percent due to strong sales and lower one-time charges.

For the quarter ended May 31, net income climbed to $14.5 million, or 33 cents per share, from $8.4 million in the prior year quarter.

Excluding charges for amortization, a stock option investigation and stock-based compensation, the company said it earned 47 cents per share.

Excluding similar charges, the company earned 41 cents in the 2007 second quarter. In that quarter, the company also reported a charge of 4 cents per share from a write-down associated with implementing a new software system. That charge was not included in the 2008 second quarter results.

Revenue rose 7 percent to $127.9 million from $119.6 million in the second quarter of 2007.

The company said software license revenue rose 1 percent.

Progress Software also said today that it expects its profit to be essentially flat in the third quarter and to rise for the full year. (AP)