Progress Software issues upbeat earnings report
December 22, 2009 09:17 AM
E-mail|
|Comments
()|
Text size
–
+
Progress
Software Corp. posted an upbeat quarterly report, and forecast
strong earnings for fiscal 2010.
During the fourth quarter, which ended November 30, operating income increased 202 percent to $25.8 million from $8.5 million during the same period in fiscal 2008. Net income increased 158 percent to $16.7 million from $6.5 million in the same quarter last year.
Revenue for the quarter was $136.8 million, down 2 percent from $139.4 million in the fourth quarter of fiscal 2008.
Progress, which makes business software, announced major jobs cuts earlier this month, saying it would cut its work force by 12% to 14% by early in 2010.
Richard D. Reidy, president and chief executive officer, attributed the strong quarter to "excellent customer wins along with well-managed expense management, despite the difficult economic environment."
Reidy also said he expects "our newer product lines to continue on their significant growth path in 2010 achieving a greater than 20 percent increase in revenue; we also anticipate strong earnings overall for the year."
During the fourth quarter, which ended November 30, operating income increased 202 percent to $25.8 million from $8.5 million during the same period in fiscal 2008. Net income increased 158 percent to $16.7 million from $6.5 million in the same quarter last year.
Revenue for the quarter was $136.8 million, down 2 percent from $139.4 million in the fourth quarter of fiscal 2008.
Progress, which makes business software, announced major jobs cuts earlier this month, saying it would cut its work force by 12% to 14% by early in 2010.
Richard D. Reidy, president and chief executive officer, attributed the strong quarter to "excellent customer wins along with well-managed expense management, despite the difficult economic environment."
Reidy also said he expects "our newer product lines to continue on their significant growth path in 2010 achieving a greater than 20 percent increase in revenue; we also anticipate strong earnings overall for the year."
Comment
Permalink
E-mail
