Progress announced unaudited consolidated financial results for the fiscal fourth quarter and fiscal year ended November 30, 2016. On a GAAP basis in the fiscal fourth quarter of 2016: revenue was $117.7 million compared to $112.7 million in the same quarter in fiscal year 2015. Loss from operations was $62.4 million (reflecting the impairment charge described above) compared to income from operations of $20.1 million in the same quarter last year. Net loss was $73.8 million (reflecting the impairment charge described above) compared to a net loss of $9.5 million in the same quarter last year. Diluted loss per share was $1.52 (reflecting the impairment charge described above) compared to a diluted loss per share of $0.19 in the same quarter last year. Cash from operations was $33.9 million compared to $27.6 million in the same quarter last year. On a non-GAAP basis in the fiscal fourth quarter of 2016: Revenue was $118.0 million compared to $115.4 million in the same quarter last year; Income from operations was $42.6 million compared to $40.5 million in the same quarter last year; Net income was $30.5 million compared to $27.3 million in the same quarter last year; Diluted earnings per share was $0.62 compared to $0.53 in the same quarter last year; and Adjusted free cash flow was $32.4 million compared to $28.7 million in the same quarter last year. Loss before income taxes was $63,461,000 against income of $18,942,000 for the same period of last year. Capital expenditures were $2,042,000 against $1,126,000 for the same period of last year.

On a GAAP basis in the fiscal year 2016: Revenue was $405.3 million compared to $377.6 million in fiscal year 2015; Loss from operations was $29.7 million (reflecting the fiscal fourth quarter impairment charge) compared to income from operations of $14.8 million in the prior fiscal year; Net loss was $55.7 million (reflecting the fiscal fourth quarter impairment charge described above) compared to a net loss of $8.8 million in the prior fiscal year; Diluted loss per share was $1.13 (reflecting the fiscal fourth quarter impairment charge) compared to a diluted loss per share of $0.17 in the prior fiscal year. Cash from operations was $102.8 million compared to $104.5 million in the prior fiscal year. On a non-GAAP basis in the fiscal year 2016: Revenue was $407.4 million compared to $412.4 million in fiscal year 2015; Income from operations was $123.1 million compared to $120.4 million in the prior fiscal year; Net income was $82.3 million compared to $80.6 million in the prior fiscal year; Diluted earnings per share was $1.65 compared to $1.58 in the prior fiscal year; and Adjusted free cash flow was $100.6 million compared to $102.0 million in the prior fiscal year. Loss before income taxes was $35,280,000 against income of $12,354,000 for the same period of last year. Capital expenditures were $5,786,000 against $8,845,000 for the same period of last year.

For the quarter, the company announced impairment of goodwill was $92,000.

The company provided financial guidance for the fiscal year ending November 30, 2017 and the first fiscal quarter ending February 28, 2017. For the quarter, the company expects, revenue to be in the range of $86 - $89 million; and diluted loss per share to be in the range of $0.12. On Non-GAAP basis, revenue to be in the range of $86 - $89 million; and diluted earnings per share to be in the range of $0.25 - $0.27.

For the year, the company expects, revenue to be in the range of $387 - $395 million; diluted earnings per share to be in the range of $0.56 - $0.64; operating margin to be in the range of 14% - 15%; and adjusted free cash flow to be in the range of $85 - $93 million; Effective tax rate to be in the range of 43%. On Non-GAAP basis, revenue to be in the range of $388 - $396 million; diluted earnings per share to be in the range of $1.64 - $1.69; operating margin to be in the range of 32% - 33%; and adjusted free cash flow to be in the range of $95 - $100 million. Effective tax rate to be in the range of 33%.