Progress Software Corp. announced consolidated earnings results for the fourth quarter and year ended November 30, 2012. For the quarter, the company reported total revenue of $91,271,000 against $93,544,000 a year ago. Income from operations was $16,907,000 against $28,422,000 a year ago. Income from continuing operations before income taxes was $16,227,000 against $28,507,000 a year ago. Income from continuing operations was $11,582,000 or $0.18 per diluted share against $17,221,000 or $0.27 per diluted share a year ago. Net income was $36,025,000 or $0.57 per diluted share against $12,175,000 or $0.19 per diluted share a year ago. Net cash flows from operating activities were $28,401,000 against $8,166,000 a year ago. Capital expenditures were $1,129,000 against $3,091,000 a year ago. Non-GAAP income from operations was $21,960,000 against $34,357,000 a year ago. Non-GAAP income from continuing operations was $14,541,000 or $0.23 per diluted share against $23,072,000 or $0.36 per diluted share a year ago. Non-GAAP net income was $26,774,000 or $0.42 per diluted share against $22,023,000 or $0.34 per diluted share a year ago.

For the year, the company reported total revenue of $335,205,000 against $360,704,000 a year ago. Income from operations was $50,655,000 against $101,241,000 a year ago. Income from continuing operations before income taxes was $50,851,000 against $100,722,000 a year ago. Income from continuing operations was $33,411,000 or $0.52 per diluted share against $66,342,000 or $0.98 per diluted share a year ago. Net income was $47,444,000 or $0.74 per diluted share against $59,629,000 or $0.88 per diluted share a year ago. Net cash flows from operating activities were $104,115,000 against $126,294,000 a year ago. Capital expenditures were $7,735,000 against $17,047,000 a year ago. Non-GAAP income from operations was $84,246,000 against $129,594,000 a year ago. Non-GAAP income from continuing operations was $57,703,000 or $0.91 per diluted share against $86,466,000 or $1.28 per diluted share a year ago. Non-GAAP net income was $77,581,000 or $1.22 per diluted share against $99,108,000 or $1.47 per diluted share a year ago.

The company provided the guidance for the fiscal first quarter ending February 28, 2013. On a constant currency basis, revenue growth is expected to be essentially flat compared to the fiscal first quarter of 2012; and non-GAAP operating margin is expected to be in the range of 20% to 24%. The non-GAAP operating margin guidance excludes the items traditionally exclude from non-GAAP reporting metrics: amortization of intangible assets of $0.5 million to $0.6 million and stock-based compensation of $5.5 million to $6.4 million, for a GAAP operating margin in the range of 12% to 16%.