Progress Software Corp. Announces Consolidated Earnings Results for the Fourth Quarter and Year Ended November 30, 2012; Provides Earnings Guidance for the First Quarter Ending February 28, 2013
January 04, 2013 at 02:57 am IST
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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%.
Progress Software Corporation is a provider of infrastructure software. The Company provides software that enables organizations to develop and deploy their applications, as well as manage their data platforms, cloud and information technology infrastructure. Its global professional services organization delivers business solutions for customers through a combination of products, consulting and education. The Company's consulting organization offers project management, implementation services, custom software development, programming and other services. Its services include application modernization, infrastructure automation, development operations, data management and managed database services, performance enhancements and tuning, and analytics/business intelligence. Its products include OpenEdge, Chef, Developer Tools, Kemp LoadMaster, MOVEit, DataDirect, WhatsUp Gold, Sitefinity, Flowmon, Corticon, MarkLogic and Semaphore. Semaphore is a semantic artificial intelligence platform.
Progress Software Corp. Announces Consolidated Earnings Results for the Fourth Quarter and Year Ended November 30, 2012; Provides Earnings Guidance for the First Quarter Ending February 28, 2013