Progress Software Corporation has reported a net income of $11.67m for fiscal fourth quarter ended November 30, 2011, a decrease of 45 percent, compared to $21.27m for the same period in 2010.

The company posted total operating expenses of $90.95m for the fourth quarter of 2011, an increase of five percent, compared to $86.96m for the same period in 2010. Gross profit was $110.14m for the fourth quarter of 2011, a decrease of eight percent, compared to $119.8m for the same period in 2010.

Total revenue was $136.34m for the fourth quarter of fiscal 2011, a decrease of six percent, compared to $145.18m for the same period of in 2010. Diluted earnings per share were $0.18 and $0.31 for the fiscal fourth quarter in 2011 and 2010 respectively.

For the fiscal year ended November 30, 2011, net income was $58.76m, an increase of 21 percent, compared to $48.57m for the same period in 2010.

The company posted total operating expenses of $342.07m, for the fiscal 2012, a decrease of six percent compared to $362.12m for the same period in 2010. Gross profit was $430.3m, an increase of zero percent, compared to $429.79m for the same period in 2010.

Total revenue was $533.59m for the fiscal fourth quarter of 2011, an increase of one percent, compared to $529.12m for the same period in 2010.

Jay Bhatt, president and CEO of Progress Software, said: “The results for the fourth quarter met expectations, but they reflect challenges the company is facing in its ongoing transformation.

“We continue our investments in the EBS business segment as we enter 2012, and are optimistic about our growth potential in the second half of the year as more and more business leaders see how our offerings can increase their operational responsiveness. Progress is well positioned to be the leader in the emerging intelligent business operations segment.”

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Source:http://www.infogrok.com/index.php/technology-companies/progress-software-q4-net-income-down-45.html

Progress Software Corp. (PRGS) said Tuesday its fourth-quarter profit plunged 45 percent from last year due mainly to a six percent decline in revenues. Nevertheless, adjusted earnings which exclude items topped Wall Street estimates, as did sales.

Looking ahead to the first quarter, Progress has detailed a weak outlook, with both adjusted earnings and revenue indicated to miss Street expectations. PRGS stock lost more than 7.5 percent in extended session on the Nasdaq, following the news.

The Bedford, Massachusetts-based company reported fourth-quarter net income of $11.7 million or $0.18 per share, compared to $21.3 million or $0.31 per share last year.

Excluding items, non-GAAP earnings for the quarter was 21.5 million or $0.34 per share, compared to $32.2 million or $0.47 per share a year ago.

On average, five analysts polled by Thomson Reuters expected earnings of $0.33 per share for the quarter. Analysts’ estimates typically exclude special items.

Progress reported fourth-quarter revenue of $136.3 million, a 6 percent decline from $145.2 million last year. Wall Street analysts expected sales for $133.54 million for the quarter.

CEO Jay Bhatt said the results reflect challenges the company is facing in its ongoing transformation. He said the company is continuing investments in the Enterprise Business Solutions segment and expects growth in the second half 2012.

During the quarter, the company purchased $65 million of its common stock, and also closed the purchase of Corticon Technologies Inc., a Business Rules Management System vendor.

Progress sees first-quarter adjusted earnings of $0.25 per share and adjusted revenues of $120 million – a year-over-year decline of about 40 percent and 10 percent respectively.

Street analysts currently expect earnings of $0.38 per share and revenues of $132.04 million.

PRGS closed Tuesday’s trade at $19.80, up $0.45 or 2.33%, on the Nasdaq. In after hours, the stock dropped $1.50 or 7.58%.

Source:http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=201201031841rttraderusequity_1032&title=progress-software-profit-tumblesdetails-weak-q1-outlookstock-down-update

Progress Software Corporation PRGS -3.21% , a leading software provider that enables companies to be operationally responsive, announced it has named Henry Hicks as Industry Vice President, Supply Chain. A long-time advocate for the optimization of the virtual supply chain, Hicks will drive the market strategy and solution development for Progress Software’s global Supply Chain Practice, helping customers gain real-time foresight into disruptions and offering them the ability to conquer supply chain complexity and meet service level agreements.

Hicks’ unparalleled expertise in sales and marketing strategy and supply chain management has been honed through a breadth of strategic positions. Recently, Hicks was the Vice President of Worldwide Services Sales and Marketing for Lenovo Computers and was responsible for long-term growth strategies and overall sales performance of the division. Prior to Lenovo, Hicks was a Vice President at Capgemini Consulting and led the West Supply Chain Practice, where he advised clients on how to optimize and virtualize their supply chains. He has also held key roles with Deloitte, Dell, Frito Lay and UPS.

Jay Bhatt, president and chief executive officer, Progress Software said: “Business leaders need real visibility to mitigate risks and take quick, decisive actions, and the supply chain presents an enormous opportunity to realize these benefits. Hicks’ expertise and leadership will help Progress customers deploy supply chain technologies that enable them to become more operationally responsive and build market share.”

Hicks earned his bachelor’s degree in Operations Management from Auburn University and his master’s of business administration from Emory University.

About Progress Software Corporation

Progress Software Corporation PRGS -3.21% is an independent enterprise software company that enables businesses to be operationally responsive to changing conditions and customer interactions as they occur — to capitalize on new opportunities, drive greater efficiencies and reduce risk. The company offers a comprehensive portfolio of best-in-class enterprise software spanning event-driven visibility and real-time response, open integration, data access and integration, and application development and deployment — all supporting on-premises and SaaS/Cloud deployments. Progress maximizes the benefits of operational responsiveness while minimizing IT complexity and total cost of ownership. Progress can be reached at www.progress.com or +1-781-280-4000.

Progress and Progress Software are trademarks or registered trademarks of Progress Software Corporation and/or its subsidiaries or affiliates in the U.S. and other countries. Any other names contained herein may be trademarks of their respective owners.

Source:http://www.marketwatch.com/story/progress-software-names-henry-hicks-supply-chain-industry-vice-president-2011-12-28