October 1, 2015
Progress Reports 2015 Fiscal Third Quarter Results BEDFORD, Mass.--(BUSINESS WIRE)-- Progress (NASDAQ: PRGS), a global software company that simplifies and enables the development, deployment and management of business applications, today announced results for its fiscal third quarter ended August 31, 2015.
Revenue in the quarter was $94.6 million compared to $79.3 million in the same quarter last year, a year over year increase of 19% on an actual currency basis and 29% on a constant currency basis. On a non-GAAP basis, revenue was $100.7 million compared to $79.3 million in the same quarter last year.
Additional financial highlights included:
On a GAAP basis in the fiscal third quarter of 2015:
Revenue was $94.6 million compared to $79.3 million in the same quarter in fiscal year 2014;
Income from operations was $8.6 million compared to $19.4 million in the same quarter last year;
Net loss was $4.1 million compared to net income of $11.1 million in the same quarter last year; and
Diluted loss per share was $0.08 compared to diluted earnings per share of $0.22 in the same quarter last year.
On a non-GAAP basis in the fiscal third quarter of 2015:
Revenue was $100.7 million compared to $79.3 million in the same quarter last year;
Income from operations was $31.7 million compared to $29.6 million in the same quarter last year;
Operating margin was 31% compared to 37% in the same quarter last year;
Net income was $20.0 million, unchanged from the same quarter last year;
Diluted earnings per share was $0.39, unchanged from the same quarter last year; and
Free cash flow was $17.3 million compared to $23.8 million in the same quarter last year.
We achieved continued positive momentum in key areas of our business in the third quarter, said Phil Pead, President and CEO of Progress. OpenEdge continued to grow, with significant strength in enterprise sales. We achieved growth in our data business, and several of our Telerik solutions achieved record bookings for the quarter.
Other fiscal third quarter 2015 metrics and recent results included:
Cash, cash equivalents and short-term investments were $218.3 million;
Cash flows from operations were $19.3 million compared to $25.9 million in the same quarter in fiscal year 2014; and
DSO was 54 days, compared to 50 days in the fiscal second quarter of 2015.
Business Outlook
Progresss fiscal 2015 financial guidance includes the impact of the significant strengthening of the US dollar that began in late 2014 and is based on current exchange rates. The negative currency translation impact on Progresss 2015 business outlook compared to 2014 exchange rates is $25 - $26 million on non-GAAP revenue and $0.14 - $0.15 on non-GAAP earnings per share. To the extent that there are further changes in exchange rates versus the current environment, this may have an additional impact on Progresss business outlook.
Progress provides the following revised guidance for the fiscal year ending November 30, 2015:
Non-GAAP revenue is expected to be between $410 million and $415 million (previously $415-$425 million);
Non-GAAP earnings per share is expected to be between $1.51 and $1.55 (previously $1.45-$1.52);
Non-GAAP operating margin is expected to be approximately 29% (previously 28%);
Free cash flow is expected to be between $92 million and $95 million (unchanged); and
Non-GAAP effective tax rate is expected to be approximately 33% (unchanged).
Progress provides the following guidance for the fiscal fourth quarter ending November 30, 2015:
Non-GAAP revenue is expected to be between $113 million and $118 million; and
Non-GAAP earnings per share is expected to be between $0.47 and $0.51.
Share Repurchase Program
Progress also announced today that its Board of Directors has authorized a new $100 million share repurchase program. The timing and amount of any shares repurchased will be determined by management based on its evaluation of market conditions and other factors, and the Board of Directors may choose to suspend, expand or discontinue the repurchase program at any time.
Conference Call
The Progress quarterly investor conference call to review its fiscal third quarter of 2015 will be broadcast live at 5:00 p.m. ET on Thursday, October 1, 2015 and can be accessed on the investor relations section of the companys website, located at www.progress.com. Additionally, you can listen to the call by telephone by dialing 1-888-401-4669, pass code 2038969. The conference call will include brief comments followed by questions and answers. An archived version of the conference call and supporting materials will be available on the Progress website within the investor relations section after the live conference call.
Legal Notice Regarding Non-GAAP Financial Information
Progress provides non-GAAP financial information as additional information for investors. These non-GAAP measures are not in accordance with, or an alternative to, generally accepted accounting principles in the United States (GAAP). Progress believes that the non-GAAP results described in this release are useful for an understanding of its ongoing operations and provide additional detail and an alternative method of assessing its operating results. Management uses these non-GAAP results to compare the companys performance to that of prior periods for analysis of trends and for budget and planning purposes. A reconciliation of non-GAAP adjustments to the companys GAAP financial results is included in the tables below. Additional information regarding the companys non-GAAP financial information is contained in the companys Current Report on Form 8-K furnished to the Securities and Exchange Commission in connection with this press release, which is available on the Progress website at www.progress.com within the investor relation
Most recent headlines
04/08/2024
Dalet, a leading technology and service provider for media-rich organizations, is excited to announce Santiago Solanas as its new Chief Executive Officer (CEO)....
03/06/2024
Dalet, a leading technology and service provider for media-rich organizations, a...
28/04/2024
Mediahaus delivers the first SRT live-streaming sports production over 5G with U...
23/04/2024
Psychology can play an important role in helping us understand what audiences respond to (Dr Jon Roozenbeek, Cambridge Social Decision-Making Lab)
For newsroom...
23/04/2024
IN ADDITION TO FICTION AND DOCUMENTARY FEATURES, THE SELECTION INCLUDES:
PRO...
23/04/2024
Today, we announced our first quarter 2024 earnings. In a solid start to the year, Spotify reported
Monthly Active Users grew 19% Y/Y to 615 million.
Subscri...
23/04/2024
Idag publicerar Spotify sina finansiella resultat f r f rsta kvartalet 2024. ret har inletts stabilt:
M natliga aktiva anv ndare kade med 19 % j mf rt med f...
23/04/2024
In the last decade, as K-Pop cemented its status as a global phenomenon, Spotify has helped fans around the world keep their fingers on the pulse at every step ...
23/04/2024
Social entrepreneur Hedayat Osyan wins Les Murray Award for Refugee Recognition
23 April, 2024
Media releases
The prestigious award is now in its third yea...
23/04/2024
LONDON IBC is now accepting nominations for its IBC2024 Innovation Awards, which honor achievements in technological innovation and social impact media & entert...
23/04/2024
WASHINGTON, D.C. In response to the introduction of the Broadcast VOICES Act that seeks to encourage more diversity in the ownership of TV and radio stations, t...
23/04/2024
MIAMI, Fla. As part of a push to expand its FAST channel and streaming operations, Hemisphere Media Group has launched its free ad supported television (FAST) c...
23/04/2024
LOS ANGELES DirecTV is adding seven new channels to its rapidly expanding streaming lineup through new licensing agreements with Cineverse Corp. and Scripps Net...
23/04/2024
Entitled Our Creative Future, the manifesto calls for radical new action' t...
23/04/2024
The company has secured investment from private equity firm PAI Partners, which also holds a stake in outside broadcasting company EMG
By Jenny Priestley
Pub...
23/04/2024
Cameron also said he recognised Marlow as a potential UK and European base for his new company, LIGHTSTORM 3D
By Matthew Corrigan
Published: April 23, 2024 ...
23/04/2024
The five categories cover Content Creation, Content Distribution, Content Everywhere, Social Impact and Environment & Sustainability
By Matthew Corrigan
Publ...
23/04/2024
He played a central role in securing key broadcast rights, including the FIFA World Cup 2018 and 2022
By Matthew Corrigan
Published: April 23, 2024
He pla...
23/04/2024
IBC is preparing to honour the highest achievements in technological innovation and social impact with the launch of its prestigious IBC2024 Innovation Awards, ...
23/04/2024
BREA, Calif. Bolin Technology is integrating Network Device Interface (NDI) across its product line, bringing support for the latest NDI technologies to its PTZ...
23/04/2024
WYOMISSING, Pa. PENN Entertainment has announced that longtime Disney and ESPN executive Aaron LaBerge has been named chief technology officer effective July 1,...
23/04/2024
In response to an FCC ruling in March proposing a $1.2 million fine against Nexstar and a ruling that Mission Broadcasting sell WPIX, Nexstar has filled a respo...
23/04/2024
Sony has announced new details about how the National Hot Rod Association (NHRA) is using Sony's Ci Media Cloud platform to streamline its workflows and spe...
23/04/2024
Esports' rapid rise to popularity can be attributed to many factors, from technological advancements that have enhanced the quality of modern gaming experie...
23/04/2024
OpenDrives, Inc., the global provider of software-defined media workflow solutions and data management capabilities, has been selected as a winner in the 2024 N...
23/04/2024
BCNEXXT is pleased to announce that Vpe has won the 2024 NAB Show Product of the Year Award in the Asset Management, Automation and Playout category. The offici...
23/04/2024
Gravity Media, a world leading global provider of complex live creative production and media services, today outlined the broadcast technology and television pr...
23/04/2024
Scality, a global leader in cyber-resilient storage for the AI era, today announced the appointment of Peter Brennan as Chief Executive Officer (CEO) of Scality...
23/04/2024
Blackmagic Design today announced ATEM 1 M/E Constellation 4K and ATEM 2 M/E Constellation 4K switchers, two new Ultra HD models of the ATEM Constellation famil...
23/04/2024
Blackmagic Design today announced Blackmagic Videohub 120x120 12G, the newest model in the Videohub 12G router family. The massive Blackmagic Videohub 120x120 1...
23/04/2024
Blackmagic Design today announced new lower prices for Blackmagic Video Assist 3G and 12G models. Customers can save US$200 on all models. These lower prices ma...
23/04/2024
Adder Technology continues to shine brightly, with its groundbreaking product, the ADDERLink INFINITY 3000 (ALIF3000), once again taking center stage. Hot on t...
23/04/2024
Pliant Technologies' CRP-C12 Compact Radio Pack is an Audio Production, Processing and Networking category winner in the 2024 NAB Show Product of the Year A...
23/04/2024
SipRadius, the specialists in live media transport and transcoding, will showcase their world-leading implementation of AV1 and JPEG-XS over transport streams a...
23/04/2024
Composer Rafael Krux has added a Prism Sound Dream ADA-128 modular conversion system to his production studio where he creates music for commercials, trailers, ...
23/04/2024
PMC proudly provides the ultimate large-scale Dolby Atmos audio system for the legendary musician Steven Wilson at the High End, Munich. He will share his exten...
23/04/2024
Particles emitting from a 3D rotating shape's edge
Graham Quince April 22, 2024
0 Comments
In Fixin' FX, people send me their problematic proj...
23/04/2024
Hollyland Technology Announces a New Line of Video Transmitters: Introducing the...
23/04/2024
Charlotte Deleste, anchor at WISC Madison, Wisconsin, is leaving the station. Her final day on the air is April 24. Deleste has spent 18 years there....
23/04/2024
Top WNBA draft choice Caitlin Clark will appear on local broadcast for 17 games next season in a deal between Tegna and the Indiana Fever....
23/04/2024
The merger will provide vertical integration potential and enhanced product offerings to capture regional and international opportunities for revenue growth and...
23/04/2024
Abu Dhabi, 23 April, 2024 : Partnership delivers greater cybersecurity to Thura...
23/04/2024
Soccer's Appeal to Younger Audiences: Inside the Gamification of European Fo...
23/04/2024
With NBA and NHL Playoffs in Full Swing, Never a Dull Moment for TNT Sports Prod...
23/04/2024
NAB 2024: AT&T Business's Scott Beckett Details Transmission Firepower With ...
23/04/2024
NAB 2024: Manufacturers focus on cinematic look for live productions By George Bevir
Tuesday, April 23, 2024 - 10:40
Print This Story
With live sports pro...
23/04/2024
Save the Date: SVG Sports Content Management Forum Returns to NYC on July 24 By SVG Staff
Tuesday, April 23, 2024 - 4:05 pm
Print This Story | Subscribe
...
23/04/2024
Published On: April 23rd, 2024
data-orig-src=https://www.sgo.es/wp-content/upl...
23/04/2024
Rohde & Schwarz introduces new R&S SMB100B microwave signal generator for analog...
October 1, 2015
