March 27, 2014
Progress Software Reports 2014 Fiscal First Quarter Results BEDFORD, Mass.--(BUSINESS WIRE)-- Progress Software Corporation (NASDAQ: PRGS), a global software company that simplifies and enables the development, deployment and management of business applications, today announced results for its fiscal first quarter ended February 28, 2014.
Revenue from continuing operations was $74.5 million compared to $83.7 million in the same quarter last year, a year over year decrease of 11% on an actual currency basis and 10% on a constant currency basis.
Additional financial highlights included:
On a GAAP basis in the fiscal first quarter of 2014:
Income from operations was $14.0 million compared to $15.8 million in the same quarter last year;
Income from continuing operations was $11.1 million compared to $9.8 million in the same quarter last year;
Net income was $11.1 million compared to $31.1 million in the same quarter last year; and
Diluted earnings per share from continuing operations was $0.21 compared to $0.17 in the same quarter last year.
On a non-GAAP basis in the fiscal first quarter of 2014:
Income from operations was $21.4 million compared to $21.6 million in the same quarter last year;
Operating margin was 29% compared to 26% in the same quarter last year;
Income from continuing operations was $14.6 million compared to $13.9 million in the same quarter last year; and
Diluted earnings per share from continuing operations was $0.28 compared to $0.24 in the same quarter last year.
Phil Pead, president and CEO, Progress Software, said, While our first quarter financial results fell short of our expectations, we remain confident in our strategy and in the value that our technologies provide to customers and partners. We continue to invest in our business as we review areas where we can improve our execution. We remain committed to creating shareholder value and achieving our goal of becoming a leading PaaS and on-premise solutions provider.
Other fiscal first quarter 2014 metrics and recent results included:
Cash, cash equivalents and short-term investments were $248.0 million;
Cash inflows from operations were $25.4 million compared to cash outflows from operations of $25.1 million in the same quarter in fiscal year 2013;
DSO was 71 days, compared to 65 days in the fiscal first quarter of 2013; and
Under the previously announced authorization by the Board of Directors to repurchase up to $100 million of common stock, the company has repurchased 0.4 million shares for $9.8 million as of February 28, 2014.
Business Outlook
Progress Software provides the following revised guidance for the fiscal year ending November 30, 2014:
Revenue is expected to be between $331 million and $338 million;
Non-GAAP earnings per share is expected to be between $1.37 and $1.43;
Non-GAAP operating margin is expected to be between 33% and 34%;
Free cash flow is expected to be between $79 million and $83 million; and
Non-GAAP effective tax rate is expected to be between 32% and 33%.
Progress Software provides the following guidance for the second fiscal quarter ending May 31, 2014:
Revenue is expected to be between $78 million and $80 million; and
Non-GAAP earnings per share is expected to be between $0.32 and $0.35.
Free cash flow is equal to cash flows from operating activities less purchases of property and equipment and capitalized software development costs.
Conference Call
The Progress Software quarterly investor conference call to review its fiscal first quarter of 2014 will be broadcast live at 5:00 p.m. ET on Thursday, March 27, 2014 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 1-888-364-3108, pass code 8316528. 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 Software website within the investor relations section after the live conference call.
Legal Notice Regarding Non-GAAP Financial Information
Progress Software 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 Software 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 relations section.
Note Regarding Forward-Looking Statements
This press release contains statements that are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Progress has identified some of these forward-looking statements with words like believe, may, could, would, might, should,expect, intend, plan, target, anticipate and continue, the negative of these words, other terms of similar meaning or the use of future dates.
Forward-looking statements in this press release include, but are not limited to, statements
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March 27, 2014
