September 25, 2014
Progress Software Reports 2014 Fiscal Third 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 third quarter ended August 31, 2014.
Revenue from continuing operations was $79.3 million compared to $77.6 million in the same quarter last year, a year over year increase of 2% on an actual currency basis, and flat on a constant currency basis.
Additional financial highlights included:
On a GAAP basis in the fiscal third quarter of 2014:
Income from operations was $19.4 million compared to $9.7 million in the same quarter last year;
Income from continuing operations was $11.1 million compared to $7.2 million in the same quarter last year;
Net income was $11.1 million compared to $24.8 million in the same quarter last year; and
Diluted earnings per share from continuing operations was $0.22 compared to $0.13 in the same quarter last year.
On a non-GAAP basis in the fiscal third quarter of 2014:
Income from operations was $29.6 million compared to $21.4 million in the same quarter last year;
Operating margin was 37% compared to 28% in the same quarter last year;
Income from continuing operations was $20.0 million compared to $14.7 million in the same quarter last year; and
Diluted earnings per share from continuing operations was $0.39 compared to $0.27 in the same quarter last year.
Phil Pead, CEO at Progress, said, We are pleased with our results for our third quarter. Our OpenEdge revenue growth and the continued momentum with our Pacific Platform reinforce the value that our technologies deliver to customers and partners. With another solid quarter, and the increased focus from our newly-created business units, Progress remains well positioned to achieve our goal of becoming the preferred destination for application developers.
Other fiscal third quarter 2014 metrics and recent results included:
Cash, cash equivalents and short-term investments were $261.3 million;
Cash inflows from operations were $25.9 million compared to cash outflows from operations of $1.9 million in the same quarter in fiscal year 2013;
DSO was 66 days, compared to 65 days in the fiscal second quarter of 2014; and
Under the previously announced authorization by the Board of Directors to repurchase up to $100 million of common stock, the company has repurchased 2.3 million shares for $52.6 million as of August 31, 2014.
In addition, during the third quarter of fiscal year 2014, Progress announced that it is making strategic changes to its organization to provide greater focus and agility in the delivery of next generation application development, deployment and integration solutions. Effective September 1, 2014, Progress began operating as three distinct business units: OpenEdge, Application Development and Deployment, and Data Connectivity and Integration, each with dedicated sales, product management and product marketing functions. These changes are designed to enable the business to better deliver against the fast paced requirements in the on-premise and cloud application development and data connectivity and integration markets.
Business Outlook
Progress Software provides the following guidance for the fiscal year ending November 30, 2014:
Revenue is expected to be between $331 million and $335 million;
Non-GAAP earnings per share is expected to be between $1.47 and $1.50;
Non-GAAP operating margin is expected to be approximately 34%;
Free cash flow is expected to be between $79 million and $81 million; and
Non-GAAP effective tax rate is expected to be between 32% and 33%.
Progress Software provides the following guidance for the fourth fiscal quarter ending November 30, 2014:
Revenue is expected to be between $96 million and $100 million; and
Non-GAAP earnings per share is expected to be between $0.44 and $0.47.
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 third quarter of 2014 will be broadcast live at 5:00 p.m. ET on Thursday, September 25, 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 1-888-395-3227, pass code 2611858. 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 i
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September 25, 2014
