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, announced today that its
preliminary revenue and non-GAAP earnings per share for the fiscal first
quarter ending February 28, 2014 are lower than guidance.
Based on preliminary financial data, Progress expects fiscal first
quarter revenue to be between $74 million and $75 million and non-GAAP
diluted earnings per share to be between $0.27 and $0.28. Progress
expects GAAP earnings per share to be between $0.21 and $0.22. Non-GAAP
earnings per share excludes the amortization of acquired intangibles,
stock-based compensation, acquisition related expenses and restructuring
expenses. These preliminary financial results are subject to revision
until the Company reports its full fiscal first quarter results on March
27, 2014.
On January 9, 2014, Progress provided guidance for the first quarter of
fiscal 2014 of revenue between $80 million and $82 million, non-GAAP
diluted earnings per share between $0.29 and $0.31 and GAAP diluted
earnings per share between $0.19 and $0.21.
Phil Pead, president and chief executive officer at Progress Software,
said: "Revenue this quarter fell short of our expectations, primarily
due to lower license sales where the timing of deal closures shifted out
of the first quarter. While we are disappointed with our execution in
the first quarter, we remain confident in our strategy and the value our
products provide to our partners and customers."
Progress to Host Second Quarter Conference Call on March 27, 2014
The Company will release full results for its fiscal first quarter
ended February 28, 2014 after the market close on Thursday, March 27,
2014. Details regarding the call will follow in a press release to be
issued prior to the call.
Note Regarding Forward-Looking Statements
This press release contains estimates for the first quarter and
forward-looking statements. Actual results may differ from those
indicated as a result of finalization of first quarter financial
statements as well as other risks and uncertainties, including those
described from time to time in reports filed by Progress Software with
the Securities and Exchange Commission. Progress Software undertakes no
obligation to update information contained in this release. For further
information regarding risks and uncertainties associated with the
Company's business, please refer to the Company's filings with the
Securities and Exchange Commission.
About Progress Software Corporation
Progress
Software Corporation (NASDAQ: PRGS) is a global software company
that simplifies the development, deployment and management of business
applications on-premise or in the cloud, on any platform or device, to
any data source, with enhanced performance, minimal IT complexity and
low total cost of ownership. Progress Software can be reached at www.progress.com
or 1-781-280-4000.
Progress Software is a trademark or registered trademark 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.
Progress Software
Investor Contact:
Brian Flanagan, +1
781-280-4817
flanagan@progress.com
or
Progress
Software
Press Contact:
Rick Lacroix, +1 781-280-4604
rlacroix@progress.com
Source: Progress Software Corporation
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