Progress Software Corp, the Bedford, Massachusetts-based supplier of application development tools and services, has reported third-quarter net income up 34% at $8.3m on revenue up $18% at $70.2m. Earnings per share for the quarter rose 39% to $0.43, beating the consensus estimate of analysts surveyed by First Call by $0.04. For the nine-month period, net income rose 61% to $23.2m on revenue up 22% at $208.1m. Earnings per share for the period rose 59% to $1.19. The company says the top line was adversely affected by a strong dollar and boasts revenue growth of 22% in constant currency. Cash and short-term investments totaled $130.4m at the end of the quarter, up from $114m a year ago.
