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June 23, 1997updated 05 Sep 2016 12:09pm


By CBR Staff Writer

Progress Software Corp, Bedford, Massachusetts supplier of application development tools, reported second-quarter net income of $2m, or $0.16 per share, on revenue up 8% at $44.8m, a significant increase over net income of $155,000 a year ago. The $0.16 per share hit First Call’s estimate on the head. During the quarter, the company shipped the latest version of its flagship application development and deployment environment, Progress version 8.2, but the launch was too late in the quarter too see any real revenues from it. The company also launched the second version of its web-based development tool, WebSpeed 2.0 last week (CI No 3,183). Midterm net income was down 12% at $4m on revenue that was essentially flat at $90.2m. Earnings per share for the first six months slipped 9% to $0.31. Analysts expect $0.14 a share for next quarter.

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