Enterprise software provider Progress software has reported revenue of $127.5m for the first quarter of 2010, an increase of 6% compared to $120.9m for the same period last year. Software license revenue increased 3% to $47.1m from $45.9m.
For the fourth quarter ended November 30, 2009, operating loss was $4.4m as compared to an operating profit of $4.7m in the first quarter of fiscal 2009.
The company posted a net loss of $1m for the first quarter of 2010, compared to a net income of $3.7m for the same period last year. Earnings per share represented a loss of $0.2 compared to $0.9 for the first quarter of fiscal 2009.
The results include a restructuring charge of $25.8 m taken in connection with the previously announced restructuring of the company’s operations.
Richard Reidy, president and CEO of Progress Software, said: “We grew top line non-GAAP revenue by 5% and non-GAAP earnings per share by 36% during the quarter while increasing revenue in our enterprise business solutions portfolio by more than 25% year over year.
“More recently, the company announced the Progress Responsive Process Management (RPM) suite, a next generation business solution that better positions Progress to market and sell solutions to a broader market segment, comprising both its traditional IT target audience and business user segments.”
The company expects full fiscal year 2010 revenues to be in the range of $539m to $549m and diluted EPS to be in the range of $1.05 to $1.17. For the second quarter of 2010, the company expects revenues to be in the range of $128m to $132m and diluted EPS to be in the range of $0.3 to $0.33.
