Company to Report Full Fiscal Q3 2011 Results on September 27, 2011
BEDFORD, Mass.--(BUSINESS WIRE)--
Progress
Software Corporation (NASDAQ: PRGS), a leading software provider
that enables enterprises to be operationally
responsive announced today that its preliminary revenue and earnings
per share for the fiscal third quarter ending August 31, 2011 are lower
than guidance.
Based on preliminary financial data, Progress expects fiscal third
quarter GAAP and non-GAAP revenue to be approximately $128 million, GAAP
diluted earnings per share to be between 10 cents and 12 cents and
non-GAAP diluted earnings per share to be between 27 cents and 29 cents.
The non-GAAP amounts primarily exclude the amortization of acquired
intangibles, stock-based compensation and restructuring and transition
costs. These preliminary financial results are subject to revision until
the Company reports its full fiscal third quarter results on September
27, 2011.
Richard D. Reidy, president and chief executive officer of Progress
Software, said: "Our revenue this quarter fell short of our expectations
primarily due to underperformance in the Enterprise Business Solutions
(EBS) segment. Over the last year we have made many improvements in our
field organization, but some programs are taking longer than expected to
deliver results. In addition, during the quarter we saw several
customers — especially in financial services — delay decisions on large
software purchases. We have made changes in the regional sales
leadership during the quarter to improve sales focus and accelerate the
closure of existing opportunities in the sales pipeline. Our earnings
were also below guidance, primarily because of the aforementioned
revenue shortfall and employee separation costs recorded during the
quarter."
Reidy further stated: "Our Application Development Platforms (ADP) and
Enterprise Data Solutions (EDS) segments both delivered revenues that
came in above our expectations."
On June 29, 2011, Progress provided guidance for the third quarter of
fiscal 2011 of GAAP and non-GAAP revenue between $133 million and $136
million, GAAP diluted earnings per share between 20 cents and 24 cents
and non-GAAP diluted earnings per share between 34 cents and 36 cents.
Progress to Host Third Quarter Conference Call on September 28, 2011
The Company will release full results for its fiscal third quarter ended
August 31, 2011, after the market close on Tuesday, September 27, 2011.
Progress will provide a copy of prepared conference call remarks in
combination with its press release. This process and these remarks are
offered to provide shareholders and analysts additional time and detail
for analyzing Progress's results. The remarks will be available in the
Investor Relations section of Progress' Website in conjunction with the
press release.
The earnings conference call will begin on Wednesday, September 28,
2011, at 9:00 a.m. ET and will include brief comments from executives
followed by questions and answers. The prepared remarks will not be read
on the call. To access the live broadcast, please visit the Investor
Relations section of Progress's Website at www.progress.com.
Progress Software Corporation
Progress Software Corporation (NASDAQ: PRGS) is a global software
company that enables enterprises to be operationally responsive to
changing conditions and customer interactions as they occur — to
capitalize on new opportunities, drive greater efficiencies and reduce
risk. The company offers a comprehensive portfolio of best-in-class
infrastructure software spanning event-driven visibility and real-time
response, open integration, data access and integration, and application
development and deployment — all supporting on-premises and SaaS/Cloud
deployments. Progress Software maximizes the benefits of operational
responsiveness while minimizing IT complexity and total cost of
ownership. Progress Software can be reached at www.progress.com
or +1-781-280-4000.
Note Regarding Forward-Looking Statements
This press release contains estimates for the third quarter and
forward-looking statements. Actual results may differ from those
indicated as a result of finalization of third 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.
Progress Software Corporation
Investor Relations:
Tom
Barth, 781-280-4135
tobarth@progress.com
or
Press
Relations:
John Stewart, 781-280-4101
jstewart@progress.com
Source: Progress Software Corporation
News Provided by Acquire Media
