UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington D.C., 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 12, 2008
Progress Software Corporation
(Exact name of registrant as specified in its charter)
Commission file number: 0-19417
| Massachusetts (State or other jurisdiction of incorporation or organization) |
04-2746201 (I.R.S. employer identification no.) |
14 Oak Park
Bedford, Massachusetts 01730
(Address of principal executive offices, including zip code)
Bedford, Massachusetts 01730
(Address of principal executive offices, including zip code)
(781) 280-4000
(Registrant’s telephone number, including area code)
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 7.01. | Regulation FD Disclosure. |
The
management of Progress Software Corporation is making a presentation at the Company’s 2008 Industry
and Investor Analyst Conference on February 12, 2008. Attached as Exhibit 99.1 to this Current
Report on Form 8-K is a copy of the slide presentation to be made by Progress Software Corporation at the
conference.
This information is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed
to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liabilities of that section and will not be incorporated by reference into
any registration statement filed by the Company under the Securities Act of 1933, as amended,
unless specifically identified as being incorporated therein by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: February 12, 2008 | Progress Software Corporation |
|||
| By: | /s/ Norman R. Robertson | |||
| Senior Vice President, Finance and | ||||
| Administration and Chief Financial Officer |
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Exhibit 99.1
| Progress Software Corporation Financial Overview Industry and Financial Analyst Conference 2008 Bud Robertson Senior Vice President, Finance and Administration Chief Financial Officer |
| FY06 FY07 FY08 FY06 FY07 FY08 FY06 FY07 FY08 FY06 FY07 FY08 FY06 104 110 111 122 FY07 115 120 122 137 FY08 122 Q1 Q4 Q3 Q2 Progress Software Corporation Quarterly Revenue Growth: 11% 9% 12% 13% 6% 9% * Per Analysts Estimates obtained from First Call * 9% 12% 6% * |
| Progress Software Corporation Geographic Revenue Analysis Latin America North America EMEA Asia/Pacific %Revenue 6 42 46 6 % Revenue EMEA 46% Asia/Pacific 5% North America 43% Latin America 6% FY07 Latin America North America EMEA Asia/Pacific %Revenue 6 45 43 6 % Revenue EMEA 44% Asia/Pacific 5% North America 46% Latin America 5% FY06 |
| FY06 FY07 FY08 FY06 FY07 FY08 FY06 FY07 FY08 FY06 FY07 FY08 FY06 0.3 0.34 0.37 0.35 FY07 0.37 0.41 0.44 0.54 FY08 0.41 Progress Software Corporation Non-GAAP Earnings Per Share** Growth: 15% (3%) 12% (8%) 23% 21% 19% Q1 Q4 Q3 Q2 54% 11% * * *Per Analysts Estimates obtained from First Call **Non-GAAP operating income excludes amortization of acquired intangibles, in-process research and development, other acquisition related expenses, stock-based compensation and tax benefit. See reconciliation to GAAP results on our Web site. |
| FY05 FY06 FY07 FY08 FY05 405 FY06 447 FY07 494 FY08 521 FY05 FY06 FY07 FY08 FY05 1.32 FY06 1.36 FY07 1.74 FY08 1.94 Total Annual Revenue Non-GAAP EPS** 10% Growth: 5% Growth: 29% * * *Per Analysts Estimates obtained from First Call **Non-GAAP operating income excludes amortization of acquired intangibles, in-process research and development, other acquisition related expenses, stock-based compensation and tax benefit. See reconciliation to GAAP results on our Web site. * 11% * Progress Software Corporation Annual Revenue and Non-GAAP EPS 10% 4% |
| Progress ObjectStore Sonic xxx %Revenue 95 0 5 Progress ObjectStore Sonic xxx %Revenue 95 0 5 Progress Software Corporation Product Line Growth Strategy OpenEdge EID DataDirect %Revenue 71 15 14 % Revenue FY07 % Revenue OpenEdge 95% Sonic 5% OpenEdge 68% DataDirect 15% FY02 SOA 17% Infrastructure $494M $273M |
| Progress Software Corporation 21% Growth 15-25% Growth Progress Enterprise Infrastructure FY07 FY08* $83M Revenue $95-104M Revenue 19% Growth 10-15% Growth DataDirect Technologies FY07 FY08* $74M Revenue $81 - 85M Revenue Progress OpenEdge $337M Revenue 6% Growth 1 - 3% Growth FY07 FY08* $340 - 345M Revenue *Per Company Guidance |
| Progress Software Corporation Balance Sheet ~ Recent Results Nov 30, 2007 Nov 30, 2006 Cash $340M $241M Long Term Debt $1.4M $1.7M DSO 62 61 |
| Progress Software - Investment Profile SOA businesses maintain double digit growth, with increasing impact on overall growth Additional breakout opportunities in emerging markets for Apama and DataXtend SI Durable and very profitable franchises with OpenEdge and DataDirect Solid track record of consistent growth and profitability And... the financial resources to make it happen |
