Progress Software Q1 Profit Declines; Cuts FY14 Outlook - Quick Facts

(RTTNews) - Progress Software Corp. (PRGS) reported first-quarter net income of $11.1 million, or $0.21 per share, compared to $31.1 million, or $0.53 per share in the year-ago quarter.

Income from continuing operations for the latest first quarter was $11.1 million or $0.21 per share, compared to $9.8 million or $0.17 per share in the comparable quarter last year.

Excluding items, adjusted income from continuing operations for the first quarter rose to $14.6 million, or $0.28 per share from $13.9 million, or $0.24 per share in the prior year period.

Meanwhile, total revenue for the quarter declined 11% to $74.54 million from $83.73 million in the comparable quarter last year.

On average, four analysts polled by Thomson Reuters expected the company to earn $0.28 per share on revenue of $74.75 million for the first quarter. Analysts' estimates typically exclude special items.

Looking ahead to the second quarter, the company expects non-GAAP earnings to be between $0.32 per share to $0.35 per share and revenue to be between $78 million and $80 million. Analysts expect earnings of $0.35 per share on revenues of $82.19 million for the second quarter.

For the fiscal year 2014, the company lowered its non-GAAP earnings to a range of $1.37 per share to $1.43 per share from its prior range of $1.40 per share to $1.50 per share. Analysts currently expect fiscal year 2014 earnings of $1.38 per share.

The company lowered its revenue to a range of $331 million to $338 million from its prior range of $340 million to $350 million. Analysts now expect revenues of $329.05 million in fiscal year 2014.