Enterprise software provider Progress software has reported revenues of $136.8m for the fourth quarter of 2009, a decrease by 2% compared to $139.4m for the same period last year. Software licenses revenue decreased by 7% to $52.0m from $56.1m.
For the fourth quarter ended November 30, 2009, operating income was $25.8m, an increase of 202% compared to $8.5m for the same period last year. Gross profit was down by 2% to $113.09m from $115.58m for the fourth quarter of 2008.
The company posted a net income of $16.7m for the fourth quarter of 2009, an increase of 158% compared to $6.5m for the same period last year. Earnings per share increased by 156% to $0.41 from $0.16.
For full fiscal year 2009, the company reported revenues of $494.1m, a decrease of 4% compared to $515.5m for the same period last year. Net income decreased by 29% to $32.6m from $46.3m.
Richard Reidy, president and CEO of Progress Software, said: “We exceeded our guidance for both revenue and earnings in our fiscal fourth quarter as a result of excellent customer wins along with well-managed expense management, despite the difficult economic environment.
“The Progress Apama and Actional product lines achieved double- and triple-digit growth respectively in the fiscal fourth quarter. Furthermore, we expect our newer product lines to continue on their significant growth path in 2010 achieving a greater than 20% increase in revenue; we also anticipate strong earnings overall for the year.”
The company expects the full fiscal year 2010 revenues to be in the range of $520m to $530m. It expects diluted EPS to be in the range of $1 to $1.25. For the first quarter of 2010, the company expects revenues to be in the range of $123m to $136m and diluted EPS to be in the range of loss of 18 cents to breakeven.
