Operating income was $7.2 million and represented a decrease of 35 percent over the same quarter last year. Net income was $5.7 million, down 41 percent from $9.6 million in the same quarter last year. Diluted earnings per share of 15 cents represented a decrease of 38 percent over the 24 cents achieved in the second quarter of 2000.
The company’s revenue and earnings were adversely affected by the strength of the U.S. dollar compared with the prior year. On a constant currency basis, revenue in the second quarter increased by 2 percent as compared to the second quarter of 2000.
During the second quarter, the company purchased approximately 530,000 shares of its stock at a cost of $7.2 million. Since beginning its share buy-back program in the first quarter of 1996, the company has purchased approximately 13.3 million shares of its common stock at a cost of $118 million. The company has approximately 9 million shares available to purchase under its current board authorized stock repurchase program.
We achieved sequential growth from Q1 to Q2, and we expect this growth to continue in the second half of this fiscal year, said Joseph Alsop, chief executive officer of Progress Software. Considering the current global economic climate, we regard this quarter’s performance as encouraging, and we are enthusiastic that our new operating company, Sonic Software, is showing robust growth.
SOURCE: COMPANY PRESS RELEASE
