Progress Software has announced a 9% increase in its revenue for the second quarter ended 31 May, to $109.6 million from $100.2 million in the second quarter of fiscal 2005.
Software licence revenue increased 11% to $41.4 million from $37.2 million in the same quarter last year.
"Progress continues to grow organically and through acquisition," notes Rick Parry, MD of Progress Software South Africa. "In line with this, our DataDirect and Sonic and Real Time product lines delivered solid revenue increases in the second quarter. Our OpenEdge product line contributed positive software licence revenue growth as well as positive total revenue growth.
"Every year, South Africa performs at least as well as or even better than the company as a whole," adds Parry, "and this year has been no exception. For the first six months of the year, software licence revenue has grown 18% year on year."
Progress Software`s cash and short-term investments at the end of the quarter totalled $227 million. During the second quarter, the company bought 351 000 shares of its stock at a cost of $9.3 million.
Progress`s audit committee is conducting a review of the company`s option grant activity going back to fiscal 1996. Because this option review is not yet complete and its impact on the stock-based compensation charges and related tax matters in the company`s results of operations has not yet been determined, the company has stated that it is not in a position to provide its GAAP or non-GAAP earnings for the second quarter.
Highlights
* Progress Software announced a significant breakthrough in remote store automation with the deployment of item-level RFID (radio frequency identification) in an SOA (service-oriented architecture) suite of applications. Progress customer and the Netherlands` largest book retailer, Boekhandels Groep Nederland (BGN), is launching two new, fully automated "SmartStores" that combine item-level RFID tagging and SOA to deliver a tightly integrated "warehouse-to-consumer" supply chain. http://www.progress.com/selexyz
* Sonic Software introduced Sonic ESB 7.0. This release includes a new Eclipse-based workbench that accelerates the modelling, configuration, testing and deployment of projects across large-scale, distributed SOA environments. In addition, Sonic ESB 7.0 introduces an enterprise-grade implementation of the advanced Web services standards necessary for mission-critical SOA deployments. http://www.progress.com/sonic_7
* Progress Software announced Progress Apama Dashboard Studio, a richly featured business activity monitoring (BAM) dashboard design and execution environment for the Progress Apama Event Stream Processing platform. http://www.progress.com/progress_apama_dashboard
* Progress announced that Kaman Industrial Technologies has selected the Progress EasyAsk B2B eCommerce intelligent search, navigation and online merchandising technology for use in its commerce Web site (www.kamandirect.com). One of North America`s largest distributors of bearings, power transmission, electrical and motion control products, Kaman will now offer enhanced search capabilities that provide a more intuitive, precise navigation of their online catalogue. http://www.progress.com/kaman
Significant customer wins in the second quarter included American Financial Group, Angoss Software, Bare Escentuals, Baton Rouge Area Foundation, Carrot Communications ASA, Charles River Development Center, Conglobal Industries, Department of the Army, Exelon Corporation, First Health, Fox Broadcasting, GHIS Comercio de Veiculos, GXS, Lan Airlines, Lincoln Financial, Matria Healthcare, Photoworks, Phytel, Puerto Rico Telephone, Savista Corporation, Southwest Florida Water Management, Spokane School Districts, Springfield Public Schools, Tedesco, United Wisconsin Insurance, USinternetwork, Verimatrix, Wayport and Zions Bancorp.
Significant existing partners and customers adopting new technology from Progress, or making substantial additional deployments of Progress technology, included: Alcoa Global Fasteners, American Airlines, AT&T, ATOS Origin, Bank of New York, Bayer Healthcare, Casa de Moneda de Mexico, Cendant, Conseco, Cooperativa Mista Agraria, D&H Distribution, Dietrich Industries, Duke University Medical Center, Embarq Communications, Fidelity Investments, Financiera Compartamos, Fujitsu Transaction Solutions, GE Healthcare, Kronos, Marks and Spencer, MD Management, Microstrategy, New Jersey Manufacturers, QVC, SeeBeyond, Sempra, Severn Trent and Water, Sonus, State of Idaho, State of South Carolina, TRW Automotive, University of Arizona and Wear Me Apparel Corporation.
Revenue is expected to be in the range of $110 million to $112 million for the third quarter ended 31 August 2006; and $442 million to $448 million for the fiscal year ended 30 November 2006.
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