Progress Software has continued its unbroken run of positive results with an 11% increase in revenues for its first quarter ended 28 February. The company reported revenues of $71.8 million, up from $64.5 million in the same quarter last year.
Operating income was $5.3 million (including a charge of $0.2 million for in-process research and development related to the acquisition of eXcelon), representing an increase of 61% over the same quarter last year. Net income was $4.2 million, up 72% from $2.5 million in the same quarter last year. Diluted earnings per share of 12c represented an increase of 100% over the 6c achieved in the first quarter of 2002.
"This is Progress`s fifth straight quarter of EPS growth and seventh straight quarter of year-over-year revenue growth," comments Rick Parry, MD of Progress South Africa. "This is a major achievement, given the parlous state of many other software and IT companies.
"Our local operation continues to track Progress`s success overall, having enjoyed sustained growth over the last three years. All the fundamentals are in place, including steady growth in our new concept of software as a service (also known as ASP), a strong sales pipeline, and major sales in our SonicMQ business. We are also laying the foundation for the deployment of the recently acquired eXcelon product range in SA, and despite the overall market slowdown, we`re very confident of making our targets again this year."
Progress is to continue investing in the Sonic product line and PeerDirect, which serve critical needs in high-growth markets, says Parry, along with the traditional Progress OpenEdge aspect of its business.
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