Progress Software Corporation has boosted its revenue for the third quarter by 11%. For the quarter ended 31 August 2005, revenue was $99.5 million, up from $89.3 million in the third quarter of 2004. Software licence revenue increased 16% to $38 million, from $32.9 million in the same quarter last year.
On a generally accepted accounting principles (GAAP) basis, operating income increased 1% to $12.9 million from $12.7 million in the third quarter of 2004. Net income increased 57% to $13.4 million from $8.5 million in the same quarter last year. Diluted earnings per share increased 41% to 31c per share from 22c per share in the third quarter of 2004.
The company`s cash and short-term investments at the end of the quarter totalled $253 million.
"During the third quarter of 2005, in line with Progress internationally, we continued to see the benefits of our growth initiatives and significant increases in profitability," says Rick Parry, MD of Progress Software South Africa.
"Worldwide Progress`s newer companies now account for over 35% of licence revenue. Here in SA, Progress OpenEdge and Sonic Software are our most active divisions. Locally and internationally Progress Software is well positioned to deliver solid results as we approach 2006."
Highlights
* Executives from three operating divisions of Progress Software Corporation (PSC) were named winners of the Innovator 2005 awards by InfoWorld Media Group.
* Sonic Software announced that Sonic ESB and the Sonic SOA Suite have been named "the most powerful, flexible and scalable ESB" in a comprehensive ESB (enterprise service bus) product round-up by InfoWorld magazine.
* The Progress Real Time Division announced the Progress ESP Platform. As the industry`s first fully integrated, general purpose event stream processing (ESP) platform, Progress ESP delivers tools that allow business users to create applications that can monitor real-time event streams, detect and analyse event patterns, and take action in milliseconds.
* Stylus Studio announced the release of Stylus Studio 6 XML Enterprise Edition, the newest edition of the award winning Stylus Studio XML IDE. With new tools for Java code generation, EDI/EDIFACT document conversion, and XQuery application development among others, Stylus Studio 6 XML Enterprise Edition is a comprehensive tool for advanced XML data integration projects.
* Progress announced its membership of the Eclipse Foundation, an open source community committed to the implementation of a universal platform for the creation, integration and utilisation of software tools. Progress also announced the inclusion of Eclipse-based visual development tools in Progress OpenEdge 10.1 (now in beta) and current availability in the Progress Real Time Division product set.
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Progress Software South Africa is a subsidiary of US-based Progress Software Corporation, the world leader in the embedded database market. The company provides the underlying software technology and services required for successfully developing, deploying, integrating and managing e-business solutions. Progress actively pursues innovative technologies and new business opportunities that allow companies to make an effective transition to true e-business environments.
Progress`s OpenEdge platform enables its partners to deliver lowest cost-of-ownership applications that are rapidly implemented and easily integrated within and across the extended enterprise. The company`s extensive partner base includes more than 2 000 application partners and application service providers who supply more than $5 billion in Progress-based applications and services annually. Over 50 000 organisations across 100 countries - including 70% of the Fortune 100 - rely on Progress technology.
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