Business solutions group Progress Software has reported first-quarter net income of $4.2 million, up 72% from the same quarter a year previously.
<B>Salient figures</B>
Progress Software results for the quarter to 28 February 2003.
Year-earlier figures in parentheses, move in square brackets:
Revenue: $71.82m ($64.48m) [+11%]
Income from operations: $5.26m ($3.27m) [+61%]
Income before provision for income taxes: $6.05m ($3.52m) [+72%]
Net income: $4.24m ($2.46m) [+72%]
Basic EPS: $0.13 ($0.07) [+86%]
Diluted EPS: $0.12 ($0.06) [+100%]
Current assets: $240.68m ($244.83m)
Cash and short-term investments: $168.77m ($177.19m)
Current liabilities: $140.21m ($117.2m)
Operating income of $5.3 million, including a charge of $0.2 million for research and development related to the acquisition of eXcelon, was 61% higher than in the year-earlier quarter. Diluted earnings per share (EPS) for the quarter to 28 February doubled from 6c to 12c.
"This is Progress`s fifth straight quarter of EPS growth and seventh straight quarter of year-over-year revenue growth," says Progress SA MD Rick Parry. "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 completed the $24 million acquisition of eXcelon, an XML and data management software company, in December.
eXcelon has more than 4 000 customers worldwide in industries such as telecommunications, financial services, retail and manufacturing.
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