Progress Software Q1 Results Top Estimates; Cuts FY15 Outlook

(RTTNews) - Progress Software Corp. (PRGS) reported a net loss for the first quarter of $1.0 million or $0.02 per share, compared to net income of $11.1 million or $0.21 per share for the year-ago quarter.

Excluding items, adjusted net income for the first quarter was $15.1 million or $0.29 per share, compared to $14.6 million or $0.28 per share in the prior year quarter.

Revenue for the first quarter rose 9% to $81.4 million from $74.5 million a year ago, while adjusted revenue increased to $95.5 million from $74.5 million in the same quarter last year.

Analysts polled by Thomson Reuters expected the company to earn $0.24 per share on revenue of $94.18 million for the fourth quarter. Analysts' estimates typically exclude special items.

Looking forward to the second quarter, the company forecasts adjusted revenue of $97 million to $100 million and adjusted earnings of $0.29 to $0.32 per share. Analysts currently expect the company to earn $0.34 per share on revenue of $103.00 million for the second quarter.

For the fiscal year 2015, the company now forecasts adjusted revenue of $415 million to $425 million and adjusted earnings of $1.35 to $1.45 per share. Previously, the company forecast adjusted revenue of $425 million to $435 million and adjusted earnings of $1.37 to $1.47 per share.

Analysts currently expect the company to earn $1.44 per share on revenue of $427.20 million for the fiscal year 2015.