Progress Software Q4 Profit Declines; Issues Q1, FY14 Outlook - Quick Facts

(RTTNews) - Progress Software Corp. (PRGS) reported fourth-quarter net income of $15.0 million, or $0.29 per share, compared to $36.0 million, or $0.57 per share in the year-ago quarter.

Income from continuing operations for the latest fourth quarter was $14.6 million or $0.28 per share, compared to $12.5 million or $0.20 per share in the comparable quarter last year.

Excluding items, adjusted income from continuing operations for the fourth quarter rose to $22.47 million, or $0.43 per share from $15.96 million, or $0.25 per share in the prior year period.

Meanwhile, total revenue for the quarter rose 5% to $90.98 million from $86.64 million in the comparable quarter last year.

On average, five analysts polled by Thomson Reuters expected the company to earn $0.41 per share on revenue of $90.84 million for the fourth quarter. Analysts' estimates typically exclude special items.

Looking ahead to the first quarter, the company expects non-GAAP earnings to be between $0.29 per share to $0.31 per share and revenue to be between $80 million and $82 million. Analysts expect earnings of $0.38 per share on revenues of $86.44 million for the first quarter.

For the fiscal year 2014, the company expects non-GAAP earnings to be between $1.40 per share to $1.50 per share and revenue to be between $340 million and $350 million. Analysts currently expect earnings of $1.56 per share on revenues of $349.10 million in fiscal year 2014.

Progress Software also announced that its Board of Directors has authorized a new $100 million share repurchase program.