Shares of Progress Software Corporation (NASDAQ: PRGS), a global enterprise software company offering a portfolio of real-time software solutions, are soaring in trading today after the company reported its fourth-quarter financial results.
For the fourth quarter ended November 30, 2012, Progress Software reported revenue from continued and discontinued operations of $121.7 million, compared to $136.3 million reported for the same period in the previous year. The company’s non-GAAP earnings per share for the quarter were $0.42, compared to $0.34 reported for the same period in the previous year.
PRGS reported consolidated revenue of $91.3 million for the quarter, down 2% over the same period in the previous year. Consolidated revenue excludes revenues from discontinued operations. The company’s income from operations for the quarter was $16.9 million, compared to $28.4 million reported for the same period in the previous year. Income from continuing operations for the quarter was $11.6 million, compared to $17.2 million reported for the same period in the previous year.
On a consolidated basis, PRGS reported diluted earnings per share from continuing operations of $0.18, compared to $0.27 reported for the same period in the previous year. Non-GAAP diluted earnings per share from continuing operations for the quarter was $0.23, compared to $0.36 reported for the same period in the previous year.
Phil Pead, President and CEO of Progress Software, overall, the company is pleased with its performance in the fiscal fourth quarter. Pead said that during the quarter, the company remained focused on executing its strategic plan and now enters 2013 with substantially all non-core assets divested. Pead added that the company’s focus in 2013 is to improve its operating margins, build the foundation for future revenue growth by expanding the functionality of its existing solutions and begin to leverage its core competencies to enable application development using its platform, data integration and connectivity and data analytics in the Cloud.
PRGS shares have risen sharply in early trading today. At last check, the stock was trading 5.17% higher at $21.97 on volume of 214,845.
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