Progress Software projects profit for 2009

Progress Software expects fiscal-year profit in line with analysts' estimates

• On 8:54 am EDT, Tuesday September 22, 2009

BEDFORD, Mass. (AP) -- Progress Software Corp. said Tuesday it expects to post an adjusted fiscal year profit roughly in line with Wall Street predictions.

For the year ending Nov. 30, Progress said it expects to post a profit of 69 cents to 71 cents per share, or $1.72 to $1.74 per share after adjustments.

Analysts polled by Thomson Reuters expect a profit of $1.73 per share for the year. Analysts' estimates generally exclude adjustments.

The company also said it expects its revenue for the year to total between $487 million and $490 million, or $490 million to $493 million after adjustments.

Analysts expect $493.9 million in revenue for the year.

For the fiscal fourth quarter, Progress said it expects a profit of 33 cents to 35 cents per share, or 54 cents to 56 cents per share excluding one-time items. Revenue is projected at $130 million to $133 million.

Analysts, on average, expect a fourth-quarter profit of 56 cents per share on $134.6 million in revenue.

Progress said its fiscal third-quarter profit fell 56 percent on a drop in software license revenue.