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Progress Software reports 1Q loss

BEDFORD, Mass. (AP) _ Progress Software Corp. (PRGS) on Wednesday reported a fiscal first-quarter loss of $525,000, after reporting a profit in the same period a year earlier.

The Bedford, Massachusetts-based company said it had a loss of 1 cent per share. Earnings, adjusted for one-time gains and costs, came to 34 cents per share.

The business software maker posted revenue of $91 million in the period.

For the current quarter ending in June, Progress Software expects its per-share earnings to range from 35 cents to 37 cents.

The company said it expects revenue in the range of $88.8 million to $91.8 million for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $94.4 million.

Progress Software expects full-year earnings in the range of $1.64 to $1.69 per share, with revenue ranging from $387.3 million to $395.3 million.

Progress Software shares have declined 10 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $28.67, a climb of 13 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PRGS at https://www.zacks.com/ap/PRGS


Keywords: Progress Software, Earnings Report