Progress Software Corporation (NASDAQ: PRGS) have announced preliminary revenue and non-GAAP earnings per share results for the fiscal second quarter ended May 31, 2012 as well as actions taken during the quarter to implement its new strategic plan announced on April 25, 2012.
Progress’ preliminary financial results for the fiscal second quarter 2012 include:
The Company’s financial results were adversely impacted by the following factors, which contributed to a very uncertain environment in the quarter:
Jay Bhatt, President and Chief Executive Officer of Progress said, “Because of disruption resulting from the above, we expected the quarter to be challenged and did not provide guidance. We recognize that this created a lack of visibility around fiscal second quarter performance expectations and, as a result, we have been expeditious in pre-announcing our results. Our results reflect a time of transition at Progress, yet we remain optimistic and confident about our long-term prospects that leverage our core strengths. Our intent remains to drive five percent year-over-year Core revenue growth in fiscal 2013 and seven percent in fiscal 2014.”
Bhatt added, “I look forward to providing more color regarding the quarter and the progress we’ve made in executing our plan as well as financial guidance on June 27.”
The Company is moving aggressively to implement its new strategic plan including the following specific actions:
The preliminary financial results contained in this release are subject to revision until the Company reports its full fiscal second quarter results on June 27, 2012. The non-GAAP amounts primarily exclude the amortization of acquired intangibles, stock-based compensation, restructuring expenses and proxy-contest related costs.
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