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 BEDFORD, Mass., Jan. 10 /PRNewswire/ -- Progress Software Corporation (NASDAQ: PRGS) today announced results for its fiscal year ended Nov. 30, 1993. Revenue for the year totaled $111,640,000 compared to $85,050,000 in 1992, an increase of 31 percent. Operating income increased 33 percent to $17,467,000 from $13,105,000 in 1992. Net income increased 34 percent to $12,893,000 from $9,613,000 in 1992 an income per share increased to $2.00 from $1.50 in 1992, an increase of 33 percent over 1992 levels.
 Revenue for the company's fourth quarter ended Nov. 30, 1993 shows a 33 percent improvement over the same quarter of 1992. Revenue for the fourth quarter totaled $32,510,000 compared to $24,416,000 in the comparable quarter last year. Operating income increased 43 percent to $5,694,000 from $3,968,000 in 1992. Net income increased 37 percent to $4,121,000 from $3,005,000 in 1992 and income per share increased to 63 cents from 47 cents in 1992, an increase of 34 percent over 1992 levels.
 Commenting on fourth quarter and fiscal year 1993 results, Joseph Alsop, president of Progress Software, said, "Continuing strong demand for our advanced software technology led to record revenue, operating earnings, and earnings per share for both the fourth quarter and the full fiscal year 1993. These results were in line with our current growth rate objectives and slightly exceeded our long-term financial goal of maintaining annual operating margins of approximately 15%.
 PSC now has the broadest line of mission-critical application development capabilities in the software industry. Our products span a tremendous range of development and deployment environments and support graphical, character mode and block mode application deployment, utilizing either the PROGRESS RDBMS or our high performance DataServer architecture across a wide range of networked, client/server configurations."
 During 1993, PROGRESS and Progress Software Corporation were once again recognized as leaders in application development software. For the fifth consecutive year, PROGRESS earned the highest rating for overall user satisfaction in Datapro's user opinion survey of DBMS products. Progress Software was also honored for the second consecutive year with a Software Technical Assistance Recognition (STAR) award for sustained performance by the Software Support Professionals Association. The award recognizes the high quality of support Progress Software has provided to its customers over an extended period of time.
 Alsop stated that the quality and breadth of PROGRESS-based applications developed worldwide by an expanding network of Application Partners was a major strength of the company. He added, "We look forward to continuing a synergistic relationship with our existing Application Partners. In 1994, we will seek to establish relationships with important new partners, and to increase our presence at those Global 2000 organizations that are rightsizing mission-critical applications to client/server networks to achieve greater flexibility and cost savings."
 Progress Software Corporation, headquartered in Bedford, Mass., is a leading supplier of application development systems to business, government, and industry worldwide. The company operates on a global basis with fifteen subsidiaries in Europe, Australia, Latin America, and Asia. Progress Software has shipped more than 200,000 licenses of the PROGRESS Application Development Environment that consists of the PROGRESS 4GL, the PROGRESS RDBMS, links to other relational data managers, and associated tools for developers and end-user query and reporting.
 NOTE: PROGRESS is a registered trademark of Progress Software Corporation. All other products and company names mentioned herein may be trademarks or registered trademarks of their respective companies.
 (In thousands except per share data)
 Three Months Ended
 Nov. 30, 1993 Nov. 30, 1992 Percent
 (unaudited) (unaudited) Change
 Software licenses $21,765 $16,318 33%
 Maintenance and support
 services 10,745 8,098 33%
 Total revenue 32,510 24,416 33%
 Costs and expenses:
 Cost of software licenses 703 830
 Cost of maintenance and
 support services 3,625 2,720
 Sales and marketing 14,893 10,764
 Product development 4,077 3,564
 General and administrative 3,518 2,570
 Total costs and expenses 26,816 20,448 31%
 Income from operations 5,694 3,968 43%
 Other income:
 Interest and other income,
 net 591 580
 Foreign currency gain (loss) 55 147
 Total other income 646 727
 Income before provision for
 income taxes 6,340 4,695 35%
 Provision for income taxes 2,219 1,690
 Net income $4,121 $3,005 37%
 Income per common share 63 cents 47 cents 34%
 Weighted average number
 of common and common
 shares outstanding 6,530 6,437 1%
 Percent of revenue:
 Income from operations 17.5% 16.3%
 Net income 12.7% 12.3%
 Year Ended
 Nov. 30, 1993 Nov. 30, 1992 Percent
 (audited) (audited) Change
 Software licenses $73,582 $57,894 27%
 Maintenance and support
 services 38,058 27,156 40%
 Total revenue 111,640 85,050 31%
 Costs and expenses:
 Cost of software licenses 3,186 3,093
 Cost of maintenance and
 support services 13,360 9,753
 Sales and marketing 49,803 36,661
 Product development 15,296 13,103
 General and administrative 12,528 9,335
 Total costs and expenses 94,173 71,945 31%
 Income from operations 17,467 13,105 33%
 Other income:
 Interest and other income,
 net 2,215 2,105
 Foreign currency gain (loss) 154 (190)
 Total other income 2,369 1,915
 Income before provision for
 income taxes 19,836 15,020 32%
 Provision for income taxes 6,943 5,407
 Net income $12,893 $9,613 34%
 Income per common share $2.00 $1.50 33%
 Weighted average number of
 common and common equivalent
 shares outstanding 6,461 6,404 1%
 Percent of revenue:
 Income from operations 15.6% 15.4%
 Net income 11.5% 11.3%
 (in thousands, audited)
 Nov. 30, 1993 Nov. 30, 1992
 Current Assets:
 Cash and short-term
 investments $61,300 $54,583
 Accounts receivable,
 net 23,224 12,933
 Inventories 1,560 1,210
 Other current assets 3,806 2,768
 Total current assets 89,890 71,494
 Property and equipment,
 net 15,662 8,822
 Capitalized software costs,
 net 1,424 710
 Other assets 810 389
 Total $107,786 $81,415
 Liabilities and Stockholders' Equity
 Current Liabilities:
 Current portion of
 long-term debt $251 $81,203
 Accounts payable 6,639 4,670
 Other accrued liabilities 12,777 10,773
 Income taxes payable 2,689 2,027
 Current liabilities excluding
 deferred revenue 22,356 17,673
 Deferred revenue 14,153 9,828
 Total current liabilities 36,509 27,501
 Deferred income taxes 1,240 457
 Long-term debt 161 223
 Stockholders' equity
 Common stock, one cent
 par value 61 60
 Additional paid-in
 capital 34,399 30,455
 Retained earnings 35,711 22,818
 Cumulative translation
 adjustments (295) (99)
 Total stockholders'
 equity 69,876 53,234
 Total $107,786 $81,415
 -0- 1/10/94
 /CONTACT: Rosemary Bladon of Progress Software, 617-280-4000/

CO: Progress Software Corporation ST: Massachusetts IN: CPR SU: ERN

CM-DD -- NE003 -- 0376 01/10/94 06:26 EST
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Publication:PR Newswire
Date:Jan 10, 1994

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